Sharon Restrepo, broker at 32 West Realty and GREEN instructor, finishes her two-part series on buying condos. In this segment, she discusses the different types of amenities available and how that can directly impact the renter in that they may be required to pay a security deposit for these amenities over and above their normal security deposit for the condo. She also discusses membership communities, the associations involved, and the dangers involved in buying condos.
Condominiums can offer many benefits to those who live there. However, they are not without their drawbacks and complications. Sharon Restrepo, broker at 32 West Realty and GREEN instructor, begins the first of two sessions that discuss what you need to know if you are looking to buy a condo as personal residence, as a rental property or as a fix and flip. Among the topics Sharon treats in part one: HOA rules/restrictions; HOA budgets; Assessments; and percentage of units rented.
Gregory DeSalvo of 1031 Placement, Belle Isle, FL, explains how the tenants-in-common structure allows you to purchase an undivided, fractional interest in a property. This gives you access to a much higher quality real estate investment than may have been achievable on your own. Greg outlines how each investor receives a warranty deed, a title insurance policy and enjoys all of the same benefits as if they owned the entire property; each investor just owns a slice of the pie rather than the whole property. Each investor also receives 10% of the income, appreciation and tax shelters that the property provides.
Robert Elam of United Structural Systems (USS) offers his fourth talk in a four-part series. Robert discusses crawlspaces, dealing with support beams, jack posts, lifting sagging/bouncy floors, and lifting doorways. These things are particularly relevant to fix and flippers as the appliances and granite countertops they are installing in the older homes they refurbish have a major impact on the structural integrity of their houses which were not built with such weight in mind.
Robert Elam of United Structural Systems (USS) offers his third talk in a four-part series. Robert begins with the declaration: “Water is death to a house. Water is the worst thing that can happen to a house!” He proceeds to note how moisture draws insects, invites mold and rot and eventually leads to major structural issues. Robert discusses the importance of having a dry crawl space and how in Tennessee, many crawl spaces do not even have moisture barriers (required by Tennessee code)! The presentation ranges from waterproofing and how the approach varies based on the lot (level versus slanted) to encapsulation.
Robert Elam of United Structural Systems (USS) presents his second talk in a four-part series. Robert explains concrete leveling, a way of addressing uneven sidewalks, driveways, pool decks and patios. In addition, he describes how USS does brick and lintel repair. Good looking concrete around your property and quality mortar work, including fixing the framing above damaged doors and windows, increases the structural integrity and curbside appeal of your home. Robert includes real-world examples, along with pricing.
Robert Elam of United Structural Systems (USS) visits GREEN HQ for the first in a four-part series on home structural issues and how they can impact real estate investors and realtors. First up? Foundation Repair. Robert, who works in and around Nashville, describes the way that the extreme summer heat and drought of a Nashville July and August causes the earth around a foundation to shrink. This, in turn, causes instability and cracks. He goes on to discuss what goes into realigning your home (using steel piers, positioned strategically) and anchoring your foundation. Bottom Line: Robert urges investors not to panic simply because a home needs foundation repair.
Deborah Bishop, Inner Image Authority, believes that “the buck stops here” (i.e., with each individual person). Each of us is responsible for our own destiny. Our choices, our decisions lead us forward — for better or worse. Deborah challenges us to ask what is my focus? She invites us to take ownership over what we truly desire out of life, to start to think and feel like a person who is already THAT person. Finally, she asks us to consider who we are “being”? Deborah presents a three-part exercise (i.e., the want list; the character sketch; and emphasis on gratitude). She can be reached at: www.tractionnow.com.
Nashville attorney Daniel Perry of Fidelis Law, PLLC., visits GREEN HQ to discuss trusts, estate planning and their connection with real estate investment. Daniels begins by reviewing ways that you might title real estate (e.g., tenants in common, joint tenants, tenants by the entirety, LLC). He notes the pros and cons of these methods. Moving on, he notes that many real estate investors are under the mistaken idea that their insurance has them cover… au contraire. Finally, he discusses asset protection in revocable living trusts and LLCs and corporations, spending a good deal of time on the latter two.
We’ve bought. We’ve searched. We’ve closed. Everything is recorded. You are the owner. But… title issues happen. Human errors occur. Tish Baldwin, a title attorney with MLJ Escrow and Title, LLC, of Brentwood, TN, visits GREEN HQ and discusses a variety of situations faced by owners who thought they didn’t need title insurance. When you think you don’t need it… you do. This is the second of a two-part series.