All Forum Posts by: Andrea J.

I'm 42 with a license in Real Estate but I'm a stay at home mom. Just bought my first property in January. I have no funds so I got a hard money loan. It is tough but it is never too late! 

This is way overdue, but just wanted to say thanks to you all @Arlan Potter, @Eric Martel, @Clint Coons, @Brian Simpson for your input and advice!

Hello BP! 

I've purchased my first investment; Buy and Hold single family rental. I've gotten it rented out and am ready to move on to another investment. Several friends and family members have really been pushing me to put my property in an LLC, but I haven't done enough research to determine if that's the right move. I was considering a Corporation, but am now leaning towards LLC. Any input? I should probably talk to an Accountant, but thought I would hit you all up for input as well. Any input/advice is much appreciated. If someone has already posted about a similar question let me know! Thank you all very much!

@Will Fraser thank you for the tips. I will get back in touch with the Realtor and negotiate all this. It seems so obvious, now, but didn't think about that. Thank you!

@Evan Polaski Thank you for the feedback. I appreciate it! I will research the company.

Hello BP,

I would appreciate any insight/advice regarding this topic. I have recently closed on a SF, 3bed 2 bath in an extremely small town. A Realtor representing a construction company asked if I'd be willing to Lease the property for 18 months so the sub-contractors could stay during the week while completeing this 18 month project. The construction company will be paying all their rent. And no SSNs were provided so I can't run background checks. I'm thinking I should pass, but just wondering if anyone else has done this and what was your experience.

Thanks in advance!

Andrea

This rental is just to help a friend out for a couple of weeks so I’m not planning on doing it long term. Thank you all for your feedback and suggestions! I did find a generic rental agreement that vacation rentals use so I think we will work with that. Thanks again everyone!

Hello! I just thought I would check here - has anyone ever rented their house out on a daily basis? I'm trying to find a lease agreement for a short-term/daily rental in the state of Texas. The shortest lease agreement I've come across is weekly. Any thoughts or suggestions?

I did not use the words Shady, Realtor or Cleveland in the same sentence nor did I imply that Realtors in Cleveland are shady. I was speaking in reference to a specific situation. I do sincerely apologize for offending anyone. 

@James Wise Okay -  You can go back and read his posts for yourself. I'm just going to hit the main points.I was basing my response on the specific details he put in his post. I am/was taking the man at his word.

He stated he had investing experience in California.
He stated he formed a relationship with this Realtor which means the Realtor understood he was an out of state client looking to invest.
The properties were all on the market over 6 months.
All or most of the properties he sent the Realtor went under contract within one week of receipt of the list by the Realtor. (and that happened more than once)
The Realtor discouraged him from coming in town.
The Realtor would not return his calls.

Assumptions I made based on his statements: Mr. Pomperleau could provide proof of funds. The Realtor gave no logical reason as to why all of the properties went off the market and offered no alternative listings to view while Mr. Pomperleau was in Cleveland.

James, are you telling me there are no shady Realtors in Cleveland and all out of state investors are egotistical and unlikely paychecks? Are you telling me its normal for 10+ or 20+ properties that have been on the market for over 6 months would all go under contract in a single week? 

Based on my experience as a Realtor, his Realtors response was suspicious. I've worked with out of state investors. My process goes like this: If one sent me a list of properties to view and they all went under contract the week immediately before he was to come view them I would work my butt off to find alternatives. I would suggest coming in town anyways and take him around the area; specifically in the neighborhoods/areas where the original properties were found. I would reset his expectations about the market and reassure him that we will find something. I would offer to Face-time him while I tour the properties myself so that he wouldn't miss out on the opportunity to make an offer.

I'm not trying to create conspiracy theory or attack Cleveland Realtors. All I was doing was saying I agreed it seemed shady based on the facts presented. I appreciate constructive criticism as much as anybody on here, but your statements to me regarding the original post were not gracious. You said some unkind things about Mr. Pomperleau, whom I do not know, but I do empathize with. Your comments were not fair assessments, they were dismissive and somewhat contemptuous of the situation, they were... jaded... sarcastic... and a little bit mocking.

Anywho - my apologies for the WAY too long response. I think you clarified yourself in your later posts.