All Forum Posts by: Lisa Brooks

For about 18 months I've been working on buying a condemned house on a half-acre property right next door to our place. Finally, looks like I have a deal.

The owner, we'll call him Mr. Big, is a real estate investor from way back. Rural and small town properties. Here's what he says we need to do to transfer the deed over to me.

To note: the property is in Mr. Big's two sons names, not his. So I'll purchase it from them.

Mr. Big thinks we can get this deal done within 10 business days. Here are the steps he proposes:

1. 1) Mr. Big will pay for and get title insurance.
2. 2) Mr. Big will pay for his lawyers to do the paperwork needed to transfer ownership to me. He said this would be a simple transfer of deed.
3. 3) Mr. Big's sons will sign as needed.
4. 4) I bring two $14k checks - one for each son - and sign where needed.
5. 5) The lawyers notarize and file everything.
6. 6) Done.

Mr. Big says this will be straightforward because I'm buying the place in cash, as is, and because there is no issue with the title - his sons' own the place outright/free-and-clear.

I know that cash deals go much quicker than financed ones because it's simpler. But is this really all you need? Does this all sound right to folks? Is anything missing? I'm wondering about taxes. 

Appreciate any insight/advice about how to ensure that I legally own this property when all is said and done. 

Thanks for reading!

@Saul Ballaine we are kindred spirits. I sent off my second letter a couple of weeks ago. I marked up my calendar through summer, sending something every 8-10 weeks. I've done two letters - both printed. Read an opinion that handwritten is better so my next one will bear my awful handwriting. I too am thinking about ways to change things up and was figuring I'd go with a seasonal theme. So - next will be a spring-themed card. :)

I own a multi-family building and about every 2 months I get a typed letter from a guy who wants to buy. I've been getting these regular letters for years now. Last year, given everything going on, I saved one. Just in case... So I do get the value of consistent mailings. 

Good luck to us both!   

@Anthony Frandanisa - thanks for your quick reply and sorry to hear you didn't end up getting the property. Bummer. Appreciate the advice and will use it. 

Hi @Anthony Frandanisa - wondering what happened with this? Did you get anywhere with this distressed property? I'm pursuing something similar. One letter in and figuring out the next letter.... Appreciate any info. Thanks!

Hey @Saul Ballaine - wondering if you got this done with one letter? I'm working on same. One letter in. No response. Planning a more concerted effort that isn't creepy or annoying. Appreciate an update. Thanks!

 @John Warren - I paid about $600/tub. Apologies - should have included that in my original message. If I were to replace the tubs it would cost more than that to have the old ones removed and area prepped for replacements. And the replacements wouldn't be as deep, or solid, or look as good. Mine are old soaker tubs. 

About the price - my tubs were ROUGH. I have used other services including "green" ones. The finish simply never lasted like this one does. It doesn't peel, it doesn't yellow, it feels smooth not pebbly, the shine is consistent across the tub inside and out, and it remains easy to clean. If you do this in a tenant unit definitely consider adding the non-skid coating to the bottom of the tub - the tub will be slippery without it.

I highly recommend Arlington Porcelain Refinishing Inc. (https://www.arlingtonbathtubs.com). I've had fantastic results with their professional tub reglazing in my 102 year old building in Chicago. 3-flat building so three tubs reglazed. The one in my unit was done 6 years ago and looks as good as it did the day it was reglazed - I'm not kidding. Daily showers, baths here and there throughout the month - holding up beautifully. So I had same done on my first floor tub two years ago. Family of three - one toddler plus a pooch. Lots of daily baths and showers for two years. Was in there recently - looks like new. I just had a tenant turnover in my 2nd floor unit and had the crappy, peeling, yellowing tub refinish done by a different company sanded off and reglazed by Arlington. The finish looks like glass and feels like butter (that finish will last). I imagine this is how these old original tubs looked in 1918. Beautiful. Arlington warranties their work, highly professional, they know what they are doing. This is not car paint; the material they use is way more durable and really holds up. Just don't scrub the finish with Bon Ami and you'll be fine for many years. I've had no trouble getting tenants to follow tub care instructions, which really are simple (no abrasive cleaners; use one of the dozens of other non-abrasive options) because they can't believe how great the tub is. 

Been doing a bit of reading on how to identify markets. Here's an on-topic article from MillionAcres.com: "The Top 10 Hottest Demand Markets for Rental Investment in 2020" (Jan 15,2020)

https://www.fool.com/millionac...

Thanks for your quick reply @Ian Price. Yes - Bare Bones is really great, a nice surprise. Sampled a beer from Back Road Brewery - tasty and a reason to come back soon. I did some research into rents. Not easy to find but did stumble on a few things that line up with what you estimate here. I can believe there's short term rental action along the lakes, we drove around them and thought - how are we only now finding out about these. Very sweet lake cottages and some substantial homes. Will peek at AirBnB listings to get a sense of things and try one or two out. I have a few things in my Zillow saved homes that are interesting. Will pm you with a couple of questions.

Was in LaPorte, Indiana today. Seems like a sweet town. Went to Bare Bones gastropub - good beer, good food. Drove around, seemed like a solid small town. The lakes - ? Wow.

Seems there are SF deals in LaPorte. What's the rental market there? Is there one? Appreciate any insight. Thanks!