All Forum Posts by: Marc Winter

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.

That's a nice situation you're in, and I wouldn't touch the underlying 2.625% loan. Use either the HELOC or second mortgage for the $80K ONLY if you can get a fixed-rate loan.

It's difficult to predict the direction of medium—to long-term mortgage rates, (I feel we will be seeing more inflation over the next few years), so the fixed-rate mortgage is recommended.  

Good luck.

Replace the system up to code.  OR, don't do the deal. Whatever you decide to do, do NOT even entertain the idea of skating by on the disclosure.  Not nice to try and fool Mother Nature aka Karma.

Check with your local boots-on-the-ground team to learn about how that particular HOA operates. You can also speak with real estate brokers, title officers, other investors, the local zoning officer, etc.

Speak with the Community Manager, or try to meet with one or more board members to gauge their attitudes on your investing ideas.

Very Important:  check to see if there are any current or in-the-works special assessments.  Those can be deal-killers.

Good luck!

Could be a short-sale candidate.

Hi @Shelby McKean, and congrats on finding a potentially great deal!  The short-and-sweet responses to your post:

1.  Study hard, like on here on BP and maybe some YTube. 

2. Connect with experienced owners of this type of property. Establish relationships, do some brain-picking, and maybe consider a partnership.

3. Drop by your municipality's building, permit, and zoning office.  Make nice and ask questions.

4.  Contact a title (escrow) office and repeat #3 above.  They can be a great source of info and referrals. 

Good Luck.  Keep investing and moving forward!