All Forum Posts by: Brandon Nelson

Hi BP, I'm a Realtor in WA State. I was referred to help a young lady whose father died in a tragic accident, and left her with a RAT'S NEST of a property. Multiple squatters in RV's and the main house, over 100 abandoned vehicles, tractors, equipment, junk, etc. Let's put market value at $300K. Somehow the deceased owner/father pulled a $400K mortgage on this property 3 years ago. He has also (somehow) built up (allegedly) 6 figures in unpaid utility bills. The daughter has flown out from New York to try to fulfill her duties as executor. She has a local attorney helping her, about to file public notice to other possible creditors, etc. 
My question: How would a court determine whether this daughter / executor has any liability if she were to just walk away from this property, hand it over to the bank and let them deal with it? She did have a co-executor who took one look and resigned instantly. Can she do the same, with no legal repercussions? Thanks!

Thank you @Dmitriy Fomichenko! Much appreciated. 

I just read Tax Strategies for the Savvy Real Estate Investor -- thank you Amanda Han and Matthew Macfarland! Could you guide me to a good resource for becoming more-than-just-basically-knowledgeable on that subject of Self Directed IRA's, Solo(k)'s and rollover options, etc, so I can advise our real estate clients? If there's a particular book or ??? you'd recommend, I'd love to know about it. Thanks again!

Glad to have  found this current thread. Is there a resource on BP or one you recommend that covers the legal requirements of setting up a syndicate? In the context of the latest BP podcast episode with Grant Cardone, he encourages the boys to use their money to raise other money and buy way bigger properties. We're ready to do that and looking for next steps, requirements, etc. THANK YOU!!!

Hey BP. I got pretty far along in escrow on an office I was trying to buy, with an SBA 7A through Wells Fargo in my home state of Washington. Then I learned that if I'd started the process in California instead, I could've gotten about .75% better rate. The WA lender wouldn't match it. I terminated the contract (for other reasons) but have circled back around and I'm trying to buy the same space again. Now, Wells Fargo won't let me switch to a California lender -- so they can avoid internal friction. And again, the local lender won't match the better rate. Irritating. So I'm looking for a different lender with those more attractive rates. Rather than assume I'll find the best rate in California, I thought I'd reach out here first and maybe save myself some time. Two questions: 

1) Will out-of-state lenders loan on a WA state purchase? 

2) Where am I likely to find the best rate, with at least "really good" service? 

Thanks!

Chris, I've invited Steve onto the thread... he'll get in touch with you. 

Steve, good points. One of the interesting things Steve has explained is that the system learns the water usage/movement patterns, and flags changes, etc. 

But your points are exactly what they're looking for. THANK YOU for commenting... I'll enjoy watching the Q&A unfold here...

A friend and small multi-family client of mine has start-up they've been pitching to angels and VC's, and I wanted to run it by the BP community of big MF investors and property managers. 

It's an inexpensive, golf-ball size gizmo that snaps onto a water pipe, reads even the most infinitesimal movement of water (slow leaks) and sends that info via bluetooth back to a central computer. 

A bucketful of these can track leaks throughout an entire development.

Think of large hotels or many-many-unit MF's where the investor is paying utility costs.

At this stage, they're basically looking to get in front of people, to pitch the gizmo, build some user-cases, etc. They're also looking for a larger property to beta-test. 

I'd love to share with them the BP community's thoughts, questions, interest level...

I'll get my friend, Steve, on this thread to answer questions and explain. 

Thanks in advance!

Brandon

Hi All, I'm about to close on a single family residence in my hometown (literally 2 blocks from my childhood home) in N. Muskegon, Laketon Township. I live out west, so I'm looking for a great property manager. Any recommendations or warnings would be greatly appreciated!

Sincerely, 

Brandon Nelson

I have clients who own a lot worth $200K, and they have a $120K balance on the mortgage. 

We got an offer from a buyer for $200K, with these terms:

$30K cash down payment

Interest only owner-financing at 5% for a 12 month term or when the building permit is ready to go, whichever is first.

The sellers could free up about $50K in cash from retirement accounts, etc., but with the buyer's $30K down that still leaves about $60K that they'd need to pay off their loan + Realtor fees, etc.

The sellers want to sell to this guy, and they're willing to make something work.

I have not yet been able to look at their existing loan, but I'd make the assumption there's a due on sale clause. It originated with a local lender, not sure it was sold off.

Should we start with the current lender, try to negotiate a transfer of the loan to the buyer?

Or should we be looking at an option, or a right of first refusal, or ???

How would the pros make this work?

Investor in her mid 70's has a rental house. It's been a rental for 10 years and she's never lived in it. Her basis is $170K and its market value is $300K. She does not want to invest in more real estate. She wants to sell, and gift the proceeds to her daughter so her daughter can buy a new primary residence. Is there any viable tax shelter that the two women can utilize to reduce the investor's tax burden? Thanks!