All Forum Posts by: Mark Holencik

 You lead a rather sheltered life if you never seen painted floors. Some I stencil a design in the corners, really makes them stand out.  

I would put in vinyl flooring and paint the kitchen cabinets and walls. If she wants carpets the family can buy area rugs. 

I paint all my floors.  The houses I buy have 1x4 tounge and groove floors. Vinyl tile in kitchens and bathrooms. 

I am in an LLC with a partner. He is providing the money.

We buy a home and he provides a mortgage to the LLC for buying the home and the improvements. The LLC will give him 2% over a bank's rate.

We then rent the home out. When we use all his available money, we will refinance in order keep moving forward. 

This will give us time to show the property has curb appeal and a rental history. You may not be able to grow as fast in the beginning, but it will work.

 Spackle the grooves and it will look like drywall. I paint paneling all the time.  I will spackle as many walls as time allows.

I bought one with a similar situation. We signed a 17 year agreement of sale. There was 17 years left on the mortgage. I made payments directly to the bank.

Why would you want that house?

Cash, you have almost no paperwork.

Cash, you have almost no paperwork.

Cash, you can close faster. This allows you to make better deals. People will take less money knowing you will close in 3 weeks instead of months. 

The bank can not ask you questions treating you like a criminal. 

This just happened to me and I was not the one getting the mortgage. My son was getting a mortgage. I had gifted him some money this year. Gifting him this money was the legal way to give him this money. Totally unrelated to him building his house. He also works for me. The bank had to make sure that I was not laundrying money. Tax returns and pay stubs was not enough. We had to prove that he came to work everyday. The lady that answers the phones for me had to sign the document, since she was the only one that did not have my last name. The bank knew she answered the phones. 

This may be an extreme example. The rest of the questions and duplicating of answers can be just as ridiculous.

If the home is listed thru an agent, I use my agent/property manager. 

First, I give him another source of income, that is not as much work as anyone else. Because, I do not need inspections, he does not need to explain most things... He will suggest a price to offer. This has saved me money. This easy work puts him in my corner. 

My agent brings me deals when he thinks I would be interested in them. Some he does the paperwork, sometimes I do the paperwork. If I do the paperwork, I give him a finder's fee.

I find most of my deals off market. Here it is to my advantage to not use an agent. I have it right in my sales agreement that there will be no agent's fees paid by me.

Do not trust Zillow estimates on value.

I would not buy the home. I would redo the basement for your mother-in-law. Move her in there. Remodel the upstairs for yourselves. Take over payments at this time. Your mother-in-law lives for free. The will states that you and your wife get the home when she dies. A trust can be set up if there are other siblings. 

Sell or rent your currant home.

$2,500 to get over procrastination is cheap. Plus all the calls you are getting the investment was a good one.