All Forum Posts by: Barak Schafer

My wife and I are looking at buying and rehabbing a historic home in North Carolina that has lead paint.  

If we pay to have a professional abatement (complete lead paint removal), do we still need to disclose on the sale of the house? Also, if we eventually AirBnB the house, do we need to disclose that? It seems like no but I'm having a hard time finding out for sure.  Does anyone have any resources that say one way or another for certain?

On a side note, if any private lenders read this post, I'm starting to seriously look at the lending for this.  Shoot me a private message.

I am trying to build a referral rewards program for a real estate agent.  I am thinking just offering a gift card.  As far as I can tell, that is legal in North Carolina.  Avoiding discrimination seems to be the big hangup.  My question is how much does it need to be advertised to ensure there is no discrimination going on?  Can we just tell friends and family about the program?  Any advice on keeping this legal would be greatly appreciated. 

Hi,  

I am looking into starting an LLC and buy a property with my sister-in-law. We are looking to sell one of my current investment properties and use that plus some of her capital to buy a house, furnish it, and list on AirBNB. She has some money saved she wants to invest and my property would cover the rest. We are thinking about a couple options (I don't know if either are legal or possible but am not sure where to start looking)

1. We start an LLC and use combined funds for everything. But I am not sure how the financing works for an LLC especially with a short term rental and no credit history? It seems pretty impossible under those terms. Even the private lenders on this site all seem to have stipulations on a part of that.

2. I buy the property (my sale would cover down payment) and she pays to furnish it. Here's where it gets wierd. I would like to start an LLC and just rent out the house I own through the LLC (percentage ownership would be decided by capital put in). Or could I buy it and transfer into an LLC that is owned by both of us?

We both want an LLC for protection from the outside and to protect the family relationship. I own 2 long term rentals and my primary home. I have never touched LLCs or Short term rentals so any advice on any portion would be greatly appreciated. Thanks everyone.

I also have a property that was originally intended as a flip. It is getting ready to sell but I am thinking about just BRRRing it.  Does anyone know a good PM in the area?

I am looking into buying my first rental property out of state. (First rental, period, also out of state). In order to maximize long term gains, I am looking at BRRRR. The properties I am looking at are in the 200-240 range. I have found a PM/agent who has been very helpful. He offers to manage Contractors for me for a 10% commission of the repair price.

How can I know I'm not getting screwed? Is it better to manage a Contractor crew yourself? I have read 'Long Distance Real Estate Investing' by David Greene. He talks about managing Contractors but it seems like there is a lot of room to loose money by doing it yourself. So is it worth to have my PM use his known contractors and let him take care of the details? Or am I in over my head starting out with a BRRRR? Should I try to start with a turnkey single family?

Just feeling a bit overwhelmed with it, any advice is greatly appreciated.

Hello, BP

This will be my first home purchase ever.  I am looking into buying in the Boise area (I want to move there when I leave the military and want to start investing now). Because I am in the military, I would need pretty much all services to be over phone and email.  My basic question is how difficult is this? Im looking at the sub 200,000 range. I have 10,000 for closing costs and 10,000 as an emergency fund for repairs on the house. I would be doing a conventional loan with 20% down. I want a turn key house as I would not be able to oversee any repairs. 

I keep hearing about networking, but am not able to do that being stationed elsewhere. are there places I can start talking to investors, agents, and Property managers online?

How hard is it to find a good property manager? I have seen some sponsored ads on here but dont really know how much they have been vetted. 

What is the best way of analyzing a market? So far, I have just looked at Realtor and looked ar what houses are selling for vs what they are renting for in a certain neighborhood, but I know the markets are more nuanced than that and Realtor is only so reliable. 

I am still researching all of this. I just bought the ultimate beginners guide to real estate but have not had a chance to read it yet. I am still working through the BP podcasts as well. 

If anyone has any advice, I would greatly appreciate it. Or better yet, if anyone is in the Boise area, I'd love to hear from you.  

Thank you all in advance for the help.

Barak