All Forum Posts by: Billy W.

Hey,

I found a lady (Call her Sarah) who is desperate to sell her rental home.

Here is the rundown:

-Sarah owns a 4bd 1bath SFH in a C neighborhood
-Sarah owes $75,000 on the house, and the house is worth maybe $65,000
-The house has been occupied for several years by a couple paying $850 month
-The couple wants to buy the house, but they have bad credit
-The couple pays on time
-House is updated and kept up

Is there a creative way to make this a deal? Have her go a short sale route? Have her make up the difference? I could sell the house on a note to the couple?

Any suggestions from you seasoned investors?

Hey Everyone,

I am partnering up with 2 other people to flip SFH.

There are three of us and we have agreed to a 50/25/25 split with the 50% guy putting the down the down payment.

To set this up legally, how do we need to do this? Will this require a lawyer or a template? When we go to our bank for a loan should we apply as an LLC or individually? Finally, since we plan to fix the house up, we will need capital to purchase the home + construction costs. What kind of loan(s) should we ask our banker for?

I called it a (B-) area. Using Jon's summary, you might want to call it a C/C+. But the area is Soulard.

I would love to get your input.

Thanks

I wanted to get some thoughts on the following deal I am looking at:

The owner has verbally said he wants $60,000. I have not received any records of expenses yet. The owner is an older gentleman who is sick of the work required to maintain the property.

4 Large 1 Bedrooms: Current rents @ $485, Market is $450 - $700

$485 x 4 = $1940 month
10% vacancy rate
50% expense rate

Net Monthly Income: $776 a month

Annual NOI: $776 x 12 = $9312

This building is older and will need some work, but it is in good enough shape to be occupied. My friend has been living here for a year without an issue. On Street Parking only (Maybe put a parking pad in the back for the tenants?) and no Washer Dryer.

I am hoping to get the building for $50,000 and put ~$5K into each unit to fix it up and bringing rents to $550-600.

This deal is in a B- area of St Louis.

Thoughts?

Someone on here can correct me if I am wrong, however I know that I do not receive any form of assistance and I work well over full time hours, as do my colleagues.

The majority of new commercial agents will not make a dime in income while they are working full time. Most will eventually quit and move on, for others they will take a year ++ before they bring income in.

Almost none of the agents I know have health insurance.

So, if anyone who is more educated on this subject could give me some insight into what this holds for commercial real estate agents, I would greatly appreciate it. If agents *have to* pay for their own health insurance, it will kill any chance of them holding on with their savings and becoming successful in this industry. Most dont have the $5-$15K to fork over for insurance.

So, anyone know what us agents will have to do?

@Bill ... thanks I will check them out. However, I cannot afford even $2K a year right now out of my savings for Health Insurance. Do you know when this part of the law takes effect?

Lets take your average new agent from Marcus&Milichap selling commercial. I may be wrong, but I dont think M&M offers any form of benefits nor are you part of a professional association.

So, will those new agents have to fork over the $5K - $15K for health insurance each year, even though they aren't making a dime in income?

How will this effect our industry? I believe there is an additional 3% tax on all investment property within the bill to help pay for the new costs.

Also, most real estate agents can't afford to pay for their own health insurance. Will those agents now be forced to pay the 'tax' *cough*penalty*cough*? I know plenty of new agents who are going to have a hell of a time coming up with the money to pay for health insurance...

Hey

I am working with a foreign buyer right now and I have a couple questions that I was hoping someone would be able to shed some light on.

•Are there any restrictions on non-residents buying property in the USA?
•How can foreign funds be brought into the US for a property acquisition?
•Can a non-resident open up a bank account at a banking institution in your the US without many issues?

The buyer has the funds in a bank located in India.

Regards

Hey,

I am trying to find the package software companies like M&M and CBRE use to put together property packages for potential clients and buyers.

Any ideas? I am not looking for a management software, but software to enter property details + property pictures, etc and it spits out a nice package that I can present to clients.

Thanks!

For those of you in the industry, what do you all do for health insurance and retirement benefits?

I am currently at CRE salesperson and uninsured.

Health Insurance: Mid-20s, Single, Male

Retirement: IRA, Emergency Fund... what else should I be funding?