All Forum Posts by: Joshua Frost

@Mike Cumbie  I don't even feel that's what the laws big impact is on or pertaining to.  I've never charged an application fee.  My point is the law requiring the landlord to take the first qualified applicant rather than the best qualified of ALL applicant's.  Why would any reasonable business person reduce his chance of success by not looking at all applicants and choosing the best qualified based on a fair set of standards.  

I disagree.  Being a landlord is akin to running a business.  It's mentioned here many times that it should be approached in that manner from the very beginning in order to improve success.  In operating like a business, why would a landlord be penalized for attempting to choose the best qualified applicant out of all applied applicants just as a business selects their employees?  

I've read this entire thread. Four pages now and I've learned a ton.  A lot of people here became offended when I saw no reason to.  As a beginner real estate investor new here on BP, I learned a lot of different perspectives on wholesaling in this one thread.  I feel that's why we're here. Some to learn and some to give back their knowledge.  If we constantly chastise those who we feel are being "negative" when maybe they're just giving their perspective, and they quit commenting, how are we ever going to learn.  I feel @Jay Hinrichs comments were warranted because they tell us new comers to the industry what not to do.  My take away is, if you're upfront and honest in your intentions during all transactions (not hidden somewhere in the contract) we should be good to go.  If this doesn't apply to you as an honest wholesaler, it shouldn't bother you.

@Justin Stamper

ahh man...you're killing me, lol.  Yea, I feel like the banks realize Orange and Seminole are really good counties so they're only taking what they're owed, or close to market value for their listings.  I mean I hope investors aren't paying these prices....

thanks for the input

@Chad U.  @Mike Kohan

   Thanks for the advice. I really appreciate it. All very great points to consider that I wasn't thinking of.  josh

@Allen Fletcher   Awesome~!  That makes more sense. Thanks again.

Joshua

Hello everyone,

My question is can you really get foreclosure properties using the 70% rule? It seems this would be an extremely low ball offer. Specifically REO properties that have been on the market a long time. Do banks really entertain these offers? For example, I have a 3/2 2-story 1800 sq ft property I'm looking at and Zillow has it's foreclosure estimate at 175k, so at 70% that's 122,500 minus my expected rehab costs of 40k and I'm down to an 82k offer. Am I doing this right? Do banks really entertain this?

Thanks for any assistance.  I'm in the central FL area for those who are familiar with this market.

@Ryan Jang Thanks for the info. Also, does each property require it's own LLC? If so, how do you typically go about choosing a name for each LLC? Do you just use the address? Or does it not really matter, any name I choose to help differentiate each property.

Thanks again,

Joshua Frost

I'm interested in the same question but I have started. I have four rental properties and want to continue to progress and purchase more as the opportunities present themselves. At what point should one begin to consider an LLC or other alternative to limit their tax liability. Last year, I had one property missed two months rent, we didn't renew and then it was vacant for another two months. During this time we put about 10k in improvements into the place and come tax time I'm told I earn too much to qualify to deduct my expenses. WTH. I'd never heard of this before as I've made the same income for the past 6 yrs. Luckily, my wife has her real estate license so we able to use the expenses under her as part time management work. I'm just trying to find out if there's a better more efficient way to be performing this as a business tax wise. Thanks