All Forum Posts by: Jason Pate

@Phillip Arthurs thanks for lett me know. Sorry about that.

I have a turnkey rental for sale in Centerpoint. Tenant is in place at $830/mo and is leased through Sept. House is listed at $80k.

501 Marshall Ave., Birmingham, AL 35215

Reply to this post of message me if you need more info.

@Scott Smith Thanks Scott! Follow up question: I hear the bank can call the note if you transfer the title. I assume this would be fairly rare (as long as the FI is getting paid) but legally possible. If I have to remain a guarantor of the LLC, it seems that would defeat the asset protection available from having the LLC. Any thoughts there?

Even if the asset protection disappears when being the guarantor, it seems like there would still be some worthwhile tax benefits to transferring the title to the LLC. Thoughts?

@Colby Shelhorse I used to remediate mold as part of my job in a residential restoration company. I do not know if you personally would have to provide proof that the mold had been remediated but there are companies that can come in, take indoor air samples, send them to a lab to identify the species and concentrations of spores, write a remediation protocol, and then come back and do a final test after the remediation to make sure it was successful. Mold is ubiquitous meaning it's everywhere all the time, indoors, outdoors, everywhere. What the indoor air quality specialist do is take samples inside in the effected area(s), uneffected area(s), and outside and then compare the samples to see if the concentrations of mold spores are significantly higher in the effected areas as compared to the other samples. If they are, then they will write a step by step procedure on how to remediate the mold.

In my opinion, it's not a big deal and fairly simple to remediate but that could be because I have dealt with it before. The bigger cost usually comes from the repairs aftter the remediation has been completed (i.e. replacing any effected wall board, carpet, painting, etc that was removed or damaged as part of the remediation process).

The cost of the project is largely determined by the square footage that is effected (which typically isn't 100% known until after the IAQ tests).

Background: I'm IICRC certified as an AMRT and AMRS.

New Investor looking to make my first deal. Do I need to set up an LLC prior to making the offer? Why or why not?

@Sh T. +1 to all the ozone believers. I used to rebuild houses that had fire/smoke damage from grease fires, electrical fires, etc (insurance repair work). Ozone machines are great for light smoke smell.

We also just moved into/renovated a house of a long time (10+ year) smoker. Cabinets and walls were stained yellow. You can encapsulate with KILLZ and repaint and that does an amazing job for heavier smells.