All Forum Posts by: Kevin Glover

@Ryan Swan Thanks for the reply! I talked to an electrician yesterday and he quoted me $2,500 for the panel upgrade, which included the permit costs so that seems right in line with what you said. I understand that you're not an electrician but he also said that the whole house would need to be rewired to upgrade every outlet to grounded. Does that sound fairly accurate?  Also, do you think I'd run into any issues with financing if the property doesn't have grounded outlets?

Hello BiggerPockets!

I have my first house under contract that will also serve as my first investment property seeing as how it has a guest house that I'll be able to live in while renting out the main house (aka house hacking)

I just had the property inspection done today and there are certainly some electrical issues that need to be resolved. First, the propriety only has a 100 amp breaker, which is definitely not enough, especially with the addition. Second, not all of the outlets are grounded and finally, the main line coming from the power company is nearly touching the roof. The inspector recommended I have a few electricians come out to give bids for the necessary repairs. Seeing as this is my first property, I don't have any electricians so I figured I'd turn to BP to get recommendations for electricians in the Phoenix area who have worked with investors before. Any help would be greatly appreciated!

Thanks in advance.

Hello All,

Last year during the tax lien auction I won a certificate that I want to repurchase this year but I'm unfamiliar with how to do so. I rebid on the same tax lien for this year's auction at the same rate. Is this all I need to do to ensure that I secure the lien for another year?

Thanks in advance! 

It's so beneficial having a place to turn to when you have questions in an unfamiliar market! I am a licensed real estate agent in AZ, but I am helping family members sell a house in probate in Michigan. 

As I said, I'm very unfamiliar with the Detroit/Southfield market, would any agents be willing to run comps on a property for me?

Any help would be much appreciated!

Hello all, 

I'm in a situation and need some BP help. Last December, my grandmother passed away without a will. Her estate has gone into probate and we are ready to get the affairs wrapped up so we can get some closure. 

We've received letters from wholesalers and Realtors alike but would prefer to help someone within the BP community. Would anyone be interested in purchasing a wholesale deal in Southfield, Michigan. We are looking to close quickly! 

If you are interested, feel free to send me a message and I'll send you all of the information I have. 

I guess client wouldn't be the correct term. I am an agent but I am trying to find a creative way to acquire this property as an investment for myself rather than list it. 

I have a client with a property that is paid-off. They recently renovated the place and it is now sitting vacant until they sell it. The home is not on the market and the seller wants fair market value for it. I already tried the idea of seller financing, however, that was a no-go. What ideas do you have for ways that I can make a profitable deal for everyone involved? 

One more key point, the seller needs to have all of their money out of the deal in 12 months or less. 

I am looking to purchase two properties in the Phoenix area. Both are in the same subdivision and one would be a rental while the other would become my primary residence. For liability purposes, I would like to hold both properties in a corporation. Now, I know that with your primary residence, any equity (up to $250,000 if single) is yours tax-free if you've lived in the home for two of the last five years as your primary residence. Would I still be able to take advantage of this tax benefit if I held my primary residence in an LLC?

@Jon Holdman So, in my situation where I would be looking to live in the property to offset living expenses and build my portfolio, what would you suggest as a viable option?

@Logan Drew That is excellent advice, thank you! I'm going to sit down with a mortgage broker and see where I'm at and where I need to be in order to get out of the HML.

The reason a traditional loan is not an option (at least at this point) is due to credit and income. I don't think I would be able to qualify based on those two factors, although I haven't spoken with a mortgage banker.