All Forum Posts by: Justin Ashley

TC,

I don't think we will sell the home for atleast a year but we are planning to move out the city next summer and relocate to another state. If it becomes a possiblity before the year is up I figured why not find out the regulations. Life comes at you fast and you never expect somethings that get tossed your way.

Thanks for the reply!

-J-

Just a follow up, I have named the company and bought the websites. I'm in the process of designing the website (which will take a little time). Also, I'm in the middle of remodeling an investment and trying to locate the next property.

For all you newbies, If anyone ever tells you this stuff is a cake walk don't listen to another word they say. It takes a lot of work and countless hours of research and networking. It is possible to start with nothing... Which I have done but I'm no where near the goals I have set for myself within the next five years. I wish all the investors in this forum the best of luck and hopefully we reach our investing goals.

Good Luck!
-J-

Hi All,

I've purchased 3 HUD properties in the last 3 years. One of them I lived in as an Owner Occ. for 2 1/2 years. The second one I purchased as Investment property. Now I'm on the 3rd one (which we bought as a owner occ.) a little over a month ago and we are thinking of selling it to upgrade our investment.

My Question is HUD requires owner occ. to live in the property for one year and before they can buy another Owner Occ. it must be 24 months from the previous Owner Occ purchase.

HUD's WEBSITE Quote: "An owner-occupant is a purchaser who will live in the house as their primary residence for at least one (1) year and may not purchase another HUD home for two (2) years thereafter."

Can I sell within a short period of time (one month / after remodeling the property) and suffer no penalties other than we can not purchase an Owner Occ for 23 months from now? What is the first part about "live in the house as their primary residence for at least one (1) year? " and if we don't what happens????

WOW!

Lots of replies since my first post in this thread. Thanks for all the feedback. I'm not looking to become an agent for a broker because I feel this would take away from my projects so this might not be beneficial to my business. I thought I’d get some input and after looking over the guidelines and possible time restraints I’m not really interested in pursing this idea.

Is it beneficial to obtain my real estate sales licenses? After obtaining the licenses do I have to work for a company or can I start my own personal real estate firm?
All I'm trying accomplish is being able to list my investment properties on the MLS. Have the ability to purchase HUD homes with out having to pay a realtor to just submit a bid for me. Basically I'm trying to cut my cost on my investments as much as possible. I'm sure someone here understands this and possibility took the same steps earlier in their investing careers. I've been investing in real estate for about 3 years now and realtor fees seem to really eat away from my potential profits. So any advice on this topic would be greatly appreciated.

Thanks Mike,

Yeah I agree with everything you said in that post. My business name will need to meet my current plans and my future plans. I plan on building a brand name for this company. I'd like for the business name to reflect positively on my scoop of work. I have plenty of time to think about it. I have a couple homes to flip before really jumping into the LLC. Currently, I am just trying to get as much information as possible.

I have been brain storming with some names but having some difficulties with replacing the “Investments” & “Properties” names from my title. Another thing that keeps coming to mind a lot is Real Estate but isn’t that geared a little more to the realtor firm side of the business?

Trying to figure out the name has turned into more of a task then I had originally anticipated. At least I know I should be cautious about using “Investments or Properties” as part of my business name. I’m still searching .gov sites to see what I can find but up to this point I have no luck.

As far as my investments are concerned, I have one that is being showed this weekend so hopefully we find a buyer and can move on to our next property. :beer:

Anthony,

Any help is appreciated help. I really appreciate that you would take the time to discuss this with one of your contacts.

NogginBoink,

This is some great information. In your opinion what is the best catagory to file the this type of business under? Investment Company? I remember reading something some time back about having the word "Investmest" in your business is tricky. Do you know if there is any truth to that?

What are the tax benefits of forming a LLC? How private will my financials be by forming this type of entity.

I looked at the Ohio Secretary of States website and the form is only $125.00. Not bad considering Texas is $300.00 :D

Yeah, I am not sure if I want to continue to run my investing hobby as personal investments. It may be a better option to create a business for more tax benefits and help protect myself from the liabilties that are out there.

Anyone else up for a discussion on this topic?