All Forum Posts by: Kimberly Rice

Yes thank you. I really feel that everything I need is here. I am excited to learn and start using the information provided. 

Hello all! I am somewhat new to real estate investing...currently have two properties, one rental in SC, and the other in DC, w basement rental. I've always wanted to do more in real estate but fear and lack of resources pretty much kept me on the side lines. Today, I have resources available and I am gradually stepping out of the fear factor. Recently I attended a few real estate investment classes that taught me a ton of really great stuff. Yes there was a huge price tag associated with it and I am proud to say that I did not join. I realized that the info is available for free and educating myself is the first step. So here I am attempting to connect w like minds to learn more. I plan to resign from my current redundant job- w an excellent salary, in 5 years or less. Thanks in advance for all of the awesome post and success stories-I look forward to returning the favor in the near future.

Lol thank you so much for your response. I do know the answer to the question and you two confirmed what I already know I need to do. Thank you. There is no room for profit.

Hello all, so here is the deal; Bank owned property listed at 153k After seeing, I offered 155k plus closing (7k) which brought my offer to 162,500k. Still not too bad but possibly too high for bank owned. I elected to have this property rehabbed under 203k program as it qualified. I had some great ideas. Comps for the area were 221k on the low and 255k on high side but that's about it. Nothing higher than 255k. I figured if I could go for a full 203k but keep cost at 60k or below, I could still get a possible 12 percent profit out of the deal selling at 255k. ARV is 222,500. But After 203k I would have to invest an additional 20k in house for deck and second bathroom to possibly sell at high value, 255k. Problem is I would spend a total of approximately 245k after 203k, and additional 20k for deck and bathroom- which doesn't really seem like a great deal. I would have to sell really high just to get a profit. Please share your thoughts. I want this to work but the numbers keep haunting me and encouraging me to pull out. I am interested to hear responses. Thanks in advance!!!

Thank you both for the warm welcome.  I am looking forward to the journey.

Thanks for the replays, lots to think about and consider.

Ok. So Matt is there any way around this or do you just move forward with hopes the mort company doesn't call the loan due? What about the umbrella policy as an alternative?

Asset protection.

Thank you for the response. Awesome. They also mentioned that a trust would then own the LLC or S-Corp. Larry H thanks for the details. At this point, I too have conventional loans and my next quest involved if anyone had transferred the titles to the LLC, so thanks for that bit. Also, Steve V., can you re-phrase- for my benefit as well. Thanks guys, I really appreciate it.

I recently attended a real estate investment class and was advised to never purchase real estate in my name but form an LLC or S-Corp And use this to purchase instead. Does anyone else follow this advice?