All Forum Posts by: Kelly B.

So here is a twist, asset protection. As we get bigger & have more asset, where does getting loans in your own name vs in an entity, such as an LLC, come into play? After, perhaps 4, should we be using entities anyways???

Is it too late to go back to the seller for a concession?  Also consider your exit strategy (now that you know about it, you will need to disclose it to the next buyer, who will be paying for it?  YOU).

No, you just need to make offers that make the deal work for you, let the lawyers/title co do their job.  However, in talking to the seller, your job is to assess their motivation and some details of their situation will come to light.

Bill, it sounds like you've got a bit of learning to do and you've come to the right site.  I encourage you to read up on wholesaling here, become a sponge.  It will all come together soon & make sense.

I think it will need to be made liveable to get HELOC & you would have seasoning issues. Hard money may be your answer then refi in a year? OR, wholesale the deal and earn some down payment for your own housing needs.

Thats why you have lawyers or title companies checking to make sure that the title to the property is clear to the new owner, ie., no mortgages or liens against the property or judgments (back taxes, special assessments, unpaid water bills) either.  That all gets paid at closing and whatever is left, the seller gets.  Sometimes they actually have to pay these with money out of pocket because more was owed that what they sold for.

Try a FHA 203(k) loan. It is designed to purchase a home that is in need of repairs.

Wow, that's a new one.  Re-read whatever you signed but I think you'll be fine.  I'm thinking you could take her to court!  If you do end up in front of a judge, make darn sure you have not been evicted and bring copies of that credit check to prove it.

You are now running a business, call an insurance co. & ask because you are not covered now.  When you get a quote, then check with your own insurance co. & ask hypothetical questions and get a quote because they may drop you immediately.  Then purchase the correct insurance so your ASSets are covered.

http://www.nolo.com/legal-encyclopedia/insurance-q...

Check out link above from NOLO.

How to select the right property/location.

How to 'harden' your rental (great thread here on BP).

How to select/screen for tenants.

How to manage tenants.

Find great contractors.

How to keep tenants.

How to minimize vacancy during turnover.

Know the landlord/tenant laws!

Find a good eviction lawyer if you're not doing your own.

What's your exit strategy when you no longer want to be a landlord.

I agree with Mark!  Also, there is a great thread here on BP on how to harden your rentals (in other words, make them more durable, less prone to needing fixing/maintenance, etc), read the threads about property management, and buy those properties right.

I think you'll do well.