All Forum Posts by: Eric L.

@Chirag Dhruv I invest in Columbus out of state because i am familiar with the area. Just 1 piece of advice, make sure you have a good property manager. @Joseph Dunphy has also invested in the area and can hook you up with a good PM if needed

@Cade Andrew Howe sorry, replied to the wrong person. I would guess an average of 10% in the area for PM. Some will tier it based on how many you have with them. Like I said, I would only worry about the ARV not being as high. Either way, in my investments I dont worry as much for ARV, that's just an added bonus. I also would say that seems like a decent deal for the area as far as a 2%, 1% rule.

@Fred Engh looks decent, I would expect much more than that for ARV. If it's a buy and hold then for sure. On Property management, PM me I've got a good one to check out.

Thanks

Thanks for the help. I submitted the settlement statement, informed my broker about the title search also. I'll try to update as to what they decide.

I actually sent them the deed and it was not enough. I'm sending the settlement statement, and if needed I'll do the title search report thanks.

So in 2013 I was able to buy the house I was renting for 32k cash. Today, working on buying another property. Wanted to go FHA with this one, but might possibly need POA to sign at closing due to the possibility of being away traveling. Well, broker calls and says the underwriter wants proof I own the house from 2013. The proof of insurance doesn't state that there is or isn't a mortgage, because there isn't one. The insurance company has no proof of their being a mortgage to send to the lender. I sent a copy of the deed, and a copy of my bank records from 2013 showing the transaction. I also have great credit, with no marks on my credit history. The lender obviously has 6 months of my current bank records.

I'm at witts end on this. I called the attorney who did deed transfer to see if they could provide anything, still waiting for confirmation. The insurance company said they might be able to draft a document, but due to their involvement, that document would probably just state if there is a mortgage, we were not aware of it.

Also, was supposed to close tomorrow, but got pushed back due to construction not being finished so I now have 2 more weeks.

Just wondering what the tax implications are of paying a partner/contractor who is a non-owner a premium for the work done with a flip? There is no legal partnership formed or LLC, but should there be? I do realize it's usually a good idea, but would like input.

Not really sure if this was the forum for this post or not, but figured it was a good start.

Well I have an idea for a business venture. I have access to certain people in the military which will get moved/PCS'd to other posts. What I am wanting to create is a concierge service so to speak. Basically recommend certain realtors and property managers, probably write articles explaining the different financing options and what that means to them. I am planning to start small, but could potentially grow in time. The markets I would target are the fort Campbell Clarksville tn ; fort carson Colorado springs co ; Eglin AFB ; Fort Lewis JBLM Tacoma wa and Fayetteville nc Fort Bragg areas. Well basically all I would offer to them is a realtor who actually cares about their job and WILL contact them when they need it. You might know them, they are usually the ones you find on here that reach out to you when you mention anything in their area. In return, I'm referring or generating a very positive lead for a realtor. What I am wondering about is whether or not I should get my real estate license so I could earn referral money? I could offer to sell the lead, but I wouldn't get near the money I would for a referral. 

Also had thought about recommending lenders, but one idea at a time. 

Looking for an Agent for my parents home, 3-5 bedroom 2.5 bath. Home is located in Clarks Summit, near Summit University. Bought in the early 2000s and heavily renovated. They're looking to sell their home in the next 6 months to a year. I'm asking on BP hopefully to find a more informed agent who knows the market.