All Forum Posts by: Brendan August

Thanks @Russell Brazil. 

The purchase price is 181k. Is there a price point that would push it from 50% up to 100%? 

Sorry for the duplicate post...

I currently have a home under contract in Baltimore and I first off just wanted to thank everybody that I've spoken with personally or have learned from on the forums.

I was wondering if anybody had any thoughts on our closing cost breakdown. We are receiving 2% from the seller but there are a couple of things on here that I thought the seller was typically responsible for in Maryland. For example half of the Transfer Taxes and the Owner's Title Insurance. I know it depends on what is stated in our contract but I just want to make sure that if the seller typically pays for these things that we make sure it is in our contract next time or we go back and negotiate. I've included the closing disclosure below. Thanks everybody!

I currently have a home under contract in Baltimore and I first off just wanted to thank everybody that I've spoken with personally or have learned from on the forums. 

I was wondering if anybody had any thoughts on our closing cost breakdown. We are receiving 2% from the seller but there are a couple of things on here that I thought the seller was typically responsible for in Maryland. For example half of the Transfer Taxes and the Owner's Title Insurance. I know it depends on what is stated in our contract but I just want to make sure that if the seller typically pays for these things that we make sure it is in our contract next time or we go back and negotiate. I've included the closing disclosure below. Thanks everybody!

forget my previous comment, I just noticed the address was in the title. Sorry!

@Vina Real Congrats on the success with your deal! What neighborhood was the property in, if you don't mind sharing. No worries if not. 

Thanks for all the responses, I will be sending everybody PM's here shortly to connect. Looking forward to learning from everybody and offering advice where I can. If y'all are looking to build your team you should reach out to @Remington Lyman (hope it's ok I gave you a shout out) but he has been great to work with and has been able to provide me with a lot of insight into the market and recommendations for lenders and property managers.  

Still hoping to find somebody that is living in the DC area and investing in Columbus to meet with in person but either way I am looking forward to connecting with everybody on this post. Thanks!

Hey everybody, I just wanted to reach out and see if there was anybody living locally here that was investing in Columbus, Ohio? 

I've started building my team there and have a great realtor that I found through biggerpockets who has provided me with lenders and property managers to reach out to. 

A lot of the deals he has sent me look good when I run them through the calculators as well. 

I would love to be able to connect with somebody here locally though that might already be involved in the market or interested in it as well. 

Looking forward to hearing from y'all. Thanks! 

@Dean Harris

@Sean Tagge

@Jordan Murrell

Sorry if I missed anyone. Looks like y'all were able to offer @Cesar Castillo some great advice and insight on the Memphis market. As a newbie investor myself from Washington, DC I've been looking to invest OOS and really like the numbers I've seen from the Memphis market. Are there areas of the city y'all prefer to purchase properties in / areas you tend to avoid. Also with the BRRR's have you had any trouble lately refinancing the properties, I've heard it has gotten a bit tougher / more expensive in the past couple of months. I'd obviously speak with a local lender before purchasing anything and let them know my plans, but just wanted to check in with y'all and see. Looking forward to learning more about the market and working with you guys in the future. Thanks.

Sorry for the delayed response and thanks everybody for their input on this. I will absolutely share all this information with my dad. I think the best route for him at this point is to take the offer of 100k for the house because it does sound like a really good deal and then he could use that as a down payment on a duplex somewhere if he really does want to start getting into rental properties. I vaguely remember reading somewhere that there aren't many duplexes in Pittsburgh, but I could be wrong about that. 

Either way all of this information was extremely helpful and I appreciate the time you all took to post it. I will make sure to keep you all in the loop on this and if the offer falls through I would love to take y'all up on the offers to take a look at the place. 

Thanks again!

Thanks everybody for replying and Clara thanks for speaking with your Financial Advisor about this. It sounds like it is a pretty solid option to use for funding a real estate purchase/rehab and I think that is the route I am going to take. 

Taking a loan from my 401k would probably be a safer option however my old company does not let me do that with the funds I have in my account. 

I do have a question about the taxes however and I'm not sure if anybody knows the answer or if Clara you happened to talk to your advisor about this. But since we are allowed to spread out the tax payment over 3 years - could I just wait until the 3rd year to pay the federal taxes? With the assumption that before then I would've had time to find a BRRRR deal and pay my account back before ever having to pay the federal tax and avoid having to request a refund from the IRS (which is probably a tedious process).

Thanks again everybody