All Forum Posts by: John Barrows

I've had this happen! I immediately put out a new ad for rental and told my tenant I could hold them to the lease by law but, will keep their deposit and they must pay for the new rental add and completely clean the rental upon leaving (to my satisfaction)!

They were totally happy with that deal!..... Just some idea's from my experiences.

There would be no capital gains if you sold and do a 1031tax free exchange.... Talk to a 1031 exchanger in your area or state. They will openly talk with you and generally invite you to a work shop of learning.

Not as simple as you have written. No sane person would respond to this because nobody but you and the buyer knows what the terms of the agreement is or what addenda that may be associated with these statements. 

Sounds to me like you've left yourselves open ended on this one. Sorry......

As a general contractor, you should be overseeing the project on a day to day basis. You should have a construction schedule to adhere by and that is the schedule that should be shown to everyone working for you. IF, you are a flipper or business person NOT SUPERVISING the job then yes, expect these people to DOG THE JOB for an hourly income. Happens to EVERYONE unless you are BIDDING each job out.

I've done many remodels, new builds and rehabs. Get an on-site dumpster, be on the job and work along with the people. If you can't do that then get a friend to check in on the progress of the work so as to keep you advised. Best bet, do the supervising yourself day and night.

You can always hire or bid the job out for an XYZ amount At least you'll know the finish dates of project.

Establish an LLC, then bring proof of ownership to the county, then record a new deed to the property under the name of the LLC. It can be done in a day if you are willing to do the foot work.

Also, be aware, if you are going into a law suit a divorce or are in a law suit that LLC will be able to be pierced by any attorney. I have always used a living trust on my personal properties (my house, my second home, mine claims, insurance) these sorts of items. When involved in rentals, distance yourselves from your rental by using an LLC because it can protect you from frivolous law suits like slips and falls, damages in the units and catastrophic events like earth quakes, 100-500 year floods, fire and a list of other issues that may arise during ownership.

If you hire an attorney, be careful, because most are after FEE's and can drag an LLC out for extra billing fee's! Just my experience with the things I've mentioned above

No income loans are available today. BUT, the catch here is that the interest rate may or will be higher and you'll need to have very good credit for that to happen. If you can prove that you are collecting rent (through a tax return) then that might be enough to make the deal go. If you live on site and rent out rooms that's cool but, if you live off site and rent out rooms then that becomes a rental.

There are plenty of companies that will do to a NO INCOME/NO CREDIT SCORE on about any loan you want as long as they get an Automatic Payment Agreement and a few other tid bits about the equity in the property or other collateral that you may have. Most will want to make sure they tie you up for the long run because they know you'll be bouncing out of this loan once you can prove income and stability.

Look around BUT, DOWN'T GET CAUGHT with a PRE-PAYMENT PENALTY type loan. Be smart and READ THE SMALL PRINT!

Absolutely! 

I was in a (person to person) discussion about this site and another forum with a pretty green new broker. That person was under the impression that these forums are a great place to find information to use for their business and worth repeating to clients.  I quickly corrected this person and told them to NEVER REPEAT ANYTHING off of a forum unless you have CONFIRMED the INFORMATION with that industries professionals and/or business law standards.

All I'm suggesting is that anyone using a forum, please VERIFY the information for YOUR STATE LAWS and BUSINESS PRACTICES. 

I'm moving to Las Vegas soon and all I've done is read the laws and regulations for that state about investing in the local real estate market. Please do/conduct your due diligence before repeating anything you've read or discussed from any forum. Thank you! 

POF? what?.. Verification of Deposits is what real professionals use. On banks letter head with the person of interest in and on the Verification.... POF must be a residential term...... Proof of funds, never heard of it.......

ALL PRORATIONS ARE CALCULATED ON A 30 DAY BASIS, leap year or no leap year! Talk to a bank they will tell you the same!