Category: Home Owning
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Ten tips to find and keep a good handyman
Reader Question: We cannot seem to find and keep a good handyman. We are at a loss to understand why they come two or maybe three times, but after that they are booked for months or have some other excuse. We need help. Do you have any advice for us? Don and Betty J. Monty’s…
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Five tips for companies to reduce relocation costs
Reader Question: I work in finance with a mid-size publicly traded company. We outsource our relocation policy to a third-party relocation company. Our relocation company says that short of reducing benefits, there is not much we can do to reduce relocation costs. What is your answer to the question, “Is there anything we can do?” Bill…
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Water rights for property owners
Reader Question: What kind of water rights does a property owner have if their property borders a moving body of water? William G. Monty Answer: Hello William and thanks for your question. It is not clear what a moving body of water represents in your question. Is it a river or a lake? Is it…
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Ten tips to avoid tenant complaints
Reader Question: We own 75 units in 20 buildings. My husband has a good day job, and I manage the apartments; it is not easy work. We have had tenant complains, but we have shrugged it off as sour grapes or “It goes with the turf.” Yesterday we got a complaint letter that several tenants…
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Seven costly mistakes of new real estate investors
Reader Question: We just backed out of our first real estate investment deal. We took some bad advice, but luckily, discovered an undisclosed issue through a whistleblower. It made us ask ourselves, what else could we have missed? What are the biggest mistakes of new investors? Justin and Ann P. Monty’s Answer: Every year new…
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Profit with adaptive reuse
Reader Question: Our partnership has been in commercial real estate for 15 years. We own a number of income properties. We have been toying with the idea of converting an old, vacant building. It seems solid but in rough shape. One of the issues holding us back is we are not certain to what use…
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Successful rezoning property requires a plan
Reader Question: I own a parcel of vacant residential land. I believe it would be more valuable rezoned to multifamily or commercial. What should I do, and not do, in the rezoning process? John K. Monty’s Answer: The first step is to confirm that rezoning creates additional value. While rezoning can bring additional value,…
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Consider mediation in real estate disputes
Reader Question: We are in disagreement with two neighbors over surface water drainage. The town wants nothing to do with it. Our concern that this issue is too small for a lawyer, which we cannot afford, but too big for us. Do you have any suggestions? Monty’s Answer: Consider mediation for this type of problem. Drainage…
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Before you become a real estate investor
Reader Question: I am 24 years old, single and college educated with a good job. I am fascinated with becoming a real estate investor, and I would appreciate any insights you would offer. The question is; Where do I start? Marc G. Monty’s Answer: Our country’s foundation is real estate. Real estate is the largest…
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Siblings dispute inherited real estate
Reader Question: Our mother left my brother and me a house. He is living in the house on the east coast. I live on the west coast. He changed the locks, and I do not have access to the house. What can I do if he refuses to give me a key or let me into…
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When a lawyer’s fee is four times higher than quoted
Reader Question: Monty, recently you advised readers how to choose a real estate lawyer. It came too late for me. My attorney initially said his fee to settle a property dispute was $15,000. Three years, $75,000 and many mishandled opportunities later, he acts like he is doing me a favor by advising me to settle…
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Violation of HOA rules creates conflict
Reader Question: I am a resident homeowner in an HOA with 88 homes. Some months ago a homeowner installed new windows with a green-tone trim. The other 87 homes have white window trim as originally constructed. Our HOA Declarations require any changes to be consistent with the “harmony of external design in relation to surrounding…
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When a condominium is not a condominium
Reader Question: My mother owns (or owned) one unit of a two-unit duplex condominium. The two units shared one lot but never created a condominium ownership agreement. My mother was the original owner; the other unit has sold four times. During the recent sale, the buyer requested the single lot be broken into two separate…
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Is homeownership right for us?
Reader Question: We want to ask about homeownership. After witnessing the run-up in real estate values in the not-to-distant past and the aftermath of the financial meltdown, we read conflicting information about where real estate values, and the economy are going, and whether or not a home is a good investment. Is owning a home…
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8 good tips to renew older apartments
Reader Question: Monty, we inherited two 16-unit apartment buildings from my father. They have been in the family for over 30 years. I never took an interest in real estate until now, but as a kid I did mow the lawns. They are free and clear and we intend to keep them. Dad was a…