All Forum Posts by: Kristi K.

Hi all, 

My grandfather has passed away and my grandmother is left with handling finances for the first time in years. She's on a fixed monthly income and cannot afford home repairs. I have already spent around $4k in repairs for her. She would like to gift me the trailer to repay me for some of the money I have put out. I'm reluctant to accept as I see  the trailer as more of a liability. She's not in great health herself, but seems like she can still carry on a few more years if nothing bad happens. Found out today the sewer line is in need of repair.

This is an OLD single wide trailer. One window AC cools the entire trailer and struggles in the summer. Most larger windows are an odd (old) size and solid pane and do not open. Water heater is new. The electrical is outdated and dangerous, although still functioning. Due to it's age I'm not sure if it can actually be moved. She does not own the lot and pays like $150 per month lot rent. A subdivision of nice $400k homes was built across the street back around 2004. The owners of the lot/property seem to neglect her land and the adjacent homes/land they own on the same street. All that to say, I'm not sure when they will want to cash in and sell the lot due to the appreciation the subdivision has provided. My grandmother is the last tenant in a string of their abandoned properties.

I don't want to be stuck with trying to figure how to dispose or move the trailer. I don't want to rent it out as it seems like an electrical liability - and I'm not sure if renting it to others would be legally possible seems how we don't own the land. I don't want to keep putting money into repairs on something that will never generate a return. Best case scenario in my head is finding a buyer that would move it if possible. (When the time comes). Or someone even taking it for free? If my grandmother were to pass away without deeding the trailer to me, would it be on the land owners to deal with it? My grandparents have lived there since 2001.

Open to any advice others have to offer. Let me know if you need any more details. Thanks BP!

I'm not familiar with the area, so could you share what your value expectation is on this? I didn't see anywhere that you posted what they said ARV was, or what you think it is based on comps...the County assessment has no bearing whatsoever on value. It could be 50% high, 50% low or right on the money but no matter which of those three it is makes no difference. The comps are all that matter.

What did you expect @Kristi K.?

I mean seriously, what are your expectations? 

That someone is going to deliver to you, on a silver platter, a property purchase you can simply say "yeah, sure, I'll take that" where you do some paint, carpet, little cleaning and tidying and turn around and clear a $100k? 

They have already done all the hardest work. What's left is simply $ to close (HML easily solves that) getting the vendors to do the "simple stuff" (pick your platform; Angie, Neighborly etc etc) and than to sell it (more agents than one can count happy to list).

No. 

There gonna sell you the stuff they can't or won't do. 

And of course there gonna press to sell it for the most they can get, that's just obvious. 

No, your nobody special and do not garner any "relationship building" or any of that jazz UNTIL or unless you make yourself special to them to garner a volume relationship. 

I hear that foolish excuse so often of they will get your volume. Ok, what's that volume? Zero or next to zero? Not much incentive there. 

Reality is there is way more buyers than deals. And your nobody until you make yourself somebody. And that's exactly how they will treat you. 

What your conveying here Kristi is an expectation that others be responsible for your success. That others are to deliver success and profit to you with a bow on it. 

No. 

Your wholly responsible for your own success. 

And let's be honest, your looking to take advantage of them and upset that they keep beating you to the punch. That's what it all boils down to. 

All the complaining in the world won't change a darn thing. 

Take actions to make solutions. If you can't shape yourself into a solution maker the cold hard truth is this isn't for you and you'd be better focusing time and energy elsewhere. 

I'm building a list of tools you could have handy while touring a potential fix-and-flip. 

Is there anything you would add to this list?

Flashlight
Tape measure/Laser measure
Paper/Pen/iPad
Binoculars
Receptacle tester
Level
Marble
Drone
Respirator/Face Mask/Eye Protection/Gloves
AQI tester
Water pressure gauge
Thermal camera
Endoscope camera
Knife

I'm building a list of tools you could have handy while touring a potential fix-and-flip. 

Is there anything you would add to this list?

Flashlight
Tape measure/Laser measure
Paper/Pen/iPad
Binoculars
Receptacle tester
Level
Marble
Drone
Respirator/Face Mask/Eye Protection/Gloves
AQI tester
Water pressure gauge
Thermal camera
Endoscope camera
Knife

Hey everyone, I have been selling bank foreclosures since 2009. I never asked for this LOL it was thrust upon me. 

Anyway, I have a recurring character in my life... The cash investor who "saw the property on zillow" but doesn't really understand what REO means or how the banks operate.

If anyone has question about buying a bank foreclosure, fire them off. I will do my best to answer. I am looking to build up a network here on BP. In a way I am a "long time listener, first time caller" jumping into the forums here. HMU!

Hi. I have 4 SFH investment properties….all bought in my name. I've owned them for a few years now…can I move them into LLC's now without refinancing? I'm hearing mixed opinions from people I know.

Anyone have experience on the issue of getting insurance on a property held in an LLC? I did a search on the forums and insurance seems like it could be a major problem.