All Forum Posts by: Kelly Asmus

@Aaron Shade and @Charles Carillo

Agree with Charles about the mortgage, specifically because if you purchase it yourself and not in your LLC and then quitclaim deed it to your LLC your lender could possibly call the note and demand full repayment, which is not what you want to happen. I don't see it happen often, but it has and we're in a tricky market right now and everyone is trying to avoid risk. You need to have a solid team - lender, agent, attorney behind you and explain to everyone what your goal is so they can help you find the best way to accomplish. Buying owner occupied MF is a fantastic way to build wealth and you are smart making sure you're protecting it. Good luck!

The STR business is competitive. Investors are jumping in all the time. I'd personally try to monetize it. Collect "sightings" info from past guests, it's not a marketing ploy if you have actual reviews of things happening. Try and find some history of what happened in the area. Your STR is a business, first and foremost, if marketing it as having ghosts helps drive income, I'm all for it.

They are hard to find. I've had one for about 10 years on a rental property and it costs me $100 a year to keep the line open. I'm here in the Pacific Northwest and I use First Tech Credit Union. 855-855-8805. www.firsttechfed.com.

I am a real estate broker in Oregon and Washington. We have an urban growth boundary - its intent is to preserve valuable farmland, prevent sprawl and focus development into denser areas. This imaginary boundary is reviewed on a regular basis and expanded at times. So yes, I have clients who "speculate" on which parcels and areas might be brought into the boundary in the future - some on 5 and 10 year land banks. Investing in land is a very long term play, at least in our market. If they choose well, huge upswing if their parcel is eventually brought in. 

I am a broker - will put that out there right in front- in this market pricing is changing dynamically. When I work with a seller and give them listing comps, I pull new comps the day before I list it because pricing is ever changing. Some homes are going for $60-$100k over list price, so by not listing you could be missing out on that upside of this low inventory, ultra competitive market. You might also be missing out on terms that buyers are offering to net a sale. My last listing had multiple offers, appraisal gap language - meaning the buyer would bring money to the table if the appraisal didn't come back at value, PLUS many buyers are offering to waive inspections and release non-refundable earnest money prior to close. Those are all benefits to you as the seller. You only get those by putting the listing out there and allowing buyers to compete for it.

The other thing to importantly keep in mind as the seller, you are required to disclose certain information. Not doing so puts you in potentially liability. If you get sued, you are on your own. Using a realtor, the realtors insurance takes the hit, not you personally. The realtors job is to act as your fiduciary, maximize your value and protect you from litigation. 

Happy to discuss with you. 

I own rental property and regularly get direct mail from investors who want to buy it. I also represent land sellers who get letters multiple times a year and they regularly save them. When they eventually (sometimes years later) get ready to sell, they pull them out and sometimes call on them. It's a slow drip process, but does work.

I along with many others on this post also use Rentometer.com. I find it valuable and current. Clients really like it too.

Is there a spot where we can get slides from the presenters? I am especially interested in Brian Beaulieus. Many of the presenters thought their presentations would be available on the BP site???