All Forum Posts by: Douglas Snook

Glad I found this forum! Had several questions about making my Roth IRA into a 401(k). I do work for myself so I believe I can either convert it or start my own new 401(k).

I look at it this way, and if I am wrong please let me know:  If I worked for a business that I did not own and had a 401(k) I could borrow against it. Many of my friends have loans against their 401(k). They blew the money on who knows what. If I have a 401(k) and I own the business, I can borrow against it. If I used the loan proceed to buy real estate (it would be in my own name) as long as I was paying back the 401(k) it would be ok. Could use it for a trip or buy a car. Doesn't matter

Now if I want my 401(k) to invest in something there are strict rules. For example if I wanted the 401(k) to invest in a property. That would be different then simply my borrowing against it.

Does it seem like I have it right, in general?

It may be too late to do anything about this one. If you have enough units I would certainly put up tenant only parking signs and maybe issue place cards or stickers identifying the car. Add language about tenant parking to all new leases. Also along the building put up no parking signs (can always put them up in the fall through spring)

Congrats! Loved the Concluscion. I feel that way too. Enough book learning time to get out and do it. Puts the learning to use. Do or don't do there is no try. Thanks for putting it up there

I have followed some properties on HUBZU over the last few months. Never bid or bought. I would only comment that it appears it is not just REO type property being listed. They do have an obligation to get the highest price for the property for their client. I think that is why the reserve seems to be set pretty close to market rate and then they see what it brings for auction. The reserve is not met the first time out of course. Then they relist have a buy it now price maybe 10-15% market and still have a reserve. The bargains seem few and far between (but that may vary on the market) as for their reserve and buy it now price, it frequently seems that it has no relation to the reality of the property condition. In other words no one has actually looked to see that the interior has been trashed. Also I have seen property in person and there is a pool but the listing will say no pool. Just what are the comps and lets set the reserve at 10% below market.

Just some thoughts

Hi Rob

Over in Bellingham here. Pretty new here too. Looking for info, partners investors someone to talk to etc. Am an attorney and real estate broker. 

Reagrds

Doug

I have not bought anything through them yet but have not had any issues in getting to see the property first before placing a bid. The information can be wrong or missing on the listing. For example, I did a drive by of one property and notice a garage way in the back, not even mentioned on their listing. You do have to do your due diligence, make sure it is a legal three family etc. so you know what you are getting.

I don't know about WA but in MA there is always an owner of the real estate and title passes at the moment of death to someone, even a distant cousin. If you have a Probate Court check both names to see if any estate has been opened. That would give you the name of the administrator that is in charge. Maybe there is no cash for the taxes and they would want to sell. Some other ideas to track down some one who can sell - send a letter to the house or check with the post office to see if there is a forwarding order on file. You said the taxes were behind but does the town have a new or different name or address that they are sending the bills to? Are you able to look at the death certificate? usually a relative has to provide the information such as the deceased parents etc. Sometimes their address is required to be listed. (Again may be just a MA thing) You could try them. Was an obituary published in the paper? That may give a clue as to some current relatives that you may be able to contact. If you can find a relative you might be able to get them to open probate if none has been and then have them ask the court for permission to sell the real estate to you.

Worse case you could just let it go to tax foreclosure and buy it then.

Not sure about FL law but you should be able to approach the owner directly. Sounds like you want a Title Company or lawyer involved to some degree. They can prepare the deed for the seller to sign. The closing can be at either the courthouse (where ever they record deeds in FL) Again a good real estate attorney or title company can help you with all of this. This could be tied up in an estate and in MA that means you need Court permission to sell and have to deal with the administrator of the estate which may or may not be the son. How much you may need to pay for an attorney or title company services will impact your offer. You may want to contact them to get an idea before your come up with a definite offer.

Good Luck!

Ask in advance if there are tenants and if there are leases, what the rents are etc.. You may not be able to see the lease until you make an offer but at least you will know. If the property is vacant, check Craigslist etc to find out what you can reasonable expect the rent to be, don't just rely on your realtor but ask around. I don;t know what they have in New York for landlords but in Boston you can get a book about being a landlord, lease agreements and other forms. You want some of those NOW so you are familiar with them and the landlord/tenant law. 

Something to find out about on your viewing is how the utilities are set up. That will effect what and how the tenants are charged. For example, is there one one oil tank and furnace that both units share? Is there only one electric meter? In MA there should be three meters for a two family, one for each unit and one for the landlord for common areas. Can these issues be fixed or changed, yes but its something to know going in.

Hi Josh, just over the line in Bellingham MA. I know what you mean about trying to make meetings. I have child pick up right when they are supposed to start.

Maybe those of us around here could have our own Saturday meetings (or Sunday meetings)? Just a thought. New here to. Am an attorney and have my MA broker's license. Looking for partners, investors etc too. Feel free to contact me