All Forum Posts by: Ikenna Okoye

@Brian Alfaro I would definitely be interested, please include me as well!

Ikenna

@Juan Vargas Thanks for putting this together, I'm looking forward to making some great connections in the Houston area. I'll be there!

@Benjamin Seibert 
Thanks for your response, the security side makes sense mostly since a this gives you a tool to pay down debt, cash out refi ect. Though theoretically if I purchased a house with say a VA loan that has 0% down and had to turn around and sell it quickly with zero equity, what would stop the bank from lending on the loan? If I can bring a check to the closing table, what scenario exactly is the bank, if they still believe the asset (house) will appreciate and still be good collateral, trying to avoid that having zero equity would cause if the problem of closing costs being covered is solved?

Hi all,

I've been having a hard time understanding some pretty fundamental knowledge in real estate. I've read some posts about the importance of equity in a property, especially for wholesaling and flips, though my question is this. If an individual sells their property with lets say 5% equity, why does it matter if the property has little or even zero equity if the bank will pay the original lien off and issue a new loan to another borrower for a presumably larger amount? 

I'd really like to understand this from a banks perspective. Also please correct me on any incorrect points I've made. Any input would be greatly appreciated. Thanks.

Thanks for putting this together! @Matthew Gullo

This a great resource Brian, thanks for posting. I would also suggest Housing Connector. They're another great resource for finding guaranteed and consistent rent payments and helps those in need of affordable housing somewhere to live.

Hi Nick. Ill answer these questions as best as I can, anyone can chime in. I'll also encourage you to verify these on your own as well.

LLC: 1. You would want to go through a RE attorney or CPA, ive heard of both doing them, but you ideally consult with both to find the best entity for your situation.

2. Each partner should have their own LLC or sole proprietorship and all 4 should combine to form an LLC for the deal. So 4 LLCs with ownership of another.

3. I belive you would get depreciation with partnerships (individually for sure), yes. That I would double check.

Operating:

1. You can Google good examples.

2. These should be as detailed as possible. Stating equity and cash flow share, each persons roles within the deal, how the profits AND the losses are split. What happens when people don't do their part, what happens when another member dies ect.

3. This should 100% be check by each individuals lawyer to make sure its in each individuals best interest.

I hope this helps, again verify everything im saying always.

Hi all,

I have a question, specifically to those in Washington state. To set up my question, I lived in an apartment in WA state and moved out with cleaning fees deducted from my refundable deposit earlier this year. Though in the rental laws it states that landlords cannot withhold funds for normal wear and tear. My question is, how was this apartment complex able to withhold money for move out cleaning fees and can I apply the same principle to my SF property? Maybe I am not interpreting the rule correctly. 

Ikenna

@Anna Sagatelova I do have a tenant in this situation, a great candidate otherwise. She has savings that she would use. Would it be appropriate or even legal for me to ask for her bank statement showing proof of funds to pay rent? 

Thanks to everyone for the replies, the perspectives make total sense. I might have some planning to do now.

While we're on the topic. Do yall rely solely on a contact from a tenants job to verify income, or do you ask for pay stubs from every tenent?