All Forum Posts by: Account Closed

Hello, Bigger pockets.

Just looking for some advice for a property in the estate of my deceased grandmothers name. It’s a long complicated story but ultimately I’m looking for someone in the El Paso, TX area that can help me put my deceased grandmothers loan in my name. My mother has managed to put the deed in her name but we are having issues with Wells Fargo on refinancing the loan out of my grandmothers name. If anyone has recommendations for a lawyer in EL Paso that can help please let me know.

Hello I’m kind of new here and already have a question. I have a partner who was a very good friend. We form an S Corp back in 1995 and started investigating in a few residential rental properties. Long story short we’ve been talking since we are getting older about what happens when one of us is gone or do we want to unwind things now? One would like to sell everything and one would like to continue.

But in this process of talking we realize we never put together an operating agreement when we first formed the Sub S? We still very are very agreeable with the way we run things but now realize we aren’t going to last forever.

So while we are still here and agreeable we would like to get something written down before it’s up to the families. Any ideas?

@Ryan Kelley In addition to what @Greg M. said, if you're in the market to sell, but there is an eviction ban in place, that's a risk to buyers. Ban goes away, less risk to buyers, sell for a higher price. 

@Calvin Matthews I live in Kapolei too. I own a property here and I have 5 investment properties out of state. I'm also a part of a few mastermind groups. Lmk if you need anything.

Apologies, I'm sure the topic makes your skin crawl but has anyone ever sold (or considered selling) due to a bed bug infestation? Many jurisdictions require a property owner start remediation within days and many laws hold the property owner responsible for extermination and upfront costs even when the tenant is 100% liable. Remediation, if caught late, can be a never-ending battle costing tens of thousands or more (especially if it's a multi-unit or adjoining another building). Then there's cost to the tenant (in or out of court) and possibly penalties from the local government. More DC property owners are experiencing this issue especially with the rise in tenants previously living in shelters or communal dwellings. DC is extremely tenant-conscious and the city has essentially pushed the homeless problem onto property owners. A fellow landlord is considering selling now to mitigate future losses. She's addressing the problem but on a scale of 1 to 10, her exterminator says the problem is a 7. She said she'd have to disclose the problem to potential buyers but thinks she'll still fare well in the current market.

@Account Closed dealing with them once--and having an incompetent person on the other end was one ordeal. Even though they found where they credited the wrong account, they did not fix it. Then two weeks later--harassment from Synchrony Bank. More garbage. THEN--to find out they screwed with my FICO and it DROPPED 101 POINTS! I wonder if I have a lawsuit?

I only use my Lowes card when I need items for my business. I charged about 160.00 in April. I do this because I get the 5% discount if I pay when the bill arrives. In May, I got the bill and paid it. Starting a few weeks later, I get a statement stating I am delinquent. I call Synchrony bank. They credited THE WRONG ACCOUNT. After dealing with someone for over 30 minutes, they found the mistake. I thought the problem was fixed. Two weeks later I start getting harassing calls from synchrony bank. I tell them I dealt with this about two weeks earlier and the mistake was supposedly fixed. Apparently not. So I told this new person what the mistake was. After about 30 minutes on the phone, she says she found it and WANTED FOR ME TO HOLD FOR SOMEONE ELSE. I said no! You know you made a mistake no fix it and QUIT harassing me. Now I get an alert stating my credit rating DROPPED 101 POINTS! WHY? These worthless people reported me as delinquent. DON'T DEAL WITH LOWES IF THIS IS WHAT YOU GET! And INCOMPETENT BANK THAT CREDITS THE WRONG ACCOUNT AND THEN SCREWS WITH YOUR CREDIT REPORT. 

it’s our entire portfolio silly. We have stuff selling for $200-$250 per door in our backyard. Lancaster PA. When we started the cap rate was 10-12. Over the years it has compressed down to 7 for a building need lots of work. I know someone who is looking at an 8 unit for $700k and they are going to gut it! We have renovated stuff selling for a 4 cap. A 3 unit just sold for $900k here. It cracks me up that instead of trying to net work and connect to ask questions on my market and get more details and ideas , you just simply deny the possibility. I have nothing to gain from my reply. I don’t sell any courses I’m just here to help motivate people with MY reality. Clearly it’s not your reality. But I assure it’s possible and my reality . I do how ever give back and mentor people for free. I currently mentor 7 people. As a matter of fact I have one kid who is 26 years old and has 8 units. He is crushing it. What he saw was us crushing it. He asked , can you help me get started and we did. He never asked me to prove it to him. Side note , If you were closer to me I would invite you my next business mixer we are hosting on our yacht. Cheers, best of luck in your investment career.

@NIcholas Hamel, yes!!!!! We started out 13 years ago with the $60k in home equity. Using only the equity and continuously Brrrring and redeploying it my wife and I built a little empire. 13 years later we have 91 units with a market value of 10million…. Again, all started with our home equity.

 Curious what you all would do. In contract on a duplex investment property. (it is too close in proximity to primary  to ever qualify for a 2nd home and is currently rented) Here are the financing options, all 30 year fixed. 

1. 30% down at 3.25 % no points

2. 20 % down @ 4.5% ; 5 yr prepay; 2 points

3. 20% down 5% 2 points  

The Cash on Cash is very similar @ 11%  for option 1 and 10% for option 2. As well as equity payback period @ 9 yrs for option 1 and 9.42 for option 2. It is a difference of $20,880 over 5 years (length of projected hold time) in interest or an extra 34,500 out of pocket now. My gut tells me that I can do better by reinvesting the $34,500 into another property and taking the lower down payment option but what if we end up holding the property past 5 years. Also what are feelings on a 5 yr prepayment penalty? being as I underwrote the deal as a 5 yr hold it didn't concern me terribly but it would mean not being able to refi any cash out. Option 3 is slightly higher interest rate but we could refi the property in under 5 years. Both leases expire this year and are under market so there is growth in the property. 

Thanks for reading! Love to hear all of your thoughts!