All Forum Posts by: Justin Walters

Thank you for your time in reviewing my post/question.  We recently purchased a property that we intend to fix and flip.  The question I am a little unsure of is the insurance.  The General Contractor has provided us with his insurance and it is enough to cover the property in the event something is his fault.  I have also called insurance companies like State Farm, etc and most have indicated that will not carry a property that is being renovated (which was a surprise to me).  With that, I am looking for suggestions on the right way to do this.  This was a cash purchase so obviously, I need to cover the investment during the three months we expect the Reno to take.  Thanks again!

Looking to network with PM's in the area of Midwest City and OKC as a whole. I have spoken with some but to be honest....some seemed too...overwhelming with all of the in's and out's of their requirements and contracts. Maybe I have the wrong expectations but just trying to find the right one(s) that will work for our little LLC.

 @Tom Gimer I really appreciate your help but I am still slightly confused.  According to your previous statement, cash closings are exempt from State Recordation Tax.  So with that in mind, will the closing be State Transfer Tax of $1,750, State Recordation Tax of $0, County Transfer tax $1,750 and Recording fee $60?

@Tom Gimer purchase price is $350k

 Thanks @Tom Gimer. What I am looking for is the actual numbers.  How much as a buyer will I have for closing costs since this is an all cash purchase?  I know the majority of those costs come from title insurance but just trying to build it into my spreadsheet.

Make our first all cash purchase in Maryland and trying to calculate buyers closing cost.  I have done some research but keep finding calculators only if using mortgages.  Property is in Charles County.  Thank you in advance.

Thanks Scott for the feedback but it does lead me to my next question, not all lenders allow you to put a property solely in the name of an LLC. So are you saying it only works for investors that outright own their properties and/or only work with lenders that allow it?

Hoping I can get some thoughts or clarification on the best route or if there is a difference in placing a property under an LLC (meaning doing the quit claim deed and putting the name solely under an LLC name) or simply leaving the property in my name and simply passing everything through the LLC (meaning all rent payments are made to the LLC and house payments made from the LLC account). This is for a long term rental property.

Hello and thank you in advance to taking the time to read and reply.

I am originally from SE OK and looking to invest in the OKC area (focusing in on Mustang, Yukon, on the West side and Choctaw, Harrah on the East).  I am currently looking at a 3/2, 1300 sqft property in Yukon and looking to offer $150k and was hoping for some feedback on expected rental prices and appreciation potential.  Looking on Zillow, I am seeing some rentals that look like they have been on there for a few weeks in the $1300-$1500 price range which is the ranges I was expecting for the property we are considering.  Any feedback on experiences and expectations will be greatly appreciated.

We have circled back and are now looking in the Toledo area again for multi-family units.  However, our question is, how did the property owner fair in Toledo during COVID?  Just wondering if everyone actually got paid their rent or if there were a lot that did not and had their hands tied and were not able to evict?

Thank you for your time.

Justin