All Forum Posts by: JR T.

Home Equity Line of Credit. You must have available equity for the lender to lien against or they won't write the line. 

If you're 27 or younger I strongly advise borrowing the money you need to live on campus. That is not part of life you want to miss to get a 3-6 month head start on RE investing. Between now and then you might find something better.

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Definitely get your license. Hopefully @Mike Webb will pop in. He's a Maryland firefighter, RE investor and RE agent. 

Tenants will like an appliance package (if it looks like it belongs in the house you're renting). That means matching fridge, stove, oven and microwave. Florida tenants don't typically transfer appliances.

As to your existing fridge you don't need an appliance repair person - just someone slightly handier than you are to seat the door correctly or perhaps install a new seal ($15).

I wouldn't screen anyone for a showing based on Fair Housing concerns. Everyone has the right to look and reply. 

Once paid to do a screening you should really have it done within a day and have a firm date from tenant for payment of the deposit. It never hurts to collect a deposit at the time of application - always ask, some will be willing. If they don't meet your requirements it's very easy to give the money back. Remember you collect only cash and pay all refunds via check.

For a variety of tax and legal reasons you're better off having your primary in your own name or in a simple living trust than in an LLC. Save the LLC for your investment properties. Congrats on your new home!!

Congratulations on your first deal and on the completion of a beautiful rehab!

Your numbers are missing the critical CapEx calculations to set up impound amounts each month for the major systems at the property. You can find a good spreadsheet in the files offered on this site. Lots and lots of information here on CapEx. I predict your annual operating costs with capex but before debt service will run you around $4,500 per year. Then you pay the mortgage and take home the rest.

During the study period we ask for not just the leases but also the applications. We then do our own underwriting to try to have an idea about whatj problems await based  on the proposed assignee's business practices.

You or the seller would have to pay the tax liens prior to settlement. Definitely a question for the auctioneer unless you can find it in their terms and conditions..

No what's essential is a strong self-motivated work ethic, a natural passion to learn all about the business, the personal fortitude to fail 99 out of 100 times and still talk to you next lead like it's the first one and last but not least absolutely no morals.

I do not see any way to simultaneously honor the oath you took to safeguard your clients' interests and simultaneously cheat them out of their equity. 

Your best bet would be to team up with an experienced wholesaler you can refer "too small / too difficult" deals to in exchange for getting referrals of all the people too smart to do business with the wholesaler.