All Forum Posts by: David Neely

Hello BP community,

Wanted to pose a question of those who are seasoned vets at this stuff...

I've got a contract on a 4 unit building that is set to close Sept. 15. Purchase price is 287,900, which was "best offer" that seller would come down to, as that was the price that the seller purchased it at and obviously they . Well....the appraisal came in at 265k today. Pretty significant difference. I've got the appraisal clause in the contract, so we're restarting negotiations based on the new information. The property has a NOI of 28,800 annually, so it was a pretty decent investment even at 287.9. Not spectacular, mind you, but pretty decent.

That being said, if the seller refuses to come down, would you walk, based on significant overpayment from appraised value? Or would you continue based upon the fact that the numbers still look good even at current contact price?

Thanks for the guidance

Dave

What you're looking for is a Quit Claim Deed (at least that's how it's done in TN). Essentially, you purchase the property in your own name. Once you have the deed in hand you sign over all rights (voluntarily) naming the LLC as the new deed holder. Pretty easy and straightforward. The mortgage stays in your name, so you're still on the hook if you don't make the payments. I have asked about changing the mortgages to reflect the LLC after the fact, and was told that if I do that, according to the fine print, the bank *could* call the note, so better to let sleeping dogs lay.

Dave

@Anil Samuel it's funny you say that, DMV is one of the areas we're very seriously considering. I went to college around there so I'm vaguely familiar with it, though I'm sure lots has changed since then. Thanks for the suggestion!

Dave

Thanks for the advice Elizabeth and Tom! I've got a long road ahead, but I'm looking forward to getting started!

Dave

Hello everyone,

I'm brand new to both this site and to the world of REI. On my way out of the military so I'm looking for a place to call home and an area to invest in...I'm thinking buy-and-hold single family and/or multifamily, but we'll see once things get "real" lol (looking at the DC/Baltimore/Annapolis area pretty seriously)

Looking forward to learning from all you experienced folks out there! Thanks in advance!

Dave

Hello everyone,

I'm transitioning out of the military after 11 years and am looking at going into RE investing, which is what brings me here. My question is: with no real city to call "home" at this point, how do I narrow my search down to the area I want to invest in and move to? I certainly have preferences on what I would look for in a town to hang my hat in and where I think I'd like to live, but I may as well be throwing darts at a dartboard at this point in terms of finding a place with a profitable market.

Similarly, are there any references (online or otherwise) I should be utilizing to do my research? I've tried the Googlenet but seem to only find realtor sites and MLS listings versus real market data.

Thanks in advance for the insight,

Dave