All Forum Posts by: Brett Thomas

Hey yall,

Need some guidance on my first offer. It's on a 20 unit apartment complex.  I'm going to request seller financing offering 15% down. The seller is asking a lot for it, and frankly I'm pessimistic about my chances, so I view this as practice more so and if by some stretch of luck I can get a deal, I'd be more than tickled.

1. When someone asks you to make them an offer, it isn't binding unless it's on an official LOI, correct?

2. I plan on creating an entity soon. Does the entity buy this property or do I buy it in my name?

3. How specific should I be in my first offer? Do I outline things like preferred length of due diligence, certain contingencies, etc?

4. I saw a checklist on due diligence periods when purchasing these types of properties, can someone direct me to that link?

5. Any info on the financial analytics of purchasing these types of properties would be helpful too.

Thanks guys. Any advice or help will be greatly valued.

Following. I'm almost in the same position except I have decent credit with no rental experience.

Good morning!

Is the value of the land included to the appraised value of the house when the bank is assessing a HELOC for you? I am building a house on 12 acres of land, and was wondering if it will be: appraised value of house + appraised value of land = total value of property that HELOC is based off of?

Thanks guys!

Thanks so much! I've listened to three podcasts so far and I've gotten great info out of each one of them. So many good resources and accommodating folks on BP. This place is a fountain of knowledge.

Hello all, I'd like to get some suggestions on books particularly about how to structure and maintain a business. I'm looking for info on specifics about book keeping, tax structure, or any other info pertaining to those things. Once I start investing, I'd like to keep as much of the soon to be hard earned money that we make out of the hands of uncle sam as possible. I'm already reading J Scott's book on flipping houses. I feel like I've gotten so much info and such a better grasp of the concepts because of it. It's helped me tremendously. Thanks guys!

Logan Turner Thanks so much for your guidance. I figured that may have been the case. I appreciate you!

Please correct me if I'm wrong, but in the book mentioned above on page 149 in the chart, shouldn't the square footage under the subject column read '1940' instead of '1854'? Please know that I'm not trying to nit pick, I am just curious for the sake of learning, because it's kind of throwing me for a curve. I'm not prideful, so please school me if I'm off base, I'm an aspiring newbie. Thanks!