All Forum Posts by: Scott Mac

Hi Kenneth,

There is an old song named "Bad Bad Leroy Brown".

and the lyrics say "...the South side of Chicago is the baddest part of town

And if you go down there you better just beware..."

And that seem like some good advice.

It is not North Dakota in any way shape or form.

It is dangerous.

Those who can make the area work seem to know the area and know how to do business there.

There are easier fish to catch...

Just my 2 cents

Good Luck!

Hi James, 

Look at your contract with her allow her and see if it allows her to refuse to submit these offers?

6 months is long time, but if the contract says so, then that's what it is.

Good Luck!

@Kieran Donahue

Hi Kieran,

Just a heads up,

UL2218 Class 4 Hail Resistant Shingles - aside from the insurance reimbursement,

there's more to this Hail rated shingle warranty stuff than many people think.

For instance, the if the shingle has a 30 year warranty but the sealant has a 5 year warranty. If the shingles blow off after 5 years, there may be no warranty.

If the manufactures recommendation for the type of nails, number of nails, placement of nails and depth of nails is not followed exactly there may be no warranty.

If the singles are laid over an existing set of shingles, there may be no warranty.

If the manufacturers directions for the under layer are not followed exactly, there may be no warranty.

If the, etc...

And what makes the shingles "Not covered" by warranty does not seem to be spelled out very clearly in the warranty papers, but it's there if you know what to look for, and the shingle companies do not seem too keen to fulfill the warranty unless your install is "right on the button" with their requirements.

(which makes sense, because that is how it must be done to increase the shingle survival rates).

What I'm getting at, is your if you want to be "More Likely" to have "Less Trouble" collecting on a shingle warranty, your installers must follow the shingle manufactures directions to the letter.

Shingle Advertising, "What the large print giveth, the small print taketh away".

Good Luck!

Next time you see them in your yard, call the Police and have them trespassed.

When the officer gets there, explain the situation to him at that time.

Good Luck!

Hi Bryan,

A key factor in coming out of it in good shape is being able to hold onto what you have through the downturn.

If you lose "everything" you will have to start from scratch, if you even can.

100% paid off assets are where it's at when things get really bad, coupled with reliable cash flow.

Hi Sean,

Hopefully it's a friendly little kitten and not Cujo the Pit Bull.

Hi Chase,

Good post!

Scott...

Miss Jane Hathaway from the Commerce Bank of Beverly Hills?

(I couldn't resit that)

What kind of agency is it?

Hi Clayton,

If you want to form a new additional group from existing group members 

Find out what are they lacking or could use more of?

There's always the big two:

  1. Liquid Cash Money, which is usually a good starting point.

  2. Net worth to cosign with is another.

Lacking that, (as you said, run them) offering property management might work for some.

But for some that will not work if the lender requires an experienced property manager in order to make the loan.

Skills:

Some of the things you should understand:

  1. underwriting for large complexes to know what's a good deal and if you want to participate in the deal risk wise,

  2. how partnership splits are handled accounting wise so you know what you and they are getting; and

  3. how the IRS looks at transactions and income from group investments so you know what you're getting into and can make intelligent decisions from a tax standpoint. (Basis, 1031's K1's, 1065, Phantom Income, etc...),

  4. that you may need (to pay) a securities attorney,

  5. and a lot lot more. 

 Good Luck!

HI Vince,

Nice job with the interior, and the carport is a good feature too.

If this were mine, I'd add a cement fire ring and a picnic table in the backyard.

Also, I noticed no curtain rods.

If it wasn't already rented, and If your not going to have blinds installing curtain rods might be a good move.

Because tenants in this type of rental sometimes hang (heavy) blankets from rusty reused (16d) nails as curtains, and that really chews up the walls.

Hopefully your tenant stays long term.

Good Luck!