All Forum Posts by: Herman Herrera

Try squarespace. Easy to set up. Decent SEO. Hosting included. Beautiful sites...much nicer than Wix. Here's an easy analogy... Wordpress is like Windows. It's not forgiving, complicated, and there's learning involved. But it's powerful and has the potential to do more. Squarespace and Wix are like Apple. You turn it on, you figure out how to use it in 10 minutes, and it' gorgeous!

Thank you Anthony!

It would have sold by now if it was priced right. EVERYTHING SELLS FOR THE RIGHT PRICE. Now it's stale and probably stigmatized by buyers, meaning they think something is wrong with your house because it's been on the market so long. Take it off the market for 30 days then adjust the price. My MLS will show an old listing as new after 30 days off market. You know where you need to be. Get it over with and don't chase the market, especially with a new president coming in.

Francisco Lopez set up fees for an LLC should be under $1000 with publishing. There are no yearly recurring fees with an LLC. Yes you may need to file a separate return depending on how you file. With an LLC, you can file as a 1065 "pass-through" or an 1120 "corporation". The reason why everyone uses an LLC is the flexibility when filing, while still getting a corporate veil.

Thank you Jennifer Lee . So it's a seller's concession. Is the $193k including the closing costs? I usually add a clause in the contract that says I agree to the seller's concession, but if the property doesn't appraise the buyer will cover their own closing costs.

Thank you Michael!

Hi Patty. Sorry to hear all of this. It sounds like you're answering some of your own questions but you want someone else to say it out loud :) Cut your losses and sell it. Your market is fantastic right now so you should do well with the sale. Walk with some equity, a valuable education, and learn from your mistakes. Definitely use an LLC for your next purchase....I use a different LLC for each investment property.

Hi I'm a little confused. You mentioned you accepted the $193k offer and paid closing costs and did some repairs....but didn't close yet. Do you typically pay closing costs before closing title in Oregon?

Hi John. I was recently in your exact position and I decided to pay off my mortgage. My thinking on this... 1. Piece of mind. No matter what happens, I know longer pay a $3,300 per month note. I have a family and being an entrepreneur exposes me to a life of profits, as well as losses. Not having to worry about a mortgage payment is priceless for me. 2. The interest savings over the next 28yrs of mortgage payments totaled just under $500k which helped level the loss of the mortgage interest tax deduction. 3. Market exposure and vacancy rates on a rental property can put a major dent in my plans. My market is seriously lacking inventory which is driving up prices. ROI is hovering around 5% with no vacancies. FOR ME...it made sense to pay off my mortgage. But taking into account everything I posted as well as your market....it may or may not make sense for you. Good luck John!

Hello everyone! I'm a real estate broker, entrepreneur, and investor from Staten Island, New York. I've been flipping residential properties for over a decade but now I'm looking to buy and hold commercial/mixed use properties. I found the BP podcast and enjoyed listening to fellow investors speak casually about various real estate topics. I'm always interested in learning...looking forward to contributing when I can.