
21 July 2024 | 2 replies
(You’re protecting equity/your net worth, if you don’t have anything you don’t need an umbrella.)I used USLI for a long time but they changed their standards a couple years ago and wouldn’t offer more than $1-2m if any property had a pool.

21 July 2024 | 5 replies
Advertising channels etc.We mainly specialize in the management of villas and offer additional services to improve the hospitality experience for guests.Any ideas will be more than welcome !

20 July 2024 | 2 replies
I see you mention having an LLC, so I'll share my generic advice on that topic.An LLC is useful for two things: anonymity and legal protection.

22 July 2024 | 19 replies
Lots of legal opinions here, but most are inaccurate.It is true that, absent an estate planning vehicle (trust, etc.) there needs to be someone with “standing” who is empowered to pass title.

19 July 2024 | 6 replies
There is a tactic that I have heard about where (rather unscrupulous - but still legal) investors will contact the owner after the close of an auction and will offer them cash on the side to let them buy the property from them during the redemption period.

19 July 2024 | 19 replies
(and yes I understand this will not constitute legal advice, just gathering information).

21 July 2024 | 0 replies
At this point he has not offered me any deals just dollar for dollar value exchange when the work is done.

21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.

20 July 2024 | 32 replies
I didn’t change anything for my SFH except add an internal door so it is all legal.

20 July 2024 | 7 replies
Partnering with specialized real estate attorneys can also provide invaluable legal guidance, helping you navigate the complexities of foreclosure laws, title issues, and potential legal pitfalls.