All Forum Posts by: Jim Thomas

@Grayson Gist Cash for Kay's works and keeps them from destroying the property because they don't get their cash until all of their stuff is moved out and you inspect and confirm there are no damages. If there are damages when you inspect they get charged for all of them. Statistically an eviction process takes one to two months in Georgia but there are ways a tenant can stall and a malicious tenant may cause more damage. I would go with the cash for keys deal and let him know he doesn't get it until you meet him everything is cleaned out there's no damage.

@Shawn William Skip financing. You should focus on finding deals for other people to own. If you find a good deal you know somebody wants, you can put it under contract and assign the deal to someone else that has the money and they will pay you an assignment fee . You will at least have to have enough money to cover the cost of earnest money.

@Stanford Neal Mead Do you have the payment history of tenants over the past 12 months? Do you have the expense register over the past 12 months? What is the average time Horizon on the existing leases? What is the market rent rate for comprable units in that area? How many properties on that street are boarded up? Why is the seller selling?

The only way to accomplish a loan that does not require a personal guarantee would be for an entity to have enough liquid assets to cover the liability. Beware of a lender that is advertising "non-recourse".

I've tried it multiple ways. That is more of an attorney question, but for me the extra corporate tax liability of a c-corp never proved beneficial when compared to a LLC as a simple pass-thru. It is beneficial to hold assets and not distribute them until a future date, which reduces your personal exposure, but it delays the inevitable exposure to double taxation unless you spend it wisely. I was fortunate enough years ago to meet an amazing attorney. I recommend you do the same. A couple hours of time spent on an attorney should get all your questions answered appropriately.

@Ken Scarbrough Expect to hold for up to 7 years if market crashes.

@Rich Hupper What did you do with the profits? If it was already spent on personal living expenses, then you already determined the taxation. If you still have it, spend it with a strategic deduction in mind to offset the tax liability.

@Tirzo Quintero Maybe you can consider making the offer yourself.

Atlanta metro area has a lot of options. I've been in construction and real estate here in Atlanta for more than 20 years. Let me know if you find any properties online that you need help inspecting, remodeling, or managing in the Atlanta area.

@Nadine Delille You need to build up some cash. The best way to do that (beside a job) is to accomplish some flips. Don't use an agent, you can't afford one. You have to find the deals yourself and you have to sell yourself. Simultaneous closings and assignments are your best friend. They are the only way to make safe money in real estate when your investment capital is limited.