All Forum Posts by: David S.

I actually stopped in my bank today and asked them what they had for this scenario. I was pleasantly surprised to find they can give me a sub $100k heloc for just $400 origination, $75 per year after the first year, prime plus 1%, and it only requires a “desktop appraisal” which involves looking at our home online and pulling the deed. And of course the requisite credit inquiry and asset questions. 
Not a bad setup, and I guess I solved my own question, but I’ll leave this here for the next person wondering the same. 

We are looking to buy a new primary but want to do so without selling our current primary first. This would require an additional sum of $60-100k for 6-7 months. We have no debt but don't want to set up a HELOC or mortgage just for that sum.
What is the best product for this? Seller has opted not to do any seller financing, so that option was a dead end. 
Thanks!

Quote from @Luka Milicevic:

Quote from @David S.:

Quote from @Luka Milicevic:

Quote from @David S.:

Hey BP community, I just passed my TN license and will be moving to Nashville soon. I need to buy my primary but will also be doing some light flipping. 
Having trouble finding a brokerage to hang my license with. If I have to, I’ll go the discount brokerage route, but I’d rather pay a bit more and have a local broker to bounce questions off of and to allow me to better network in a new market. 
Anybody have recommendations? Also, if you’re thrilled with your online discount broker, I’d love to hear it as a plan B!

Thanks!! 

 I'm with Zach Taylor RE. Chose it just because of the low fees. The lowest of any brokerage out there. All I needed was the formality of having a broker.

Come to find out they offer SO much to their agents. I highly recommend you check it out. 

We have non stop training, guest speakers, CRM tools included, etc. 

 Luka, 

Does Zach Taylor RE allow an investor to own their investment properties under an LLC or Trust? I'm talking to Benchmark at this time, and they do not allow that; Something to do with the fact that you can't manage properties, so they have to be under your own name.

Also, do they have an onboarding requirement for new agents where they take a split for the first number of deals done, since new agents need extra mentoring? 

Benchmark is a tad more expensive, but not excessively: $439/transaction and $75/mo. But they also have a $160 Broker Base Commission, which in this case is charged to me as an investor, so perhaps there is a decent difference with ZT. ZT shows $299 per transaction and $99/mo. Is that pretty well the entire picture or are there other fees to consider that are not mentioned there? 

I'm only likely to do about 4-5 transactions a year, so the difference isn't massive, but still $300 more per transaction with Benchmark from what I'm seeing while $300 cheaper in monthly fees per year. Would love any insight you can offer! 

Thanks! 

 The fees you listed are the fees.

No onboarding cost, no initial commission until you get to X amount. It's the same from day 1. 

The monthly cost also covers your E and O insurance plus marketing tools plus CRM. There is a lot they give you for the monthly fee. It's not just an "office fee" 

There are genuinely no hidden costs that I have been charged. 

I also haven't heard of any brokerage requiring you to own properties in your own name. That doesn't make a whole lot of sense to me. Mine are in LLCs and I've had no issues from any broker

Thanks Luka. I spoke with Zach and will be sitting with him in the office on Wed morning for a meet and greet. Interesting what he's looking to do with title work too, which only makes it a better option yet, potentially. Benchmark is also requiring the highest level of E&O on my end, which doesn't really make sense for me since I'm not looking to produce to begin with. In the end the savings add up substantially with ZT.

Thanks again for you input. I'm sure we'll cross paths in the near future. Have a great week! 

Quote from @Luka Milicevic:

Quote from @David S.:

Hey BP community, I just passed my TN license and will be moving to Nashville soon. I need to buy my primary but will also be doing some light flipping. 
Having trouble finding a brokerage to hang my license with. If I have to, I’ll go the discount brokerage route, but I’d rather pay a bit more and have a local broker to bounce questions off of and to allow me to better network in a new market. 
Anybody have recommendations? Also, if you’re thrilled with your online discount broker, I’d love to hear it as a plan B!

Thanks!! 

 I'm with Zach Taylor RE. Chose it just because of the low fees. The lowest of any brokerage out there. All I needed was the formality of having a broker.

Come to find out they offer SO much to their agents. I highly recommend you check it out. 

We have non stop training, guest speakers, CRM tools included, etc. 

 Luka, 

Does Zach Taylor RE allow an investor to own their investment properties under an LLC or Trust? I'm talking to Benchmark at this time, and they do not allow that; Something to do with the fact that you can't manage properties, so they have to be under your own name.

Also, do they have an onboarding requirement for new agents where they take a split for the first number of deals done, since new agents need extra mentoring? 

Benchmark is a tad more expensive, but not excessively: $439/transaction and $75/mo. But they also have a $160 Broker Base Commission, which in this case is charged to me as an investor, so perhaps there is a decent difference with ZT. ZT shows $299 per transaction and $99/mo. Is that pretty well the entire picture or are there other fees to consider that are not mentioned there? 

I'm only likely to do about 4-5 transactions a year, so the difference isn't massive, but still $300 more per transaction with Benchmark from what I'm seeing while $300 cheaper in monthly fees per year. Would love any insight you can offer! 

Thanks! 

Hey BP community, I just passed my TN license and will be moving to Nashville soon. I need to buy my primary but will also be doing some light flipping. 
Having trouble finding a brokerage to hang my license with. If I have to, I’ll go the discount brokerage route, but I’d rather pay a bit more and have a local broker to bounce questions off of and to allow me to better network in a new market. 
Anybody have recommendations? Also, if you’re thrilled with your online discount broker, I’d love to hear it as a plan B!

Thanks!! 

The irony in all of this is that the counties/cities making these laws still check for criminal backgrounds when they themselves hire. That's a hard fact. Perhaps we should ask them why... I bet you just about every reason they spout is applicable and relevant to a LL as well, and rightfully so. 

The hypocrisy of these people is astonishing, and in turn their arrogance. 

I do think people change and absolutely deserve a second chance. I'm a bible thumper... I believe in forgiveness, but at the same time I believe in consequences and being wise with your funds/assets as a LL. These have to be blended, but I don't think the government forcing such laws on LL's is the correct way of going about this. If a church or a non-profit wants to start a housing program for ex cons, great. That's the more suitable approach here. Let the government incentivize that rather than force every LL to be part of the solution to another man's self created problems, especially those up and starting LL's who now won't venture into the business because the risks are higher than ever. Now one man's error is, as always, another man's problem.

I’m amazed how casual LL’s are about this sort of thing, be it moratoriums, or now this. We’re not supposed to be too political on these forums, but frankly if we don’t get political there will be no Bigger Pockets some day; Government will be the only LL in town as they keep exerting more and more control over the populous via intentional dependency. 
Sure that’s extreme in the moment, but the notion of not being allowed to do background checks was pretty well unheard of not long ago. Now you’re hearing of it all over the country. It doesn’t take long. Inflation only makes programs like section 8 more and more common. Do we really want the government as our business partner? Cause that goes so well… 

If anything Bigger Pockets should consider spearheading a lobbyist outfit, as much as I hate the very notion of lobbying. But you know the saying; If you can’t beat em, sometimes you have to join em sadly. The longer we just shrug and act like we’re immune to all this nonsense because it’s local or because there are workarounds, the sooner this industry hits a wall and the concept of renting will by default go through a government application. 

Quote from @Andy Sabisch:

We have gone a different route and that is refinishing the tub and tile surround.  The finish is amazing and the cost was less than the material alone to put in a new tub.  We had them done in a day.  Two tubs with surrounds and two bathroom sinks with the counter to look like marble for $900.  If I can find the pictures I will post them but on two houses we used this system and got great feedback from buyers.

Thanks Andy… I would LOVE to see some pictures of this. Especially curious how tile would be made to look nice with a marble finish… intrigued! 

I just had a tub refinished in KC for $700 by a reputable outfit. That did entail stripping down a prior refinish. Overall it looks good, but like new? Not quite. The owner mentioned they can do a lot with tile refinishing too, which I’m likely to try down the road.  

But what are you doing when the tile needs to be replaced? That’s where I’d like to cut the tile out entirely and replace it with full panels. Looks like the shower in a day outfits put up plywood backer, then the acrylic panels that look like tile. Looking for a good source of these and some ideas on how to go about such an install. 

Thanks for your input! Hope you can find those pics.

Looking for tips and tricks on quick shower and tub installations. I see a ton of advertising on “One day shower installations” but noticed that most renos are still done with inserts or large format tile, not with the systems used for these “one day” installs.
The big box stores are lacking in a good selection of shower/bath panels. They want $1000 and have one or two options for anything similar to what these outfits are using. 
Surely there are some of you more experienced flippers/renovators who use a bit more affordable shower wall systems that are well built and look good/higher end? If so, where are you buying these? 

All in all I’m looking for any tips on quick shower/tub renovations, from studs up; Effectively cutting out existing tile and backer, then installing a panelized wall system from there. I can’t believe this isn’t more common.

Thanks

Quote from @Bob Stevens:

Quote from @Veena Vaidyanathan:

I had a real estate agent represent me however they did nothing to uncover this.

 That was the 1st mistake using an agent. I never have or will. 

 Please elaborate on this perspective Bob. If you’re not using an agent, how are you buying? Thanks