All Forum Posts by: Peter Giardini

Rich... I am not sure whether to thank you or not for posting this. Sometimes ignorance is bliss.

Regrettably, there are probably 10 million ill informed (ignorant) individuals just like this one all believing the same thing.

Very scary indeed.

Mariah, I think the key to your entire discussion was your statement that your FIL "doesn't care to learn" how to be a good PM.

It doesn't matter how much you pay him or how much you train him... if he doesn't care you will still have the same problems.

While the PM may be more expensive on a monthly basis... in the long run they will be less expensive as follows... you won't find yourself in court and you will be able to continue to expand through acquisitions.

Your risk posture is very high with your FIL attitude.

Best of luck!

Pete

Josh, I like the new format. The author pics add a lot in terms of relationship building.

I like the weekly What's the Government upto... and provided that there is flexibility in the format/media I would be happy to do this for the BP community as I am already doing something very similar via a weekly Current Real Estate Market Update podcast.

Drop me a line off-line or give me a call to discuss.

Pete

I want to throw this out there without going and finding the law and rereading the entire thing...

Aren't MHs considered personal property in many states? And if so, would the loans be treated much like car or boat loans?

Can anyone clarify this?

Thanx

I have been learning from Ray Alcorn since the day I got interested in real estate.

His posts (on a different site), speaking in person and his course (if you could call it that... it is more of a desk guide for commerical real estate investing) are all top notch.

Best of luck!

Rochelle, Welcome to BP. Where in Maryland are you looking to purchases a home? I have many clients who buy and sell homes in Maryland, perhaps they can be of assistance.

Best of luck!

Pete

William, welcome to BP. As a lurker you know how great the information and networking opportunities are on this site.

Hope to hear many great successes from your endeavors.

Best of luck!

Pete

Richardo...

The first thing I would do is contact the "seller" and ask her to just give the property back to your mother via a deed in lieu of foreclosure. Then you won't be in a position of enriching someone else at your families expense.

Regarding the comps... call a local real estate agent and explain to them that you need a Competative Market Analysis (CAM) for the subject property that includes properties that are similar regarding bath, bedrooms and square footage, going back 6 months and out to a distance of .25 to .5 miles.

Once you get this CMA you want to focus on the properties in the condition your property will be in once renovated, that have sold in the fewest number of days on market. It is the sales prices of those properties that will tell you what buyers are willing to pay for a similar property.

Regarding the repair costs... if it is a full gut my best guess would be between $75K and $100K depending on a number of factors including roof, plumbing, electrical, local codes, etc.

Best of luck!

Also, I haven't been to a closing yet where I was selling a property and the title company didn't require a copy of my operating agreement to determine that myself or any partners were authorized to conduct business on behalf of the LLC.

The operating agreement is the only thing tying you as an individual to the entity and title companies can be very picky about who is authorized to sign.

Best of luck!

Nick... I am just catching up with this tread.

What a great offer on your part and the part of the others in support of Josh and Bigger Pockets.

You got my vote.

What else can I do to help?

Pete