All Forum Posts by: Alnise O.

Hi, I have been wagered to start my real estate investing journey and encouraged my Dad to do the same, well Dad took my advice and is about to close on his 1st investment property in Conway,SC. Together we got a great deal on a brand new town home 3bd/2ba w/ asking price of $169k and got it for $140k! 

Now because he's an investor we're told he will be taxed differently (his primary home/ residency is NC) so instead of the $620 the builder stated would be property taxes, he has to pay $2200... does anyone know if that's accurate? Called the tax assessor office and they said they said he would taxed differently but could not tell the exact price until October 2017 when property tax fees are issued.

There is also a furniture/ personal property tax that will be charged and on the itemized form it includes DVD, tv, major kitchen applicances, blinds, bed  linings and etc...( he doesn't plan on furnishing it but received all new stainless major applicances) does my Dad have to list every single item in the house on that sheet for the tax office? Like I'm trying to figure out if they will tax everything even the blinds...I've never heard this.

Anyone with experience with this that could provide some insight I greatly appreciate It. Thanks in advance. 

I think that is a "nice" idea but unrealistic for most people, especially if you have student loans, families or other responsibilities that require you to pay for them. It is important to save a couple of thousand dollars, but a $100k, then most people would have never been able to get started. 

Thank you for sharing your  experience with us. The rehab job looks great. Just as you said as far as the cash out refi... you'll get even better. 

Hi (Veteran here was looking into something similar)...when getting a VA loan there is a requirement of occupancy of 12 months before it can be sold. When signing for the loan there is a form your brother would have to sign stating he plans on using this as his primary residence as well. There are a few exceptions....like if he is separating within 12 or 18 (I forgot which one) and plans on making that particular place his residency permanently when he separates (forms to sign for that too) or if he buys with a VA loan and gets deployed.

Thanks for sharing this perspective with us, I am a newbie and have never considered. O or realized the advantages of rent to own property scenarios. 

Congratulations on securing your first flip. I'm a newbie myself. I saw a post somewhere on bp suggesting a commercial insurance that would include the contractors while in your property and other mishaps. But I would urge you to reconsider going with a licensed contractor atleast this first time around. Wish you the best. 

Raul thanks for your input. I will update you on the progress.

There is no way to get around POF. Go to coastal-funding.com, or tempofunding.com or just do a search for POF for transactional funding under google.YOU MUST HAVE AN INVESTOR LINED UP THOUGH. Not to get the actual letter for POF but in order to get this project financed. Before you do all this do your research on the home. Get the comps! See what other homes have sold for in that area less than a few miles away. Find out how much repairs cost and what the After Repair Value (ARV) is.

To get details on "double closings" type this in the search and you will see all the postings that have details.

I wish you well, welcome to the forum.

Hi Guys,

I have everything set, the agent on my side, funding and everything. I have created a buyer's list and required verification for the cash to close the deal.

But I have a problem, I do not have this property under contract just yet going to make an offer in two days. Everyone wants the address, and I do understand but how do I ensure I do not get cut out of the deal?

Should I make an offer, wait for it to be accepted and sign the contract and then entertain offers? Its a big risk though.

What should I do? Any insight would be greatly appreciated.

Ryan,

I did not anticipate that. Do you have any suggestions?