All Forum Posts by: Michael Badin

@Steven Hamilton II & @Chris K. Thanks for the replies.

So the situation is that I don't actually know a whole lot of what is needed.  My father is actually the one looking for the tax attorney and he asked me to help him find one, so I figured I would reach out to the BP community.  He is looking for a good real estate attorney to help negotiate with the IRS.  He does have an accountant but is not very happy with the progress he has made with them.    

I am looking for a good tax attorney in the Bucks county, Montgomery county/ Philadelphia area. If anyone has a good recommendation that would be great. Thanks!

@Anthony W. How did your Credibility Kit turn out?  Were you ever able to take a look at Steve's?  I am working on my kit now, if you are willing I would like to discuss any lessons you learned when creating yours.  Possibly take a look at yours.  Thanks.

I would be willing to show proof of funds to prove that I was serious however there is no way that I would buy a property without walking each and every unit personally first. I would of course also have a professional inspection completed however I'm going to walk the property and each unit first. If they're not okay with this, then they're hiding something and I'm not buying the property.

I also used money from a HELO, however I have to disagree with John about the gifted money.  While he is correct that most will not accept gifted money as a down payment for a second home some will, they are rare but if you look hard enough you might find one that still allows it.  What they told me is they would require a letter from the person gifting the money stating that you do not have to pay back the money. 

I have learned this the hard way.  I had a single mother as a tenant.  I tried to be nice and help her out because my mother was also a single mother for several hard years.  I gave this tenant way too much leave way and she ended up being months behind.  Biggest mistake.  Now if I have a long term relationship I will give them a 1 time pass after that eviction notices start going out.  If the relationship has not been built no pass is given.

@Ryan York- Ok 1970 is not bad. If it was 1870 then yea much bigger concern. Biggest concern I would have with 1970 would be asbestos. Did the failed inspection mention it? being built in 1970 there is a very good change it has some. If it does it could be no big deal at first but if/ when the time comes that you have to do repairs (or since it sounds like you plan on doing renovations) and have to cut into it you will most likely be required to remove it ALL. (At least in the room/ unit affected) Asbestos abetment can get costly quickly. EPA / local authorities have specific regulation with how it is to be addressed.  This is not something that would necessarily stop me from buying a property but it is something I would want to make sure I accounted for when evaluating the property. Also although all the plumbing passed, it is over 40 years old and it is possible that they still used cast iron for the drain lines. If they did you will start to have some repair needs there, just something to budget for.  

One thing you are likely underestimating is your repair costs.  I realize you walked the property with your contractor and agreed that it looks like not much needs to be done, but looks can be deceiving.  How old is the property?  What are the local codes, if you end up having to open up one wall the local codes could end up having you to bring the entire property up to code.  That of course is a drastic example but as an insurance adjuster for 14 years, I have seen it happen.  

@Steve Babiak - Thanks for the info.  Think I will check out the Saturday event.  Like you said, not much to lose.  Perhaps I will see you there.  Sounds like you are a member of DIG.  I just joined DIG over the weekend online.  It would be good to meet someone that is a member of it.  What are your thoughts on the group?  

She has another workshop this coming Saturday in Ambler, PA.   I was considering going myself but I don't know much about her either.  If anyone else has attended one of her events in the past I would be very interested to hear about their experience there and if they think it was worth the visit?   

@Steve Babiak have you found out any good (or bad) info you can share?