All Forum Posts by: Jeff Weissman

Last summer I purchased 2 townhomes from Trada. I would love to get in touch with anyone else who has purchased from this company.

Dear girl12345,
I purchased a duplex (actually 2 townhomes) from Trada last summer. Did you go ahead with them? If so, I'd love to talk with you!

I would love to hear from anyone who has owned income property near a college or university for at least 3-5 years and has experience renting to college students. Does the annual turnover kill your cash flow? Certainly, if the ppty is professionally managed, every turnover will result in lease-up fees. In addition, I suspect there will be much higher annual expenses for things like paint & carpet than would be the case in an income ppty with stable, long-term tenants, correct? Also, is there greater risk that students will ruin the place with parties & irresponsible lifestyles? Will these (& other?) factors take what looks on paper to be a good investment with positive cash flow & turn it into a losing proposition?

Operating on the assumption that Projected Job Growth & Population Growth are key factors in determining which U.S. cities may present the best places to invest in multi-family properties, does anyone know of a good, comprehensive, reliable source for such predictions for '08?

We have an LLC registered in Washington State that holds title to 3 properties. My wife & I also own 2 properties in MO & for these we're on title as joint tenants. Can we quit claim deed these MO pptys into the WA LLC and enjoy the same protections we have on the 3 WA pptys?

zipappraisers.com
http://www.appraisers.com
http://appraiserusa.com/
You can ask for their appraiser license number at http://narea-assoc.org/

Check out Jason Buckingham's new MeetUp in SF. He's a R.E. attorney & investor, very up on commercial. Go to meetup.com & search.

Dear revinv,
Wow, thank you so much for all this info. I'm learning a lot! I've decided to purchase all cash with my own funds (HELOC currently at 5%, about to go 4.5% if what everybody's saying about the Fed's next move is true).
I will definitely ask the escrow company (is that the same as the title co.?) for an A&E (as well as a preliminary HUD-1) and the seller for a title policy. Thanks for those suggestions. I've purchased a 4plex at auction before & the prelim title report revealed several items I had to deal with in advance, so I know how important that step can be.
I plan on a telephone conversation to make my offer & mention the contingencies I require, then, if accepted, following up with a Letter of Intent that puts in writing the details (including the subsidies he's offered and the good faith deposit I'll provide along with a signed/accepted P&S Agreement).
Finally, as you suggest, I'll try to get a referral to a R.E. attorney.
Thank you SO MUCH for all your help!

I'm considering purchasing a FSBO condo. Have never done a FSBO deal & wondering what I should be on the lookout for in the Purchase & Sale Agreement? Should I have the agreement checked over by someone? If so, should that person be a R.E. agent, a R.E. lawyer, a CPA? If an agent, what would the typical fee be, since the agent would be acting as a consultant rather than buyer's agent? Also, in this case, seller is offering significant subsidies for a period of 2 years which would cover all HOA fees, property mgmt fees, plus a rent subsidy. How can I tactfully check out the seller to address the risk I take of him not (or not being able to) hold up his end of the bargain for 2 years? What if he gets run over by a train or goes bankrupt?
Any help here would be much appreciated!

If so, I assume all cash flow (in & out...that is, income and expenses) must come into and be paid out of the IRA account, yes?
Advantages/disadvantages?