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.
Title insurance. It isn’t necessarily a flashy topic. It doesn’t seem important… at least until someone is knocking on your door to inform you that the property you thought you owned free and clear is actually owned by some heretofore unknown heir of the previous owner! Tish Baldwin, a title attorney with MLJ Escrow and Title, LLC, of Brentwood, TN, visits GREEN HQ and explains the basic components and vital importance (as well as comparative affordability) of title insurance. This is the first of a two-part series.
Darrin Hickman visits GREEN HQ to discuss odor control, a topic that is of great importance for real estate investors, many of whom buy properties that are in less than optimum condition. Darrin begins by noting that nature uses heat, light, air movement and ozone to deodorize, the goal of the odor removal specialist is to accelerate this process. Hickman’s explains that animals, often the first source of odors in investment properties, produce different quantities and concentrations of urine and this can dictate how we deal with removing these odors. The presentation also addresses the range of ways to remove odors and also offers advice for dealing with a property you suspect has problems with mold.
Usually when a realtor deals with a client who is going through a divorce, their advice is simple: “Go get an appraisal on your home. Check your remaining debt owed on your mortgage and negotiate your equity.” Of course, the length of the marriage, number of children, employment status and income of the respective spouses also factor into the equation. However, as Kathy Carter, a nineteen year veteran realtor and agent with eXp Realty, explains, what you don’t know can really hurt you. Carter focuses her attention on three important considerations: 1) the crucial character of the title search; 2) not just signing the house over with a “quit claim” but to get off the mortgage completely; and 3) the home inspection as helping to determine the real value of the home.
Michael Miller of Tennessee Property Inspections visits GREEN HQ to discuss “Common Defects in a Home Inspection and Suggested Remedies.” Michael discusses a variety of problem areas on the house he sees every day such as water drainage problems and the resultant mold issues, cracks in the foundation, excessive down force on garage doors openers, uneven floors, incomplete or unfinished plumbing and more.
Tiny houses are often thought of as cute or quaint. This may well be true. However, as Fort Myers, Florida real estate investor Mike Cathell explains, they also represent an intriguing new area of real estate, offering great investment opportunities for vacation rentals, college living options, and retirement housing. Mike describes these tiny houses (which are not actually houses but RVs), outlining their typical dimensions, layout and costs.
Sharon Restrepo, broker at 32 West Realty and GREEN instructor, addresses two common myths that block investor success by addressing two further myths: 1) “If it feels like a good deal, go for it”; and 2) “Save money renovating without permits.” Special attention is focused on Sharon’s formula for determining if a “deal” really is a deal. In addition, Sharon stresses the importance of doing renovations with permits and according to code and how the ability to offer warranties and stress that all work was done with permits can set your renovations apart from the crowd.
The day you close on a piece of property should be a good day. If you are buying, hopefully you have done your due diligence and bought the deal. If you are selling, what could be better? It’s pay day! Still, there are some ugly surprises that can manifest themselves on closing day. Trisha Murphy has years of experience working in title insurance and dealing with real estate closings, residential and commercial. She has seen a lot! Murphy visits GREEN virtually via video teleconference from Denver and discusses settlement procedures and how to avoid those unwanted closing surprises.
It’s Valentine’s Day, so things are pretty quiet at GREEN HQ. Even so, a few hearty investors have gathered to discuss a deal. Things never stop at GREEN!