All Forum Posts by: Pavel K.

Hi all, hoping I can get some advice from anyone who has experience renovating mobile homes in 55+ communities. My partners and I have a property under agreement, however we are both under the age of 55. The park's rules requires at least 1 member to be 55+ on the application, so it appears that the co-applicant could be under that age. We were considering having a family member who is over 55 to be the primary applicant, while our LLC is the co-applicant and are waiting to see if the park would allow the title to be placed under an LLC vs. the primary occupant. For tax purposes, having LLC hold the title would be the ideal scenario. We are waiting to see if they can make an exception, but not holding our breath.

Curious if anyone has dealt with similar scenarios before and if there are any creative workarounds to get the deal done?

Hey guys, for those of you with Carrot websites or any sites in general where SEO and PPC are a main driver of your leads. Just curious to hear on average what kind of conversion rates you're seeing in terms of separating the highly qualified leads vs. junk leads.

For example: is it 1 out of 10 that turns into deal or some other ratio? We see quite often seller leads where a seller has a home that needs work yet wants a cash offer based on the retail price .. or those that are just submitting the form to see "what they can get" even if their house is move in ready.  Do you experience similar patterns?

With the COVID situation, are you offering to give offers over the phone lately or make it a priority to have an in person meetings?
Thanks in advance :)

Hi all, I'm hoping I can get advice from those who have dealt with similar scenarios in the past...

A company I work with purchased a 1st floor condo unit that was rehabbed and rented out to great tenants. Once tenants got settled, they started getting severe allergies and health symptoms. They independently went ahead and ordered a mold test and it was discovered that the basement had a significant level of mold as well as mold in the air sample in their dining room (which is located right above the basement). There are 3 other units in the building with residents living there, and they do not experience issues. This tenant did though.

Their lease was mutually terminated and they vacated the premises 3 weeks after moving in. Upon lease termination, a waiver was signed that releases all parties against any claims or liabilities.

According to the inspector, it is believed that the mold is traveling up to their unit from the basement via the basement door which is accessible from the dining room which is inside the condo unit.

Ultimately, the property management company working for the HOA has been negligent in addressing various leaks in foundation, and visible mold in the basement. As a result, this led to over $4,000 in losses for the property owner as the rent had to be returned and tenants had to be moved away from the unit. Numerous e-mails with direct communication has been documented over a period of 2 months regarding concerns with the basement, in which property managers didn't take any action to address.

So now, there's a mold report and knowledge of it -- therefore when selling the property, this must be disclosed.

The way I see it, here are the options:

Option #1:

Block off access from the condo unit to the downstairs basement completely to avoid mold coming through the cracks -- seal it as much as possible. 

Hire a professional remediation company to treat the unit itself (but not the basement - since HOA is responsible for this undertaking).

List the property on the market, and disclose that mold was found in both the unit and in basement but the unit has been remediated, with proof of lab testing results + mention that the basement remediation is in progress and HOA is aware of it.

The goal is to assure the buyer that the unit has been "treated", as there is no reason for buyers to go into the basement.

Option #2:

File a claim against the HOA's master insurance policy for negligence and lack of maintenance to the common areas (basement) and go through this process until it is hopefully resolved. Hold onto the property and try to recover losses and hold onto the property until that's done.

Option #3:

Do not attempt to remediate the unit or do anything else. Just list the property for sale as is and disclose the mold situation.

Option #4:

Get a lawyer and sue the HOA for damages and risk losing lawyer fees. May not be worth it.

Any of you guys experienced similar scenarios?

What is the best way to sell the property and avoid turning off buyers, knowing the fact that addressing issues in the basement is an unknown situation... since HOA is responsible and has been negligent?

Is there a better option?

 Have you tried Liberty Mutual? From my experience, they have the better rates...

I would strongly advise against using Wix. You're better off using Wordpress, much more flexibility and SEO benefit. Save yourself some headaches...

Who cares if Grey is a trend? Let's say it's in trend now and goes out of style 2 years. If your tenant moves, chances are you'll still need to give it a fresh coat of paint all over again to have the rental ready for your new tenant. If it's out of trend then, you can always change the color. Bottom line is tenants love greys, they're modern and are appealing and attract higher quality tenants as well.

love it! lol thanks for the insight... appreciate it!! 

Jerryll,

-- I'm new to wholesaling. For all of the good deals you get, do you keep any of them for yourself for flips or do you funnel majority to other buyers and do an assignment contract? If doing an assignment contract, do you have to tell the seller that you plan on passing off the property to another buyer? Just curious if there's a good way to handle communication and who usually shows up at the closing if there's another party involved you're selling the contract to. Trying to find a good guide on this ...  

I've succesfully optimized YouTube videos with the right type of content for a variety of clients focused around good keywords that ranks high in Google search results in situations where regular website content is difficult to get ranked. While I agree that it's not necesarrily a direct benefit to a website, if you do enough of quality "how to" or FAQ style videos, some of them WILL rank on the 1st page of Google, helping your overall authority/visibility on the web. Now those users that land to your YouTube videos directly from Google can still be redirected back to your website from the video description link. Sure it's a nofollow link, but traffic is still traffic IMO.

Housing authority typically approves a fair market rent based on an inspection of your property. Let's say they approve your rental at $1,850. You cannot charge any more than this to the tenant. Tenant's share would be dependant on the tenant's financial situation and the housing authority makes the determination what % the tenant contributes towards the $1,850 amount, while the housing authority pays the remainder. 

If you plan on a rental increase let's say after year 1, it still needs to be approved by the housing authority. They may/or may not allow the increase. Every city and state differs and housing authorities have their maximums. 

I'm in Massachusetts, so these guidelines may vary in other states though -- your best bet is to call your local housing authority and talk to someone about their process, etc.

The biggest thing to consider with Section 8 is there will always be a maximum cap set by housing authorities.