Does finding and closing 15 deals a month sound desirable to you? Today’s guest shares exactly how his team does just that! Returning guest Nathan Brooks shares how he’s built a turnkey business that consistently finds and closes deals on a large scale. Nathan shares great info regarding how he uses the DISC profile to understand himself and his team members, his three step process for rehabbing homes, and why he always has at least two sets of eyes on every deal. You won’t want to miss his story regarding what he wished he had done differently from the beginning, mistakes for newbies to avoid, and how to alternate between a “10,000 foot view†of your business with being on the front line. Nathan is a long time experienced real estate investor with a heart-felt passion for helping others succeed. If you want to grow a successful real estate business, you don’t want to miss the incredible business advice and encouragement he shares in today’s episode!
February 2019 Housing Minute
Pending home sales and inventory rose in January, while existing home sales experienced a drop.
7 Surprising Design Trends for the Home: Which Has Staying Power?
Here are some of our picks for biggest design surprises from IBS 2019 and the Kitchen & Bath Industry show.
Take a Peek Inside the 2019 New American Home
The New American Home in Henderson, Nev., was unveiled at the 2019 International Builder Show, showcasing building innovation and home design trends.
BiggerPockets Podcast 318: 100 Units in the First 2 Years (Using Bank Financing!) with Collin Schwartz
Interested in buying over 100 units in two years’ time? Today’s guest did just that!
Collin Schwartz shares the amazing story of how he built an impressive portfolio on the foundation of direct mail and networking through meetups. You’ll learn how Collin utilized a clever twist on the BRRRR method to avoiding paying cash for properties (but still get back his down payment), how he uses balloon notes to do this, and how his highly targeted direct mail strategy led to it all being possible. Collin also shares how he runs meetups to find deals, what his criteria are for buying properties, and how he partners/leverages with others to make this incredible success possible over such a short period of time.
Collin also earns income managing properties—and even leverages that business to find deals too! If you want a solid game plan that will lead to impressive growth, this is an episode you don’t want to miss!
Condominium assessments and bankruptcy: What can associations collect?
Courts across the nation are split on whether post-petition community association assessments constitute dischargeable debts under Chapter 13 of the U.S. Bankruptcy Code. To make matters worse, in November, the Supreme Court denied a petition to review the issue, leaving the community association industry wondering if the existing dispute among the courts will ever have a concise national remedy.
This past July, the Ninth Circuit Court of Appeals, which comprise several Western states, had held in Goudelock v. Sixty-01 Ass’n of Apartment Owners, No. 16-35385 (9th Cir. July 10, 2018), that an individual’s pre-petition debt or claim for assessments—created when a property owner takes title to property and which contractually obligates the owner/debtor to pay assessments—is dischargeable when the owner/debtor successfully completes a confirmed Chapter 13 plan. In November, CAI attorneys drafted and submitted an amicus brief in tandem with the (now denied) petition to the U.S. Supreme Court appealing the Ninth Circuit case.
CAI’s amicus brief made it clear to the Supreme Court that the rationale employed by the Ninth Circuit in Goudelock has far-reaching implications for community associations throughout the U.S., as it threatens the lifeblood of community associations—the continued ability to levy and collect assessments and dues for the maintenance and preservation of community property. Due to the Supreme Court denying the association’s petition, the Goudelock decision stands. This decision is already negatively impacting community associations in the Ninth Circuit, as courts have cited the Goudelock decision in their reasoning for denying community associations the ability to collect debts in Chapter 13 bankruptcies.
Yet not all courts across the country agree with this decision. In February, the U.S. District Court in New Jersey handed down a decision that positively impacts the amount of money a condominium association with a properly recorded lien is entitled to receive when a unit owner files for Chapter 13 bankruptcy.
In an appeal filed by the Oaks at North Brunswick Condominium Association, the New Jersey court reinforced that a condominium association lien that is recorded in accordance with the New Jersey Condominium Act is given elevated priority over other claims and that said lien is partially secured and no amount of the lien can be stripped because of the Anti-Modification Clause. This means that condominium associations should receive the full amount of their lien claim when a unit owner files a Chapter 13 bankruptcy.
For now, these conflicting rulings leave our community association attorneys confused and frustrated. Outcomes such as the Oaks at North Brunswick case provide hope for dischargeable debts in our industry. However, Goudelock provides that pre-petition condominium assessments are dischargeable in Chapter 13 proceedings but leaves some critical questions unanswered. This being the first circuit court case on the issue, chances are the other circuits may weigh in. At the end of the day, attorneys need to be aware of Goudelock and its possible application to every Chapter 13 case where the debtor owes community association assessments.
This post also is running on CAI’s Advocacy blog, where you can read about the latest court cases, state and federal advocacy efforts, public policies, and more.
The post Condominium assessments and bankruptcy: What can associations collect? appeared first on Ungated: Community Associations Institute Blog.
Using the Latest Decor Color and Trends to Attract Buyers
The key to making the best first impression for buyers is using on-trend styling touches to help them emotionally connect.
BiggerPockets Podcast 317: Building a $300MM Real Estate Empire from Scratch with Multifamily Investor Chad Doty
Ever dreamed of being a successful multifamily investor who owns millions of dollars in real estate while others manage your assets?
Well, today’s guest is doing just that! Brandon and David sit down with Chad Doty, a one-time businessman who ditched corporate life and moved on to real estate, now owning 3,000 units!
Chad shares TONS of meaty insight, including what he looks for when choosing a market, where he’s currently investing (and avoiding), and four rules of thumb for building a multifamily business. Chad gives great advice regarding overcoming high barriers to entry, getting brokers to take you seriously (even as a newbie), and adding value to properties in order to generate big profits.
Plus, you DO NOT want to miss Chad’s take on finding deals others are missing, the order in which you should build your team, and how he would invest his grandmother’s last 100K! If you’re looking for an episode with so much value you’ll feel guilty you didn’t have to pay for it, download this one now!
Pothole Patrol: What community associations can do to maintain pavement
It’s that time of year again, when rain, snow, and changing temperatures cause potholes to form, wreaking havoc on roadways, parking lots, and driveways. According to the American Automobile Association (AAA), pothole damages cost U.S. motorists roughly $3 billion per year. On a per-pothole-incident basis that comes out to about $300 per driver. Additionally, AAA reports two-thirds of U.S. drivers are concerned about potholes on local roadways.
No asphalt or concrete surface will last forever, but it is easy to prolong the life of your association’s pavement. Community association managers and boards of directors have several pavement maintenance and repair options from which to choose.
Crack Filling
Cracks in the asphalt should be cleaned of dirt and vegetation and allowed to dry completely before filling. Cracks should be filled with emulsified asphalt slurry or a light grade of liquid asphalt mixed with fine sand.
Asphalt Patching
Patching is done in areas with severe alligator cracks and/or potholes. When the patch is cut out, the sub-base material should be examined and compacted thoroughly before patching. The patch should be tack coated, to ensure firm bonding between the old and new surfaces. Base course material is laid and compacted first, and new surface asphalt is laid and compacted on top of that. The patch should be rolled to a smooth finish, and all edges should be coated to minimize water penetration.
Overlays
Overlays are placed over existing asphalt to create a new surface. In recent years paving fabric, placed on the existing asphalt prior to the overlay, has gained popularity as an effective agent to bond the new asphalt to the existing asphalt surface. Once the existing asphalt has been prepared, the paving fabric is laid down and a new surface quality asphalt is laid over it. It is then rolled to a smooth finish to match existing grades of asphalt.
Sealcoating
Sealcoating is a controversial aspect of asphalt maintenance. Generally, sealcoating provides an additional 2-3 years of protection against the elements and use by providing an additional layer of protection. It is also cosmetic, in that it covers old and new asphalt to create a uniform look in the community and increases curb appeal. Sealcoating is best done approximately one year after a new surface has been laid. It should be applied by the squeegee method if possible to ensure the sealing of cracks too small to fill by the traditional method.
For more information on repair road and paving, check out The Road Repair Handbook, available for purchase at CAI Press.
The post Pothole Patrol: What community associations can do to maintain pavement appeared first on Ungated: Community Associations Institute Blog.
NAR Comments on Appraisal Threshold
NAR submitted comments to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agenciesâ€) on a the threshold for requiring an appraisal in commercial real estate transactions to $400,000 from the current level of $250,000.