All Forum Posts by: Curtis Deckard

Hi all. I have a situation where a house has been on the market for about 6 months. It is a REO listed at $29,900. I had a contractor friend of mine look at the house yesterday. He confirmed what I thought that it needed a new roof and some electrical work done. However, the house is not in too bad of shape. I have used the BPs BRRRRR tool to see if it can work. I have never done a flip on my own. I helped my late father do several but was the labor and not on the financial end. The bank that owns this property is a small local bank and has offered 100% financing and some help with funds for rehab depending on my credit application. I just need some advice from others who have done flips before. I don't know if I want to flip or rehab and hold. Its a good neighborhood on the way up. Any advice would be greatly appreciated. Thanks in advance.

@Shawn Holsapple I greatly appreciate the book list.  I'm finishing up my 4th book since the beginning of the year so I was looking for another.  Again, I appreciate the information.  Looks like I need to go to Amazon.  

@Shawn Holsapple so as the registered agent he has no ownership rights or anything correct?  And as far as a CPA, does he do you RE and personal taxes?  Please remember I am somewhat new to this and I'm trying to learn as much as possible.  Thanks for the info.

@Shawn Holsapple I am somewhat a newbie. I have had a rental for about 3 years now and have had them in the past. However, I never had an LLC or any other entity for that matter. I am looking at adding at least 1 property very soon if not 2. What do you suggest since I am a small investor to get started? One LLC? I'm in the Richmond area and these properties are high end at the moment. Just looking for a little advice.

I appreciate the information.  I thought about the unsigned contract after I posted.  Just a weird situation.  The seller is kind of a jerk too so there's that.  Considering my next move.  Thanks again.

Hi everyone.  I recently put a bid in on my second rental.  From what my realtor told me the seller was "in tax trouble" and was wanting to dump some of his properties quickly so this property was listed at $24,900.  It cash flowed at $850 a month ($400 after expenses) so it was a great deal I wanted to jump on ASAP.  I took a look at it and met the seller.  There were two new furnaces and two new water heaters.  The roof was in decent shape etc.  So I put a bid in after doing my due diligence.  When it came time for a response from the seller, he said he had changed his mind and wanted $30,000.  Nowhere on the listing did it have $30,000.  Being somewhat of a newbie, my question is, is this legal or allowed?  I was thinking if a listing agreement is a contract, how can that be changed AFTER a bid is placed?  Any information would be appreciated.  Thanks in advance.

@Bryan O., I am no longer working for the company that started my 401k.  Therefore, I can use it to invest in RE and AFTER I pay it back the income can be used for whatever I want?  I would like to use this several times but don't want to have to link these properties and their income to the 401k.  Thanks for the help.

I want to thank everyone for their input.  I have some research to do.  I appreciate the advice.

I have learned about this solo 401k in which you can use some of your 401k to invest in real estate as long as you pay it back with interest within 5 years.  My question is once you pay back the amount you borrow, do you have to continue to feed the 401 k or can you then start using the rent from the investment for other purposes?  I have a small 401 k that I would like to use as a down payment but I don't want the property to always be tied to the retirement account.  I would like to have a few eventually tied to the account but right now I need to free up funds as much as possible.  Any help would be appreciated.

Unbelievable.  You are inspirational.  I hope to be able to flip some properties too.  Hopefully they can be as great as yours!!