All Forum Posts by: Account Closed

Hello,

I have a spreadsheet with the tax record info for over 500,000 properties in it.

My goal is to import the spreadsheet into a database that I can query for specific criteria- for instance- non owner occupied, value greater than, etc.

I would prefer to use a web based platform to do it so that I can download the property info that I query into a format that I can send to a company to do my mailers.

Any recommendations?

Thanks,

Mark

I was a computer guy and I was making really good money. I started buying rentals because the stock market is like a casino. Too much risk for the low rewards. I eventually got enough rentals that I didn't need to work a regular job anymore, so at the age of 42, I "retired" to spend my days managing my investment portfolio.

From my experience it is easier to get financing if residential properties are in your personal name. If the property is commercial or more than 4 residential units then it would be a commercial loan and LLCs have been just as easy to get loans for.

If you own 20 houses do you want to deal with 20 different LLCs and bank accounts?

If you take care of your properties and are properly insured you won't need the protection of an LLC, however, if you have an LLC and are negligent, a good attorney will be able to "pierce" the LLC and go after you personally anyway.

I spread my properties out because I have different goals with each of the separate businesses and I want some privacy. In Baltimore, where I live, there is a website that you can go to and if you type in a person's name you can see everything that they own in Baltimore.

Anyway, this really is a question of personal choice and you are probably going to get some people that have some strong opinions on this topic.

Good Luck.

People are funny. They will do anything to discourage you and then a few years from now after you have worked your *** off, done tons of research, put 50,000 miles on your car looking for deals and in the process actually created a fantastic business they will tell you that you are lucky! Ignore the naysayers!!!

I agree with Matthew. You just want to make sure that the agent that you are using is knowledgeable of the ways that some of us do business- like hard money, etc. It is also going to be easier for you to negotiate if you go through your own agent.

For me, my response to these types of situations have a lot of variables. Are they new tenants- then I would lean toward billing them. If they have been my tenants with few problems in the past 10 years I would probably eat it. If I don't like them- I lean toward billing them. For me this is a people business and I try to put people and the circumstances into consideration. I don't want to run my business like the IRS- only paying attention to the bottom line. My tenants are my customers and if they are good customers I want to work with them- not against them. Just my opinion.

Hello,

I live in the Baltimore area and own several rentals. The market here is amazing. We are typically picking them up and are all in for 50k- that is with all new plumbing, electric, HVAC, kitchen, etc and renting for 1200+ per month. If you can't make money here then you shouldn't be in the business. If you are in the area anytime let me know. I'd be happy to meet for lunch and show you around. I am currently renovating 2 and have another under contract.

Good luck!

A lot of things aren't up to code but you usually don't have to bring it up to code unless you do permitted work. A friend of mine recently bought an 18 unit apartment building with aluminum wiring. He got it insured.

Interesting article on the subject- http://en.wikipedia.org/wiki/Aluminum_wire

That probably won't be a deal breaker. There are receptacles (outlets) and switches that are designed to work with aluminum. Talk to some local investors and try to get a referral for an experienced electrician to take a look at it. (when I say experienced I mean someone with 25 years experience that has dealt with it before) I would also ask the current owner who he is insured with. Start by getting a quote from them. It might be a lot easier since they already know a lot about the house. If they will insure it then you can shop around with the peace of mind of knowing that you already have a company to do it.

Congrats and good luck!

Hi Matt.

If you run into a deal where you know there is "meat on the bone" but you aren't sure how to turn it into something that will work for everyone you might consider partnering up with another experienced and honorable wholesaler for that deal. You might not make as much money on it, but you could significantly shorten the learning curve- and who knows, the experienced partner may be able to get more out of the deal than you thought was there.