All Forum Posts by: Todd Pultz

@Manoucheka Guillaume usually your allowed to rebuild non conforming as long as it’s done within certain time frame. Our area is usually a year then it loses its use and has to be brought up to code. Call your zoning administrator

@Matt Everling thanks for the comment. These were created as an entire zoning overlay and standards update that was conducted. Trust me, I spent a year in battle and ultimately courts did not agree with your point. I do though lol.

These overlays and updates happen all the time to prevent something from occurring. Thanks

@Amanda Young I use Buildium to my manage my properties and others. In there each property has its own “account” and accounting for it by itself. However, they all funnel to the actual bank account you want to use. Normally there is no need for multiple accounts other than an operating account and a trust account for deposits to remain segregated.

If your looking for protection, you can use a series LLC if your state allows. This has a master llc and then branches for each additional llc, but all are captured by master, but each are insulated from the other if that makes sense. Not all states all series llc.

We only hold 1million in assets per llc before we open another.

@Lane Smith I’m having a tough time picturing a 4 unit building where only 2 units have access to the basement and there is no means to get to basement without entering an actual unit living space. I’ve owned hundreds of quads and never seen that. Not saying I don’t believe it, I just don’t get it unless this was a converted building. Sorry, this was not helpful, I was just thinking out loud.

But it also depends on why he is entering as most leases allow for emergency entry and inspection which could certainly be for a Maintenace issue in the basement. Again, thinking out loud.

@Manoucheka Guillaume I am not sure I'm following all of the comments. I deal a lot with zoning issues such as these so here is my two cents. Most areas that are non conforming allow continued use or replacement use as long as property is not vacant more than 1 year. I'm sure your local code will state something similar. I've not had any FHA loans not go through because of a non conforming property because this is actually quite common with older neighborhoods.

Example, I had 12 lots together and all were 40’ width. However 2 years ago the code changed and required 60’ width on lots within the R-3 district. Because these lots were vacant over a year I could not do anything, so we had to apply for variances etc.

Does not sound like you have that issue as your house never lost use. You could always apply for rezoning, but that’s a long shot and cities are not usually open to spot zoning.

Good luck

@William Stewart not much more to be said as good comments already. This sounds like a 3 ring circus filled with inexperienced investors. Not sure I read anyone make the obvious comment, but "your friend" dropped the ball here big here. During due diligence he should have seen the leases and read them carefully. Even though in most states, deposits should transfer in HUD at closing, I always make sure my contracts state this along with rent proration so the title company does not miss it.

The title company is at no fault and the attorney is at no fault. Not their job to do due diligence for your “friend” or to explain your loan requirements. Most states have an owner occupied ordinance that allows those who buy property to live in, only give a 30day notice to vacate if a tenant is in there.

Lastly, this is the biggest and silliest mistake I keep reading in these threads......people buying properties and allowing sellers to stay in them or in this case accepting the word of an agent that they would be out in two weeks. How can that even be true, they have no power to drag someone out, but the tenant has every right to refuse to leave and push it to eviction. This is investing 101 and if you take the tenant with the property, you accept what comes along with it.

@Tushar P. Your spot on with one comment which is every investor gets to decide what type of investor they want to be.

But as you mentioned honesty in your post read your post again where you falsely stated that I said “no real estate course teaches honesty”. That was a horrible misrepresentation of what I actually said which was “no course teaches you to offer a seller more money than what they ask for or give them exactly what top price is”

But, that is a great example of YOU as a real estate investor choosing to be the type of investor you want and choosing to twist statements, misrepresent statements, compare investors to criminals and drug dealers and then state that people who grew up poor are one of those categories because they can’t change.

I think you are sadly misguided in believing that the broad scope of real estate investors are “swindlers” who pretend to be professionals.

Not that you care but in my portfolio of hundreds and hundreds of doors and multiple companies we not only revitalize multifamily in the most challenging parts of cities, but I also run mental health and DODD group homes and my partner has one of the largest addiction treatment programs with transitional housing in our area. Sober living is also a branch of portfolio. Our family gave back around 50k in donations to our local cities and organizations last year from thermal cameras to the fire department, little league teams, childrens hospital and many more.

AND there are countless investors out there just like me who along with creating wealth and financial freedom have a true passion to help the community and yes.......solve problems.

I grew up in the projects and a trailer court very poor, but unlike your comment that poor people can’t get themselves out of the past and revert to some negative activity, growing up poor is the fuel to be the best version of myself each day and work harder so that myself and those around me never have to experience that life again. I hear this same story from investors around the country every week!

None of that negates the fact, that we have to buy properties at the cheapest discount possible to have good success. Does not mean you lie, cheat or deceive to do that, but grinding to get great deals is absolutely the game!

But if you are telling us you do not want to get discounts on properties and you believe in giving sellers absolutely every penny their property is worth, I would love to be your realtor and help you grow a beautiful portfolio. I have never met a single buyer like that and it would be a nice change of pace. It may struggle on the cash flow side, but you can be proud of it and feel good that you allowed sellers to make every penny they could because you didn’t have it in your heart to get a discount!

@Dylan Katz I agree with @sco@Scott M. That this is more about the area. In challenging areas we would absolutely never do this. Of course people can break in if they want or squat if they want, but I’m not going to make it easier for them.

However, if your dealing with higher caliber of tenant in an area with little crime concerns, this can be super effective and work great. No different than renting out an Air BnB right? You have to have systems in place to check the property after these showings etc the same as you would an air BnB. We use our Maintenace team.

My caution would be if you are in a state that has serious squatter rights, I would not remove a barrier for a potential squatter and allow unattended showings.

@Tushar P. Lol, so now your comparing real investors to drug dealers? I really just don’t know how to respond to you right now. Amazing!

@Joe Splitrock I understand your view and respect it. Trolling? Lol! Come on you know better than that and you read my post and know 100% that I did not call you or anyone else ignorant directly! However, I stand by my comment that any comment like a few on here calling this guy a criminal or stating this was a conspiracy without having all of the facts is ignorant! You and I have been in enough threads together for me to know you would not make those accusations towards someone without having the facts. And you didn’t do that here so that comment was obviously not towards you. Your threads are usually good information and I respect that. I’m not going to stand by and just let wild accusations be tossed at someone either