All Forum Posts by: Jay Wargo

Hi there. I currently own a rental in Charlotte that I’ve been successfully managing from afar for years. I think however the time has come to let another party manage the property for the time being. I’m too tied up on other projects/life changes to get it turned around after my current tenants move out at the end of this month. If anyone has any recommendations for local property managers that could be interested, please let me know. Property is at 5022 Silabert Ave, Charlotte and is a 3 bed, 3 full bath with 1500sq ft. Thanks.

J

@Martha Nowlan The seller has been using his attorney to put the sale package together. Are you saying I should hire my own additionally? My intention was to have a legal friend here in Colorado look things over as a favor but if you are saying I need to also have an attorney for the transaction, please let me know and perhaps put me in contact with someone you might recommend.

@Megan Phillips If that's the case, I might lose out on the deal. It's a good enough cashflowing property that I'm willing to eat some of the cost as long as the quote doesn't come back at some absurd amount to replace the windows. The big question is whether or not it needs to be fixed prior to closing, regardless of who it sells to. I'm getting a LOT of conflicting information there.

@Tom S. That's interesting because the seller's attorney is the one asking whether or not my bank will require a fire inspection in order to close...? I'll pitch it back to the seller that he ought to know.

At this point, I think that the bank financing the loan only really cares about the appraisal, so everything may work out.

I'll keep trying with the fire marshal's office. I assume they are pretty busy.

Looking forward to moving back east for a while!

J

Peter - The house is in fact on Chase St. I've been asking around and near as I can tell, it's a circumstantial case whether or not it needs to be code compliant prior to change of ownership. I've tried reaching out to the fire marshal's office but got nothing but crickets. It's certainly not something I will let slip, I'm just trying to make sure I can get my hands on it first and then deal with what I need to.

Jake - Appreciate the insight. If I do manage to get my hands on the property, you better believe it's going to be sorted out so I can get on that exempt list. I was definitely intending on getting the whole building up to snuff because I was intending on renting out the lower portion after 3 years anyway. Better now than later.

John - Thanks for the extra items to keep an eye out for. I'm fairly certain all of the electrical was re-done at some point in the past to get rid of the old knob and tube style. It will need updating for smoke/CO detection. This is my first time getting into a house this old, so I'm sure I'm in for plenty more surprises as time goes on.

Appreciate the responses from everyone! I will keep things updated as we move forward.

Hey everyone! First meaningful post here so I figure I'll make it a good one. My better half and I are potentially moving to Burlington VT sometime before June when she starts classes and I'm leaning heavily on doing an owner occupied duplex. I found a FSBO, put an offer on it and had it accepted, but now we are facing some hurdles and I'm trying to get some clarification on whether or not a specific fire inspection is required by the state of Vermont for any change of ownership on a multi family property.

I think what happened is that the codes have changed since the seller has owned the property and now there are multiple changes that neither of us where aware of that need to happen in order for the property to get a C.O. with a new owner. It might even be the case that he has to make these changes regardless due to insurance and/or legal reasons. Don't know for sure.

If anyone has any general or specific advice, I'd love to hear it! I figure an owner occupied duplex (or even triplex if I can swing the price tag) is going to be the ticket as we can live in it for the next 3 years and rent the whole thing when she finishes up the grad program.

Thanks!

J

Hi everyone! I'm obviously a new member to the forum, but I've been cramming podcasts as much as one can to start my learning process. I'm interested in buy and hold properties, but I'm open to other discussions such as flipping houses although I know little to nothing about that process. I've been a field engineer for almost 10 years now and the corporate world (for me at least) is stagnant with respect to wages and is very demanding physically and schedule-wise. My end goal is to have revenue streams that will allow me to enjoy more of life and maybe get home more often. And do more skiing :D

Looking forward to learning as much as I can and taking some leaps with people! I'm willing to roll the dice if you are.

Jay