All Forum Posts by: Eric Fete

John

Congrats!!

I am here in Columbus as well. I am looking for some rentals and do a lot of wholesaling as well. We should talk shop sometime and see if we can help each other out!

Eric

Hi guys,

I am local here in Columbus as well. I would like to talk shop with all of you! Feel free to email or call.

Thanks,

Eric

Hi all

My partner and I have a property in Memphis, TN. We wanted to see if anyone could recommend some local help: contractors, plumbers, handymen, AC/heating repair guys, etc. We are interested in having a team to call as needed for repairs/upkeep/etc. so we can manage our property ourselves. We are not too happy with our property mgt. company.

Any referals or advice would be greatly appreciated!

Thanks and happy investing!

Eric

Hi all,

My partner and I have a property in Memphis and we want to put it in our LLC. In order to do that we need to get insurance on the house in the name of our LLC. Our policies won't do that. We can't deed the house in the LLC until we get this done.

Does anyone know any attorneys or insurance companies that can do this in Memphis? Thank you.

Eric

Hi all;

I am interested in buying on LC and using as rentals
I understand how to figure out terms and these are negotiable with owner of course.

What else do I need to do and look out for specifically when buying this way?

I know I will need an inspection and to determine costs (my NOI compared to costs to then determine if I will cash flow).
I know an appraisal is not needed.

Any other specifics I need to look out for?

Thanks!

Eric

Gentlemen

Thank you for the information.

Most lenders don't let you take title of a property in an entity name. We have to buy with our individual names and then quit claim it into our LLC name (which we can do right at closing). Will this action be sufficient to allow us to take insurance out in the name of the entity as you suggested? Thanks.

Eric

Hi everyone;

I am purchasing a sfh for a rental with a partner. I am working on a LLC for us to hold it in and had some quick questions:

1. how do we set up insurance with 2 of us owning?
2. do I set up an LLC with 2 partners or is there a way to set it up as a joint venture? Which is best
3. if we set up an LLC, how do we take the payments each month; ie set up a business checking account to hold funds/rent payments,etc.?

Thanks for any advice or suggestions,

Eric

Hi all;

I wanted to see if anyone had some advice for LLC setup. I have a partner and we are going to buy a sfh for a rental property. Once bought, we would like to place in an LLC with both of us being the partners. We are both in 2 separate states, and the property is in a 3rd state. How would we do this and what should I look out for when seeking legal advice, etc.?
I appreciate any advice, thanks!

Eric Fete
Prosperous Holdings, LLC
OH

Thank you everyone!
Priscilla, did you close with transactional funding then close with your buyer (non-short sale deals) or did you and your buyer both sign the purchase agreement with the seller, close, then quit claim you off the deed so you didn't have to bring $ to the table? Thanks!
Eric

Hi all;
I am looking to do some wholesale deals with simultaneous closings. I remember hearing an investor mention doing it this way:

write up a p&s contract with the seller with your name and the buyer's name. Then you can close together in one closing (saving $) and then get paid out of that, with agreed upon terms with you buyer of course.
Is that possible in any way? Thanks for any advice!

Eric
Prosperous Holdings, LLC