All Forum Posts by: Ren Ver

JSCOTT said "perhaps ask the seller upfront if they will pay a commission before you speak with an agent" This approach/FSBO agreement/ is highly unlikely. What would you do --run around and look for an agent after the fact, or hope you can get an agent to agree to write a contract for you at a reduced commission. Also, if you already have an agent it would be counter productive to approach a seller directly.
The reason a FSBO is selling under most circumstances himself, is because they do NOT want to pay a commission. Many FSBO sellers do not understand the complexities of the Realtors job and getting the property closed. Agents work hard to earn their commission.
Best to let your agent contact and work out the commission with the FSBO -PRIOR to you showing up. This is a good way to entice the seller with YOU --the buyer. Exclusive agency agreement can be signed between FSBO and your agent. Then, to move forward your agent has agreed to a reduced commission or a transaction fee to assist in follow thru and closing.

The good news is, if none of this works out, most sellers eventually list their properties with a Realtor, and at that time you could make an offer on the property.

Hello
Bamboo sustains a high rate of moisture and is a great look. Popular with buyers.

Hi Mike G...that is correct
Yes, EIN numbers are federally assigned, not state. LLC and corporate numbers are state issued

Home depot is not labor. Unless of course you are having them do the work. They are incorporated. Individuals with no TIN number can use their ss # when completing w-9's. Anything up to $600 is not mandatory reporting, anything over, you have to send 1099 and ALSO send recap to the IRS.
This is how I do it with my company. I would not veer off of this if you are running a legitimate business. You can be liable for all unpaid taxes (multiplied fines from IRS)
Check with your CPA

What part.?
Check with your CPA

Hi
First question is do you have any experience and sucess completing a short sale transaction? If not, pass. There are SO many complications regarding LTV, 2nds, Leins, clear title etc, past taxes, more...more...more... and unless you are a seasoned short sale professional wait until the property comes on the market as an REO listing.

Hello,
My comment about shopping CPA's is based on you stating you have been interviewing CPA/s NOT all of them are the same. Try and find one that has their own portfolio of investment properties. They all work of IRS guidelines, but my experience over the years has been to work with one that understands your goals and objectives -- and can relate to what you are doing. Real Estate is always in flux, as demonstrated by our current market conditions, as compared to 7 years ago, at the height of uptrending property values.
Good luck

Hello, Have you looked for a hard money lender instead of a mortgage broker? Investment/fix & flip/ properties are much different transactions than owner occupied and investors. The ratios for borrowing are very similar (down calculations) Also...., if you EVEN mention you are fixing and flipping most traditional brokers will not fund your property. Hard money lenders cost more, but their concept of what you are doing is based more on the property than you as a borrow. Largest example is : END RESULT of the project and value versus What it appraises for now and all your costs trying to get the property UP TO market value.

WOW. This is a vey interesting post. I PLAN TO.....Not to be disrespectful, but it would be very prudent for you to sit down with a CPA, an attorney, perhaps your banker, and formulate a list of questions that apply to your projects.
It is very easy to get excited about making money in real estate, however, it takes years of investing in a "brain trust" to make this a viable living. Hold your hat, do your homework and then refine and edit as you move SLOWLY ahead.

Very interesting information that has been posted about this unpermitted addition. A RETRO FIT permit??? Are you kidding. Does not work that way here in washington state. Even if you have an architect inspect the property and redraw to code then resubmit the new drawings == if anything shows up existing, that is not to current national code standards they CAN make you rebuild from foundation footings up. Usually easier to just tear it off. Each case is different.
This is a good time to mention that if you are buying an investment property ALWAYS check the permit section of your city for permits. Do not depend on your agent for this info, most of them DO not "get it" and how it might effect your exit profit.
I see adds all the time in the MLS stating that there was a covered patio, extra covered parking, garage conversion, etc. IF IT WASN"T permitted, you could be put into a very unhappy position when you try to resell.
Any structure whether attached or unattached (like a covered parking) is under scrutinity of the city or county. Here in Clark COunty the inspectors are driving neighborhoods, going into suspect rehab properties, and if there are any interior suspected areas they can AND will issue a STOP WORK order.