All Forum Posts by: Corby Goade

 Sounds like you have a PM who is taking advantage of their clients. Unfortunately, it's pretty common. a $12K turn on a unit without capex that you were aware of is generally either poor management or they're just adding a ton on to contractor invoices to pad their pockets. 

Have you interviewed any other PMs in the area?

Those cap gains rules only apply to primary residence, not investments. I'm not sure how or if a deed transfer could affect those taxes. 

I'd sit down for an hour with your attorney and come up with a plan. It'll be money well spent, prevention is always better than paying for the cure. 

Best of luck!

What's the point of having the property in your name if you don't live there and there's no loan? 

I'm an agent and I do these kinds of deals all of the time. 

Relationships and trust. If it's a good deal for your buyer, help them with their due dilligence and make sure they perform as the contract requires. The buyer will be happy with the deal and the wholesaler will bring you more deals. 

Obviously you need to negotiate who and how you get paid, but aren't we supposed to be skilled negotiators that bring value and earn our keep? Just do your thing and build those relationships. 

Good luck!

I have so many questions. 

You say that both you and your realtor believe this is a good investment, but everything about your post negates that thought. 

What makes your realtor an expert in investments in that market? How many rentals do they own? How many investment transactions have they done in the last year?

How are earth are you getting an FHA loan on an investment property.

Seems like everyone in this equation is far too trusting. 

I hate to be a bummer, but this is how most people lose their shorts on real estate investing. If you think your numbers are tight now, wait until you get a tenant who moves in their entire extended family and starts a meth manufacturing business in your basement. When you try to evict them, it takes two years and then the contractor you found in Craigslist takes a $10K deposit for the repairs and immediatey blocks you. 

I'm being a bit sarcastic, but there's some truth there. If you scroll through these forums, the majority of people who are struggling are remote, self managers. 

If you don't like your PM, I'd shop around for a new one. Something to keep in mind, if you find a PM that you like, trust them and give them the leeway to do their thing. 

So I get $10K if I like guns? I like guns. 

This is a much more complicated subject than just quit claiming a property. Depending upon how your books, insurance and loan are set up, you may or may not be achieving the thing you want to achieve. I'd invest in a consult with your attorney. 

Welcome and congrats on taking the first step!

Sounds like you have some clarity on what you are looking for, that will help quite a bit. 

The best advice I can give you if you want to invest remotely is to connect with someone who already has an entire team built for you, and work on that relationship. It's just way too hard to not get ripped off when you are trying to get all of that done from a distance and don't have a personal relationship with every trade and profession you need. 

I've done lots of deals in SW Idaho and have built a bunch of relationships there- happy to make introductions for you if you like- it's probably the most landlord friendly state in the country. 

Best of luck!

Truer words have never been spoken. Most of the people I know who sell mentorships in my market got lucky with timing in 2020 and 2021, lost everything in 2023 and now sell mentorships because they are broke and bankrupt.