All Forum Posts by: Amanda G.

@Jordan Alexander, sounds like pretty much turn key. You are putting in sweat equity by doing the painting yourself. if you were looking at this as purely an investment, you would want to price in having a contractor do the work. Enjoy your new home. It's all your risk tolerance, but consider having 6 months of expenses saved PLUS the next down payment before going into the next one.

Hey Jose, Wholesalers tend to be either one-two person businesses, or national companies that work multiple markets. If you want to learn to sell real estate, getting licensed is not a bad place to start. Good luck!

Hey Seth, Maybe connect with your local chamber of commerce and hear what they think the town needs. This is a real estate website so any answers here are going to be biased towards real estate. Good luck!

If your gut is that you don't want to own it, then by all means sell. We like to pretend it is all about the numbers, but if you would rather get a different asset, then do. Heck, find someone you trust and do some hard money lending with the cash, or turn it into a note ifyou don't want to own property yourself. You have lots of options.

Your local banks and credit unions are probably best. I looked into PenFed, which is a national credit union. Their rates were great, but not a good fit for my project. Even if you are not military, I think you can join by donating to one of the military support charities on their list.

Some of these folks probably have useful experience negotiating. However, very few bother to get the accreditation that makes them legit. If they are not NFCC certified they are a cottage industry business that could be of any quality. Here's a non-profit resource that is based in MN but works with people all over the country. (I am not associated with them, I met their director when I worked at a MN community college and we tried to collaborate on some education for our students)

https://www.lssmn.org/financialcounseling/about

Hi,

It sounds like the seller is offering a very nice deal. 600k is a big first sum to raise. Like all of us, your first option is going to be your personal network, people who know and trust you. Anyone from your previous career who you could call and invite to join you on the deal? They could either be equity partners or short term lenders that you would pay off as you get your business off the ground. Good luck with your plan!

You are going to need an accountant to answer for real. Do not take this as tax advice- my impression is that the difference IS going to be capital gains income, so congrats you have 24k+depreciation -cost of selling as income for this year. That probably puts you in one of the lowest tax brackets, but it still is taxes to pay. @Ashish Acharya, want to confirm this?

Hey Carlo,

Maybe offer the beneficiaries two options- one if you pay cash right away, the second if you pay them in 12 months or whenever the house sells (whichever comes first). You would need to be confident that you can turn the house around in whatever length of time you set. What I wouldn't do is put any effort into improving the property until you have the title. Good luck!

Hey Dennis,

Whoever shows on the title according to the county is the owner of record- although that might not be completely up to date. My county is about 2 months out recording these things. Can you see the owner of the LLC?
You might also do some research and see who is paying the property taxes, and if they owe. Good luck!