All Forum Posts by: Wesley W.

@Tom Gimer  Yes, held in personal name.

Your suggestion is exactly the kind of tip I am looking for.  Thank you!

@Chris Seveney I worry that this operator will source the heir before it goes to tax sale.  I'm looking for some methods that they may use to make contact, so that I may use them.

You make a good point about the step up in basis, which would probably reduce any incentive for a sale directly from the owner at this point.

Is there a way to look up a beneficiary/trustee when the time comes that he passes?

With respect, I explained this in the post.  For one, he lives out of state.  Which, in this case, is about 1200 miles away.  Secondly, I do not have a high confidence he is still at that address of record, or alive, for that matter.

It will not surprise anyone to know that NY requires landlords to accept a credit report from any applicant that is less than 30 days old.  It can be directly from the applicant - even hard copy - which raises all of the problems that have been listed above.  

Good ole' Empire State, removing all of the control but none of the responsibility from property owners.

Hi all,

There is a distressed property I have had my eye on for several years that is in extremely close proximity to a property from my childhood, and an area I would like to own in. I have written a personal letter to the owner once every six months over the last several years, asking if he wants to sell. I include a photo of my family and explain my desire to own in this area I have fond memories of. Sometimes I include a personal check and a P&S agreement with no contingencies. I have never gotten a response.

This gentleman lives out of state and is 96 years old.  He has not been to this property in several years.  I am told from the person who mows the lawn that he does not have a phone, and she only hears from him once a year or so, when he mails her a check for her services.  She says she knows of a cousin who happens to live in the same state as the property, but apparently he had a falling out with him and they have not spoken for many years.  

I'm not sure if there are any other next of kin; he has no children or spouse.  I wonder aloud if he is incpacitated or in assisted living at this point, or has someone that is taking care of his financial affairs for him. I'm looking for advice from the folks that find these kinds of deals all the time, and how best to proceed.  My worry is that the property might fall into probate or tax auction once he passes and someone who knows someone will get the deal under contract before it reaches public offering.

There is a real estate agent in the area that gets about 85% of all the listings in the micro-market, so she is farming these properties constantly.  She buys them distressed, renovates them, and then sells them herself for top dollar.  I am sure she is sending him letters (or using other methods to contact him) as well.

I'm a small long-term buy-and-hold investor myself, but this property is about 4 hours away from my own market, and would be used personally by my wife and I if we were to acquire it.

I'd really like some help from you large operators who work these deals all the time, as to how best make contact with the owner and see if he were interested in selling.  I'm reasonably certain this owner does not need the money, so that's probably not a motivating factor.

Please help David beat Goliath to the punch.  I'm anxious for some feedback and advice on how to get the best opportunity to acquire this property.

Thank you in advance for sharing your experience!

 Understood.  Thanks for educating me.

I've had just those very issues.  Here's my lease language:

(k) Yards, patios, balconies, vestibules, hallways, and entrances may not be used to store belongings or to dry clothes. Only appropriate potted plants and other outdoor furniture are permitted on patios, decks and balconies. Grills may not be kept or used on or under the wooden decks, or within 3 feet of a building. No fire pits, bonfires, tiki torches, fireworks, or other outdoor open flames may be used or stored on the Premises. We may further limit what is placed in outside areas.

(o) The yard is a shared common area for the enjoyment of all residents; lawn furniture and other items stored in the yard are subject to use by other Tenants. Items intended for private use may not be stored or placed in the yard. Any items/furniture in the yard is used at your own risk. The yard is not secure, and may not be used as an enclosure for pets.  

(p) Non-furniture items may not be left in the yard. You agree to be solely responsible for items that are damaged or damage that is done to power equipment from those items during lawn service.

It's probably a good idea to run this by your attorney as well.  They may have some other ideas/verbiage that might improve upon the above based on your particular concerns.

In your long-term rentals, which do you prefer and why?  What are the pro and cons of each?  Which is more durable? 

I'm building a closet, and trying to decide which kind of doors to use.  I don't think the room entry door's position/inswing will impede either kind of closet door.

Thanks in advance for your input.

What would a lot rent deposit be used for?

The reason I ask if it used to ascertain damage to something on the lot (water/sewer/utilities hookups or something) and you don't have pics and mutually signed documentation from the lessor/lessee upon each tenant's move in prior to your ownership, would you be able to justify a charge upon move out?

Or is the deposit used to pay a delinquent balance? I don't think tenants would abscond with their mobile homes under the cover of darkness without paying.  Or would they?

I wouldn't offer any discount.  An incident occured upstairs, not due to your negligience as a landlord, and you are responding appropriately and having the damage repaired.  Not every inconvenience in our life is someone else's financial responsibility.  Life happens.

You could try and coordinate the work times between the handyman and the downstairs tenant, but I think that would be impractical for your tradesman.  My lease says we have a right to enter at reasonable hours to conduct repairs, inspections, etc.  I would say if the work is being done between 9am and 7pm weekdays, that is reasonable.