All Forum Posts by: Luke H.

Nope, I've only done personal to business.  I suggest you talk to an accountant that focuses on real-estate. They tend the know the best ways to do it and what happens

I don't think so. Depends on the amount of 'damage' they have done.  You can ask they cover the cost of getting them exterminated. I've purchased 2 houses that were treated before I purchased them. Haven't had any issues.

I've had termite service done to several of my houses.

There are 2 types that is very hard to get rid of (damp wood/dry wood) since they don't need to touch the ground, and the house might need a tent.

Good luck

@Jeff Bisgier, thanks for the vote. I think it is awesome you took action. Learning by doing is my favorite, even when I make some mistakes...I've learned to get others involved 'before' I jump though.. 
Good luck

a) plan,plan and more planning

b) build 1 house at a time. 

c) sell the house before you build

d) spend lots of time on site

e) have a clause that says you can get a bid from your own contracts and if it is better , then you can use them

f) have  a clause that says if the build misses the deadline, he has to pay the interest on the loan you have

g) talk to builders around there, neighbors, get as much info as possible from them.

it took me 3 years to build 2 houses, but it was worth it. 2 years were planning and getting all the paperwork done. the last year was actual building.

good luck

You can be as creative as you like or keep it simple, which I prefer...

ME: I would just put their money in as a loan. Then I would give them a yearly rate of return. What rate of return? ME: As low as they are willing to accept. 
To bump it up a notch, I might create an escrow account where the money sits, and you don't pay an interest rate until you use their money, BUT you have the security of knowing it is there in case you need it (you don't want to need their money in 3 months and they say they spent it).

sorry, my contracts are on my zip drive somewhere...but any simple contract should work. main thing is get the money!

turnkey = buy, fix, rent it out.  Then find an investor that likes buy and holds. Since all the work is done, the investor buys the house with tenant and lease in place. You can even offer to be the property manager for 10% of rental each month(typical property management co fee)

Or rehab and flip it
Or just flip for a small profit (VERY light cosmetic rehab , lawn, maybe some paint)

Or owner-finance it = meaning you hold the note for a buyer, maybe get a big down payment from a buyer with terms like 10 years at 8-12% interest rate.  Then you take this contract/note you now have and shop it around to investors, that will buy it from you. all the work is done, the investor gets to buy a note from you.

yes, the clause is there for a reason. if you have the deed then do it and see what happens (keep me posted to!). when i use a mortgage I don't get the deed until i finish paying the loan off. might be different for you. 

Note: this is not legal advice, for entertainment purposes only.

here is what I would do. walk up, knock, if they are the owners, ask if they are willing to sale. if yes, come up with a price and sign a contract (plenty on google). then shop the deal around. if not owners, ask for owners info. start at top of paragraph. 

in the contract have a clause that says if you don't find financing in 30 days you don't have to buy it. give $$10-$100 earnest money so they know you are serious.

be ready with paperwork and numbers in hand when you walk up. do me a favor and take action. thanks 

I use a CPA every few years to learn about any new taxes breaks, laws, etc. otherwise I stick with turbotax (best version). 

'a piece of paper'? -- how funny.

turboxtax asks you for all your expenses so use them.

oh, yes, the good ole 'owner occupant' issue... I have such a fun story to tell on something similar, but to 'cut to the chase', sell it as a turnkey property? or finance with a big down payment, then sale the note... 

good luck