Category: Home Owning
-
My partners won’t buy my share. What can I do?
Reader Question: I inherited a large commercial rental property along with my three siblings. I would like it to be sold, even at a much lower price, and they do not. Is there any way for me to get out of this partnership and receive money, according to what my share is worth now? Monty’s…
-
Four Tips To Find Lost Closing Statements
Reader Question: How do I find lost closing statements for a property I sold in 2004 in a 1031 exchange where the title company and 1031 companies are gone, the real estate agent is deceased, her company no longer has any records, and the mortgage company no longer has those records? Monty’s Answer: Fifteen…
-
Dealing With A Municipality Issue
Reader Question: We are dealing with a municipality issue. We have a big problem with a new fire code dictating new elevations and width measurements of the easement road which currently services eight homes. Our real estate agent discovered it answering a prospect’s question about fire codes. We requested a variance in this provision in a…
-
Landlord confused by agent’s rent-up procedures
Reader Question: We are confused by our agent’s rent-up procedures. We rented our home to a couple who gave us a month-and-a-half for security. They also paid their real estate agent a months rent. Their agent split the month’s rent with our real estate agent. However, we didn’t get a months rent before our tenants…
-
Should a Homeowner Allow Others to Use Property
Question: Should I as a Homeowner Allow Others to Use Property I own? I own a home that sits on about one-and-a-half acres that is very close to a high school. The back part of my plot is a twenty thousand square foot plot that was a fallow cornfield when we moved in. The agricultural…
-
Four money traps with home additions or remodeling
Reader Question: We have enjoyed our home for over five years. In addition to great neighbors, we like the neighborhood amenities, the convenience, and proximity to work. However, we need more room as our family has grown. We are well situated financially, but we do not want to have wasted capital when we sell…
-
Ten Money-Saving Tips Many Homeowners Overlook
Reader Question: Do you have a list of things that homeowners tend to forget in caring for their home where they could save money? Monty’s Answer: Your question inspired the production of a list based upon my experiences of owning a home. Full disclosure: You asked someone whose wife rolled her eyes when she caught…
-
Is Our House A Lemon?
Reader Question: Is Our House A Lemon? We bought our home about six months ago. The house seemed perfect. It is very well-kept, and it came through the home inspection with flying colors. We have met some friendly neighbors, and we love living here. That said, we have experienced some expensive issues; the water heater…
-
Five critical components for investing in real estate
Reader Question: I am considering investing in real estate. Can you explain how people avoid taxes just by owning property? Monty’s Answer: Real estate investors do not invest in real estate to avoid taxes. They invest in real estate to build wealth. Appreciation, income, and depreciation create wealth in real estate. Depreciation is also…
-
Family dog discovers building defect – gets into hot water
Reader Question: We recently moved into a beautiful home that is 14 years old. We live in a gated subdivision with an HOA that was developed by the same real estate company which sold us our home. We are the third owner of the house and so far have had no issues. Recently I discovered…
-
You need a tragedy plan when you have real estate in case an owner died unexpectedly.
Reader Question: My husband passed away unexpectedly very recently. I lost my best friend, and now I’m losing my sanity. He handled all our finances. We own income property and other assets, but I don’t know where any documents are or how to find them. I asked for information many times, but he never gave…
-
A partnership agreement needed with inherited property
Reader Question: My wife and her three siblings inherited the family home when their mother died. My wife was 20 years old at that time, the eldest, and invested 10k in keeping the house. It is now 39 years later, and the siblings want their share. My wife is the only one who has…
-
Selling packaged real estate investment vs. individual pricing
Reader Question: I have packaged a duplex and three single-family homes together and listed them for sale as a packaged real estate investment. These are C+ to B- cash flow homes in the midwest which are attractive to out of state investors. All currently have tenants in them with rental history available and are priced…
-
Zoning change upsets neighbors
Reader Question: Our neighbor petitioned for a zoning change on property he has owned for many years. Our city has grown out past our homes. His story is that a developer approached him claiming the town wants a small strip center and a convenience store. The city says area residents are complaining they have to…