All Forum Posts by: Account Closed

Welcome to the site from a fellow nervous newbie @Byron Padilla 

Welcome to BP from a fellow newbie @Joseph Rinaldi 

@Andrew Bassuk 

Thanks for the suggestion, that is a great thing to keep in mind with this type of property. We are not too worried about tieing it up asap since our mentor is already in the process

@Jeremy Tillotson 

I have other reasons to believe he is trustworthy, i.e. he has known and worked with my dad for a pretty long time. I think it's definitely important to stay speculative of most everything and everyone, so I'm always moving with caution, especially throughout our first deal. Also thank you for the reference, I'll definitely be keeping updates throughout the process.

@Christian Carson 

Thank you, great advice. We don't plan to buy until we can actually see the basement firsthand and obtain a quote for the removal.

Also, great feedback on the LLC's legal history. This is something that my partner had brought up. I don't think that our mentor would trry to sell us one with a bad history but it's definitely something to research further and question before pulling the trigger.

@Jeremy Tillotson 

Thanks for the advice. Our mentor probably seems like a red flag but I know he can be trusted, He owns and runs an REIA group in our area and has many good references. We will definitely not be carrying forward sight unseen.

A JV is definitely something to keep in mind and is definitely still within the realm of possibility.

@Peter K. 

Thanks for the advice. Our mentor wasn’t able to show the basement because the house was winterized, and the basement door has no door knob and was locked shut. He assured that we’d be able to see it after he gets it under contract and can take the door down. We won’t pull the trigger without actually stepping foot in the basement.

@Ryan Dossey 

Thanks for your advice. After we can see the basement, well take advantage of some free quotes which could make or break whether we follow through. $800 did seem a little low considering how he described the damage as a “significant amount”. We will definitely be wary of the possible mold in the framing/studs.

My partner and I are excited about being close to making our first deal, but we have a few concerns... 

The property is a 2,400 sq ft home with a partially finished basement that our mentor found and is willing to provide us with... The plan is for our mentor to buy the property through an extra LLC that he has already set up and does not need, and we then purchase the entire LLC from our mentor. Has anyone purchased property this way and have any insight? Would there be any possible benefits of forming our own LLC?

Also, the property has a partially finished basement with a "significant amount" of mold damage that our mentor has checked out and doesn't have a problem with. We visited the property yesterday but were unable to see the damage firsthand (We cannot get access to the basement until our mentor purchases the property). Our mentor says that he has already quoted the mold issue and says that it could be fixed with only around $800. He says that all of the drywall needs replaced, so I'm thinking that this mold issue is definitely something we should be weary of before we decide to follow through and purchase the property. Does anyone have any experience with this and any insight on what we should worry about? Possibly any contacts in the Northern Ohio area related to mold removal?

Any insight related to purchasing the LLC and correctly adressing the mold issue for the lowest possible cost would be greatly appreciated. Thanks

Welcome to BP from a fellow newbie  @Brent Cullipher 

@Gabriel Mabry 

@Bryan Elkus 

@Les Jean-Pierre 

Thanks for the feedback, these all look like great options... For right now, I'm aiming towards a free service like wix which I actually have a little bit of experience with.

Happy investing

Any advice on best the way to build a website? Should I use a free website service or pay for my domain? Cheapest method for the most professional looking website?

Any thoughts are appreciated.

I am located in Ohio and I'm scheduled to start taking the RE pre-licensing courses in the next few weeks through Hondros college. I am a complete newbie investor, work full-time and have not done any deals but feel that I am best getting the license out of the way while I'm still fresh out of school and have good test taking ability. My dad also looks to invest as a hobby part-time and is willing to take on part of the classroom and exam expenses, however, he has yet to close on any deals as well. 

Does anyone in Ohio have experience with Hondros and/or any advice on how to prepare the right way and to pass the exam? Or, does anyone think I should I hold off on licensing until I have a few deals under my belt? Any thoughts or advice is appreciated.

Bryan

@Account Closed 

Looks that way, I'll keep you in mind if I ever want to touch base or bounce ideas.