All Forum Posts by: Mitch Kronowit

Thanks everyone. I agree with Carlos - if in decent condition, a cheapie little econo-box will probably fetch a price close to what I paid after a year or so because it's already pretty much run out its depreciation. It's basically priced simply on utility. For example, a 2012 model will lose a ton of value by 2013 or 2014, but an early 2000 car isn't going to seem much older in a couple more years after today. In all, I believe purchasing a used econo-box for a few grand would probably be the cheapest way to go.

However, let's talk convenience now. First, I would have to shop, locate, test-drive, inspect, bicker, haggle, and seal a deal if I buy a used car. Then there is the "exit" plan - what do I do with the car when I'm done? I'm not going to waste time away from home advertising, showing, and selling the darn thing. Then God help me if the car turns out to be unreliable. I'm not going to have a lot of time in Houston to dork around with the thing, getting it to and from a shop if it decides to cause me trouble. That's where the attractiveness of renting or leasing a nearly new car comes in.

I won't be driving this car much more than a few days a week... probably logging less than 300 miles a month. Most of the time, it'll be sitting at the airport in a parking lot. Renting every occasion I need a car might be cheaper at first, but the inconvenience of picking up and returning a car every week is going to be a drag. And I won't be able to leave any personal items in it. A longer term lease seems like it might work, but could I rent a car for just a year? At a low monthly rate?

Obviously I'm trying to avoid paying a mint just to work out of state, but there is the factor of convenience and reliability to work out. In all, I don't mind paying around $200-300/month for use of a good car for about 6 months to a year.

Any changes of opinion or advice given these issues? Thanks again.

I'm going to need a set of wheels for a short amount of time out of state, probably less than a year. What would be the best way to go about this? Should I:

1. Buy a cheap "beater" for a few thousand then unload it for cheap when I'm done?

2. Rent monthly from one of the big boys, e.g., Hertz, Avis, Budget, etc.?

3. Lease a car on a short term lease (miles logged will be very low)?

Thanks for any and all advice.

Is this a quiz?

I wouldn't... I buy and hold rental properties. Aaron Mazzrillo is a big-time wholesaler out in the Inland Empire and active here on BP. You would get better info from him.

I don't live in Houston, but I work out of there and spend more time in that city than I do at home.

I'm thinking of buying a place up north (Spring, Woodlands, Kingwood) and live out of one room while I rent out the others. I would love to hear more from people about the Houston real estate market.

Those bi-weekly payment programs usually mean you make the equivalent of one extre payment a year. No you don't send a check for an entire extra payment in December.

That depends on the city. Call them and ask or check out their web site.

Most cities will probably say, "Yes", you need a business license. And why not? Who's going to say no to another $50-100 check? However, I've seen many real estate investors just blow them off. Perhaps they think the REI business doesn't necessarily operate out of a store front on Main St. USA.

However, once you form that LLC, I would purchase that business permit unless I was absolutely sure my company didn't need it. Not only is it ethical, should your LLC ever get challenged in court, wouldn't you like to show the judge it's been a model "citizen" and operating to the letter of the law? My LLC has permits in every city where its rentals are located if required by local ordinance.

Ok, for anybody still interested, I located the applicable regulations.

Performing repairs yourself on property held within your SDIRA fall under United States Code: Title 26, § 4975, subpart (c)(1)(C) which reads:

As stated above, it is a little vague and subject to interpretation. Is changing a broken wall plate a "service" according to this section? What about collecting the rent check and mailing it to your SDIRA custodian? Taking a phone call regarding the property from your tenant? Screening and hiring a property manager? Seems to me directing your custodian to invest in something like a piece of real estate isn't the same as telling them to buy X number shares of ABC stock. IOW, there is a little more hands-on involvement with an investment property that is intrinsic to performing your due-diligence. Thoughts?

The link below contains the entire section. Like I said above, there are no "IRA police" patrolling all SDIRA rentals to make sure you're not touching up the paint in the hallway, so tinker around at your own risk.

http://www.law.cornell.edu/uscode/usc_sec_26_00004975----000-.html

Ooops, sorry Michael. My 3rd grade teacher always said I had a problem with comprehension. :-)

I thought the flaw was in the marble itself and that was opening up the finish. If the topcoat is truly a polyurethane, that stuff cures in way that nothing will ever chemically bond with it. That's why it makes such a good protectant, i.e., nothing sticks to it very well, including a fresh layer of itself after the first coat fully cures.

My experience is mostly with finishing wood, so like I said earlier I don't know much about stone. Still, in order to repair a cracked polycoat, the best you can do is mechanically bond to it. That means roughing up the surface of the old coat and give it some "tooth" for the new coat to adhere to. This can be a s simple as sanding the inside walls of the crack with 220-320 grit sandpaper and fill it with some fresh poly or epoxy. My vote is for the epoxy - it's better at filling large voids.

Please ask around and see if my idea holds water. I know it'll work on a poly coated wooden table top, but marble? Not my forte. Good luck.

Gee, I'm no expert on stone, but I believe once it decides to crack, there is very little you can do except sit down and watch it happen. Sure, on large scale construction sites, they can "stitch" together fractures in bedrock using stakes and cables, but on a dining room table?

You can maybe try filling the crack with high-strength epoxy (yeah, the kind where you mix 2 parts). Otherwise, you might try calling a granite/stone countertop place. I'm not sure what their capabilities are, but if they can bore some blind-holes on either side of the crack, they can probably tie both sides of the table together with clamping hardware (all on the underside of the table). It may not eliminate the crack, but it may stop it from getting larger.

If anybody asks about the crack, remember to tell them, it's "character". ;-)