All Forum Posts by: Marc Winter

After 30+ years of property management, I'd say get used to it sucks.  No one is ever happy: owners, tenants, vendors.  

That being said, it can be the most satisfying and cash-flow-positive business around.  I grew to love it over time.  

You will be selling a service: solving other people's problems.  Attitude and professionalism are paramount; product knowledge next, and then there's your contact/follow-up systems.

Put that together, price-test against the market, and you'll have a sustainable, constantly expanding, and very profitable venture.

Good luck!

Wrong move.  Do you want to send your handyman to check stuff out in someone's rental unit?  To quote a famous politician, "Don't".  

Listen to the advice you've received from many others, and let the HOA/Condo Board resolve the issue. Send your handyman at your own peril.

If you can't get the seller to reduce down to that appraisal, consider walking away.  Your numbers are way too tight, especially in today's environment.  

Not a great time to be chasing marginally profitable deals.

@Eric Mcginn,

You have a good idea and end goal.  Just a matter of putting it together.  @Nick Belsky gave you great advice.

In this situation, best to keep it as simple as possible, and I often give two offers; first, perhaps an all cash (way below market) and let the owner know that it is what it is--a below-market offer.

#2 would be the seller holds the financing--I wouldn't go to a 30-year amortization, especially with an 80-year-old seller.  Perhaps try payments of $XXX with a balloon in 5 years (or longer if she'd like).  

You could point out that since it's a rental for the last 12 years, she will have some serious capital gains to pay with a regular bank-financed sale, and with your proposal, that tax will only come due after the balloon payment.  NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.

Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.

You have known each other for 12 years and you established you are a great payer.  I'd play that aspect up.

Best of luck with this one!

There is real estate education right outside your door. Here are a few simple and free ways to learn: Go to real estate meetup groups, attend open houses and speak with the agent there, inspect FSBOs (for sale by owner), walk your area, and speak to people tending their yards.

The idea is to engage with other people and ask, Ask, ASK questions about their experience with the local market.

Some other ideas: find a home inspector who will let you tag along in a property inspection, and absorb what they are looking at and why.

Your mindset and enthusiasm for learning about real estate will open many doors for you.

Good Luck!

From my previous post:  

"After many dozens of flooring replacement jobs, I'd recommend LVP (vinyl) for most installations. Don't use sheet vinyl--tears way too easily."

That said, I'd install a middle-grade plank vinyl--now called luxury vinyl plank (LVP) and make sure it is "waterproof".  It's simple to install over a flat floor.  

If the subject floor is not perfectly flat, pour a self-leveler over the existing flooring (read the instructions on the bag FIRST).  If there is currently ceramic on the exiting floor, either remove it or scuff it up with a grinder to provide some 'tooth' for the compound to adhere to.

These steps take a bit more effort, but the end result will look better and last WAY longer.

Good luck!

2-Step plan:

1.  Give them proper notice and get them out

2.  Study landlord basics, especially on what to include in your lease (going forward you will ALWAYS have a written lease).

(2.5 Learn from mistakes and don't repeat them.)

@Jonathan Bock makes some good points.  

One way to bypass the Probate hole is to put the properties in an intervivos revocable trust. No transfer tax should be involved (see Garn/StGermain) as opposed to an LLC transfer. It may also help keep the litigation target off your back.

As always, check with your competent legal counsel--not all attorneys speak fluent "trust function and formation".

Assuming that the act of wholesaling is legal in your area, have all the costs associated with closing go through the title company.  Ask them directly what is the best way to make that happen.  

If they don't cooperate with you in this regard, I'd rather walk away than close this deal.  

Under the table is illegal.  Just don't do it.

In your situation, seek out a partner who is already experienced in this type of acquisition and managing the same.

Share split? That is totally between the two partners. I'd form an LLC or Corp to hold the title. Spell out the complete agreement of how expenses, profits (or losses), and other responsibilities are to be split—put everything in writing.

Do a background check on the partner to confirm there are no outstanding liens, judgments, or active lawsuits against them.

Hope these suggestions help.