All Forum Posts by: Account Closed

@Aaron Mahnke, Sounds like a AirBnB arbitrage scenario. I haven't personally done one but some of my coworkers & friends have. Cover your bases with the lease in your LLC & the other company and plan to use it for that. Then If you are writing it up, just make sure to have things in there in order to protect you more and have someone review it. If you are just adding additional provisions to like a local real estate commission lease will most likely be fine as long as y'all both agree to it.

Hi @Paolo Scamardella, nothing to be sorry about as you were very detailed with your current situation and gives everyone some insight into some of the options you've already done. I had kinda been in a similar situation as you a while back.

The home equity loan would be a 2nd mortgage and secured by the home tapping into some of the equity. This would most likely be a cheaper option and you'd be able to keep the home. The biggest thing is if you'd be able to remove your ex from the loan.

The cash out refinance is another option, and seems like you have a good idea on it.

Depending on where you live, will determine how big of a crash there may be (but timing is hard to tell on when it will/can happen). Some markets won't be as bad as others, but there is still a huge housing demand and little supply which makes it a little less predictable. Inflation is rising, rates are increasing and bumping some buyers out of the market, & forcing some owners to reconsider their living situations, especially if their income/job hasn't been keeping up with the costs. It is something to consider with potential risks, depending on your location.

One option you can consider is if your loan is assumable, you can most likely assume the loan and remove her from it. This is if the divorce is finalized, and (only) both parties are on the note. You can possibly speak with the lenders you spoke with before to double check if your existing loan is open to it. You could potentially do that then the home equity loan in order to pay her off.

If y'all sell, depending on how long you lived there can avoid paying capital gains taxes if you lived there 2 of the last five years. I think speaking with the lenders again to see. This can depend on what you mainly want to do.

@Leo R., I believe both are. Especially since the fed has increased rates, we are seeing more stay on market a little longer as the raising rates knocked out some potential buyers or changed some of their criteria. Both are changing.

I like how you did your comparison, and agree that there are more slowly coming more available too. In my market, within the last month or two we were averaging about 2200ish active listings on market and now just under 4500 across the entire MLSOK. 

Some homes that are staying on market longer are either priced wrong, and or has something wrong with its condition or circumstance for price it was listed at. There are a lot of new listings in general now here, but the supply is still low compared to pre pandemic numbers. Some of the new listings may be because of life changing events.

@Mario Am, Yeah most of the time once it is listed on the MLS you will get a lot of qualified buyers from other agents that are looking for places to buy. Also Zillow, Realtor.com, Redfin, Trulia, facebook, etc. will bring in a lot of eyes on the listings as well.

Listing your own properties that you flip may help you save more of the money from your deals, and potentially help you if you find buyers that you want to represent or refer out to another licensee for a referral fee. If you do decide to get your license, I'd definitely just talk to multiple brokers to figure out which would be the best fit for you, as well as to figure out their fees, cap if there is one, training, team, etc. that way you can keep most of your money without paying a lot back.

You can also always build a buyer's list if you haven't already for most of the people looking for off market deals. I'm assuming you're looking for more homebuyer clientele who are willing to pay more retail pricing. If you get into a brokerage, most of the time other agents will have buyers looking for places you can push out before hand to see if you can do a pocket listing, but most of the time listing it will allow you to get a lot of eyes on it, and a lot more potential offers and at the best price.

Depending on your brokerage you can possibly just pay a flat fee for the listing as well(to keep more of the money by representing yourself), depending on the brokerages transactional fees and commission cap structure.

@Sean Bramble I'd highly recommend trying to get the HOA's covenants and restrictions, talking with someone in charge of the HOA, or people within the area. If you have someone representing you, you can have them request that information, and maybe see when the last time it was changed.

I typically avoid them, but some people I know like them because of the great returns. Like you mentioned, they can change the HOA at any point in time. Considering it's Shenandoah (great park!) I'd think it should be solid, but can also check into the towns laws about STR. Therefore if it doesn't work out in a traditional way, that's a risk.

I feel like it'd be fine, but I'd definitely do more due diligence. I'm assuming it's a good small size and not a huge place for like companies/retreats, etc? STR in the vacation space are very lucrative and great for cash flow! Another thing to consider is just maintaining the property, getting maintenance out there, and your team in place to make it work out there. I'm sure you know, but just things to consider.

@Heather Thuli You can yes that way they are tracking you are. Typically most realtors do have their local or state real estate commission's contracts written up by attorney's or some have their own private ones. Some wholesalers have their own as well in order to better protect themselves. 

Letting them know to that you are may be good if you are planning on working with someone that way it can be done correctly. 

In Oklahoma, the laws for wholesaling changed, therefore changed the ways some wholesalers were doing business as they couldn't market publicly anymore because of too many wrongful wholesalers in the past.

@Donald Breault I agree with John. Depending on your area they may require you to be licensed. I'd also check and talk around with property managers or companies if you are thinking of working under someone. Typically self managing will be the easiest way to ease into it. But considering, you are thinking about making it a career, I'm assuming you're looking to work under someone. Researching the local laws is a big thing - like landlord-tenant laws, equal opportunity, fair housing, etc. are some good ways to start. 

@Daniel Chang & @Jeff B. So which would be the correct option for a journal entry? & how would it be for each of the financial reports: P&L, BS &  Statement of cash flows?

Hey @Rebekah Bloom, was going across unanswered forums and saw this one. I am curious on how you like international purchases/investments especially these in Mexico? How'd you get into it, reasoning why, how active are you within those properties and what are you doing with them? STR, or LTR?

I'm not necessarily interested any specific areas or doing it just yet, but I'd like to hear your thoughts with it being from the U.S.? Are y'all still living in the U.S. too? Assuming you had to do a lot with customs potentially too, as well as potential citizenship requirements, etc. 

Not too late, but rates have been gradually increasing. If you are already pre-qualified to buy a home for yourself then that's a great start. Lenders will look at your current employment, income/paystubs, Debt-to-income (DTI) ratio, credit and more. For positioning yourself good, I would focus on keeping those factors up and/or improving if needed, start looking into areas that you are interested in buying, and making sure what properties you are looking at are a good fit to house hack. Some are better than others with the layout of the home, but are still all doable. Some may be better and more safe, some may not and are closer proximity to everyone.

If you know people that are interested in rooming with you to house hack that will be great, as y'all are just splitting the costs. Typically house hacking is considered for your primary residence then renting out the rooms. I would still create a lease if you rent to people you know, so you can have the legal contract in writing as well as rules and responsibilities, etc. If you are renting to strangers, then definitely screen them properly, and abide by the state's laws for fair housing laws.