All Forum Posts by: Richard Elvin

Here's the record card, if the link works. It's just a lot, no house.
https://www.chathamtax.org/PT/Datalets/PrintDatalet.aspx?pin...

Do you have a link to the auction?

I think someone is going to overpay for this without having done their due diligence... (Not the OP, just someone in general)

The picture posted by zillow is of 113 albion. The actual property is the lot to the right of the house, if you're facing the house from the street.
I looked up the property on SAGIS.
Then I looked into the zillow picture, you can actually see the street number on the house, 113.

From the LL perspective, these are the questions I would ask:

What is the advantage for a LL having you STR their property over a professional property management company?

Do you have the following skills that are as good, or better, than a Professional PM?

Marketing?

Better policies and procedures?

Better insurance?

Better ROI for the LL, not the arbitrager? If so, do you have a detailed plan so the LL can easily see how you'll achieve it?

Do you offer a service that a PM can't/won't?

Arbitrage can come across as a great deal for the arbitrager and not a great option for the LL. Proving to the LL that you are a better option than a long term tenant is the challenging part.

IMO, it's a risky strategy as you have no asset if conditions change. What is your plan if regulations change, the location becomes saturated with STR's, you have to replace stuff guests broke, etc.

It's also not "investing" as you don't own an asset, it's creating a job for yourself. A question to ask yourself, if I’m going to create a job for myself why not become a great PM?

Best to you in your endeavors!

I'm as baffled about this as @James Hamling, but nowhere near as eloquent. 

This phrase particularly threw me for a loop, "The challenging aspect for me is coming to terms with the way an HOA can behave towards an owner so contemptuously without consequence.".

For me the challenging aspect is someone that
1) Disregards the HOA rules
2) Refused to wait on an opening to abide by the HOA rules on rentals, so attempted to circumvent the HOA rules with a bs roommate agreement while living in FL
3) Then sues the HOA for enforcing the rules

This is not at all like forgetting to pay for a slurpee, this is like walking into a 7-Eleven forgetting your wallet, then being upset when told you can not have a slurpee for free, refusing to acknowledge that the clerk said you can't just take it because forgot your wallet, then suing the 7-Eleven when they charge you with theft.

I hope you have great success in life, but your inability to recognize that you are mostly (completely?) at fault here is going to hinder your success going forward. 

Lessons I would take from this: Don't buy into an HOA. Don't break HOA rules. Don't fight the HOA once I've broken the rules.

I really do wish you the best, but am completely baffled why you think the HOA is at fault here.

Like James said, look at this from the HOA point of view. How would you feel if your tenant decided they wanted to foster monkeys and the lease forbids pets. You find out that they are breaking the rules of no pets, so inform them that this is against the lease and note that the monkeys are creating a mess/damaging the property. The tenant gets defensive and says they didn't see a "no monkeys" clause in the lease and that you have no right to tell them what they can do in the property and that technically the monkeys "aren't pets" and sue you for wanting to enforce the lease.

I don't know about attorney's, but if money is an issue could you sell one of the properties with a QC to fund the quiet title for the other two? I don't have much knowledge in this space, so I don't know if that's possible or not.

@Stefan St. Marie I see, so the answer to my question of "Who are 'the right people'?" is property managers that don't have  the time (or, more accurately, make better use of their time) to sort through Zillow listings and then analyze the few that might be of value. Which means I'm not the target audience. lol Thanks for taking the time to answer questions!

@Ryan Moyer Good points! You are likely correct that those of us spending hours underwriting properties (and actually enjoying the activity) are in the minority.

It's an interesting concept, but I don't see any real value in it.

My thought is why would I want to go to a str specific website vs finding it on an already established site? This seems like a solution in search of a problem. Especially the statement that "Listing on a marketplace like Revnest ensures that your property is seen by the right people..." Who are "the right people"? Typically buyers that intend to occupy a property are the one's willing to pay a premium, most investors are looking for a discount. So it would seem they're bringing sellers to buyers looking to pay less than MLS prices. I would posit that the entire theory is flawed.

Are sellers going to list on this website but not list on Zillow? That seems like a way to market to a smaller audience vs marketing to a larger audience. When I've sold property I've always marketed to the largest audience possible, so I would consider listing on a site like Revnest, but it would be in addition to FSBO sites not in replacement of Zillow/FB groups/etc.

I agree that the post reads like an adverstisement.

@Elizabeth Kinde I would google/bing/whatever "medicaid planning assistance Dayton, OH". A medicaid planner can work with you to ensure that you will qualify next year. I would think there is an option for either a free consult or a needs based service, but this is not something I'm familiar with.

As @Michael Baum said, he knows more about this than most here, pretty much any investment at this point is going to disqualify you from medicaid. So really your question isn't about investments as much as it is about qualifying for medicaid after you receive back pay. The only "investment" option would be purchasing a house/duplex/etc, but you would have to owner occupy it for it to be excluded as an asset. FYI, you only have to owner occupy it for a year. I don't know your situation, so I don't know if a year is even a possibility. (BTW, there's likely a hardship loophole where you intended to live in it for a year, but after attempting to live alone you realized it wasn't feasible. I'm not advocating you buy without the intent to live in it, but if you were to buy, move in, and then realize this is absolutely not going to work, there are options. Again, not advising you to commit mortgage fraud, just know that you aren't completely locked in if you want to attempt owner occupying.)

Another option is to do home repairs/updates that add value to your life while lowering your cash on hand. There are particulars to this that I don't know, please check with a professional beforehand, especially as you do not own the home you live in. 

BTW, do a search for Pace Morby on this website before subscribing to his, or any other's, services. Most of the guru's are about enriching themselves first and foremost, whether or not their followers make any money is of secondary, or no, concern.

@Theresa Harris "I can't believe cities will fine you for leaving/putting out your trash can.". I would guess it's an HOA fine. Pretty common, at least where I'm at, for the HOA to have some timeline on when the trash bin can be at the road.