All Forum Posts by: Kevin L.

A question for experienced house flipper, 

Do you use LLC to flip house, or just use your own identity to do it? And why?

Thank you very much for sharing!

thank you!

Settled last week. Previous owner is no longer live in the house. However, there are some stuff left in the house as I can see from the window. Here are my questions if you can help, (State: Virginia)

1) I have the deed now. Can I legally change the lock? (I don't have the key, seems I have to drill the lock out and put my own in).

2) How to deal with the stuff the previous owner left behind? I know that I have to be cautious about removing them. Is there a way to put a notice somewhere (like at front door) to give previous owner notice to removed it within certain period of time, or they will be trashed?

Thank you very much for your help!

Hi, just want to clarify that the entire proceeding from the sale will be held, not just the "gain", correct?

A simple example, if I bought a rehab for 300K, spent $45K fixing it up and sold for 400K. The entire 400K will be held by QI, not $100K, and not $55K either.

Is that correct?

Thank you for answering!

I purchased a bank owned property and will settle in a few weeks. Its a condo in a building, therefore, I can not see from its window if anyone still lives in there. Listing agent does not have access information, neither does bank.

I'm wondering what I should do after settlement. I will knock on door first for sure, but If no one opens the door, should I get a drill to get the lock removed and get door opened? LOL, never thought I would do that.

If there is someone living in there, I will follow eviction process.

My question is, after settlement, can I drill the door open since bank does not even have the key to pass to me.

Thank you for everyone's input, really appreciate it.

Haven't read every post, but here is my thoughts.

I devide monthly rent by house price (in thousands), example, a 300k house with 2000 rent, its 2000/300=0.67.

If you get <0.55, its unlikely generate positive cash flow, i.e. not great investment.

If you get <0.6-0.65, its an "OK" investment property, very likely, no cash flow, but no cash in to maintain the mortgage either.

If you get >0.7, its a good investment property.

Any number in between, are all case by case.

Certainly, those numbers are not bible, every house / community is different, but when I do CMA on rent/house for the same community, DOMP, ... ... I get a good idea if this will make a good investment property.

In Virginia, the maximum deposit a landlord can take is two month rent.

I have a lady recently went through a messy divorce with bad credit who is interested in my property. She told me upfront that she has bad credit and their house went foreclosure. She is offering to put down 3 month rent as deposit.

I am a big believer that people deserves a second chance. Certainly, I am also worried her ability to pay the rent. Therefore, 3 month as deposit is something I want take.

My question is that is there a legal way to take the three month deposit? or as a different name or something?

Thank you!

Great post!!! Can't thank enough! :)

I saw a lot rental listing has this "deductible" thing, I'm wondering if how many of you do that? It sure increases landlord's security, but on the other hand, it is also a distance you setup between you and tenant. Its a delimma. Just curious how you would handle it, case by case?