All Forum Posts by: Sheri Fierro

Hi I recently inherited property and need help with the property taxes and the deeds and trust. I need a recommendation for a real estate lawyer. Or should I use a tax firm for the property tax appeal?

 Thx everyone..... looks like $970 is the right number and a 25 day escrow.... As is...   I am happy. And, once sgain, thank you dad. What a great smart man he was

 That's my thoughts too!

After inheriting quite a bit of rental properties (both commercial and multifamily), my brother and I have decided to sell the family home that my parents bought in 1962. So I spent the past 3 months or so, having a huge estate sale and then still going through more stuff in the house (I couldn't believe how much "stuff" was in the cupboards). I finally got over the emotional distress of selling this house and it went on the market last Tuesday. As of right now, we had two offers that were lower than we had hoped. One offer from a family that lived near there and wanted to move right in. The other offer is from investors and higher. $950k, we countered to both for 1 million. Appraised at 1.1. Anyways, the family backed off. After emptying the house, I realized that it really needs tons of work. Although my folks made this a beautiful unique home, they did that over 30 years ago. It not only has a lot of repairs needed, it really needs to be updated.

So the investors came back at 960k. My agent thinks we really should take the 960 since it does need the work, and he is afraid that if wait too long, the investors will back off and we may not get an offer that high?  

Just wondering, should we go back and counter at $975k? That's what my brother wants to do. Me? I would probably take the 960K. I am ready to see it sold. Plus with the inheritance, we got a negative bank account, due to our sister keeping all the cash for herself. I'm ready to put the money into some of the neglected buildings we have now, and then clearing up my credit and purchasing more multifamily properties. 

And, by the way, we are selling it as is. We only have a $50k mortgage on this property, all the other properties are paid for, Thank you dad! RIP

 Thank you Craig, you really did answer my questions. 

I am amazed how much help is available on Bigger Pockets. As I said in my original post, this is a commercial building that my brother and I recently inherited (no mortgage). I think I will be changing the toilets. It is in LA and the property has been neglected. It is something that will not only save me money but also make tenants happy. Plus my office is up there.  Anyways, I really appreciate all the info I gained about low flow and flappers and everything else. Because we also have a 7 unit building that we just inherited.

I am definitely looking at the rebates that I hope LADWP has. Thank you

Good idea. Thanks

If I buy the toilet, what should the cost to replace it. Normal toilet. 2 piece, usually put 2 was rings on it.

I know a plumber is more expensive but this can be done by a handyman.

I have 7 to replace in a commercial building in LA. Since I had recently moved in the upstairs, and turned the water on 4 of the 7 toilets, the water bill from LADWP went from $90 to $819. We shut the water off on all the toilets and asked everyone to please turn water on when using only and the bill went to $26. So I'm changing all of them but wonder what I should be paying my handyman? Thanks for the help. Love this site!

Will,

Thank you for the advice. We are doing good with the rental properties and everything will work out. At the first of the month, things were a bit hectic since I wasn't sure what the costs for the month would be. Fortunately, my dad was a great business man and I did learn a lot from him about property management. There is just some expenses that need to be taken care of out of the trust. Attprneys fees, another benefiviary, etc That's why I've been looking into selling. I do have an agent who is helping me with the lot and my brother and I know we should sell the family home but for emotional reasons, we are hesitating. I appreciate the help and have heard from the "sharks", within the first five minutes of the posting.

Thanks again and I am realizing patience is a virtue!

My brother and I just recently inherited from our dad and mom a large amount of rental properties, a couple residential properties, commercial buildings and a couple vacant lots. But we inherited no cash. That was actually embezzled by our sister (long story).

There is some money owed. To another beneficiary, our attorney, a couple old credit card bills, etc. (only 1 small mortgage of $50,000 on 9 properties). We have been going back and forth about selling the family home. I know it will sell quick and a great price. 

We have been getting ready to sell it for about a year. During this time I've been dealing with a couple (that work for one of the bigger agencies). They have been great and given us a lot of information on selling the house and what we may want to buy next. 

Then more recently a really good friend of mine introduced me to a lady who has a lot of experience in real estate and is also big on banking and she has a lot of resources. So I like both the agents and not sure who to pick to list the house. I almost think I might have to flip a coin?

What do I need to ask each of them? I am not sure what commissions are and I don't understand points or what an agent needs to do for paperwork and escrow. Would love to hear your suggestions. Thanks again.

Thank you Jon, that really was what I was asking. I'm a total newbie and trying to figure the best way to go. Like if calling one of the advertisers who's sign says "we buy houses" cash. 

I did see a sign near where my lot is that says it buys houses and lots for cash. That is why I got the idea of doing a quick cash deal. Just not sure how it works. 

My brother and I just inherited quite a lot of rental properties and our family home, a condo in the desert and also a negative bank account. We are getting a fairly decent amount of rental income but not having any cash is a bit scary. We do not even have the account with the security deposits.

I've been reading a lot on Bigger Pockets. There really is a ton of information. Thanks for all the help.