All Forum Posts by: Mark S.

@Damarius Gilbert well, I am an investor and not a broker/agent and I am not a fan of unlicensed wholesalers - so not EVERYONE who has an issue with them is. My exposure to unlicensed wholesalers has been negative. To licensed agents wholesaling a property, positive.

@Matt Hudson I have purchased and remodeled 6 houses over the past couple years and every one of them has had unexpected costs. Have learned to always build in a cushion in the reno budget. It’s just really difficult to catch everything when you inspect a place. Or you don’t build in a cushion and then if something unexpected comes up you just decide what has to give from your original budget.

@Josh C. I don’t necessarily agree. The difference in price would need to be meaningful enough to make up for the financing risk of not going with the cash buyer. Right now in the Minneapolis area 12% of purchase agreements are failing to complete (although not always due to financing). For example, I have a house on the market that I would need to probably get at least $5k more for from a non-cash buyer over cash. But that is me...

@Tim Desselles Same situation for me. No seasoning for commercial loans.

@Brie Schmidt Not exactly correct. The annual gift tax exclusion is $15,000, which means if you gift someone more than than in a year you have to file a gift tax return. But you don’t pay any taxes until you exceed the lifetime limit of $11.4 million.

@Josh C. What he said! For example, I called the demo guy I normally use about helping on another project and he told me he is booked well into next year and turning down work almost daily. This is a guy who was in trucking, started to do demo on the side after buying some equipment and now can’t even keep up with the demand. Which, of course, provides him with the income he needs to continue to invest in his business and/or real estate. Good luck!!

@Nina Grayson Her initial post says she has an offer....

@Josiah Patrick Zebarth College is a terrific way to learn a lot of skills that can be applied in many ways - writing, speaking, critical thinking, math, economics, how the world we live in works (usually from a somewhat liberal perspective!)etc. But it is not for everyone. Based on what you shared and without knowing really anything about you, I think your comments on the trades would be worth digging into. In most markets, if you invest the time to learn one and get good at it you will never be short of work or income - and you will eventually make plenty of money to pursue real estate investing, and likely be better at it than if you didn’t know a trade.

@Nathan Marden I wouldn’t touch it myself, but I am very picky about exposure to that sort of thing. And if I wouldn’t want my own family in there I wouldn’t want anyone else’s either. Sometimes it is about more than the money to me. The unfortunate thing is that someone will end up in the unit, probably without it being remediated, and not know about it. Even though it is below 1.00 that would bother me.

@Chad C. Yes this is normal. Banks have to monitor their loan portfolios to insure they are and will continue to perform as expected. There is a lot of regulatory oversight by the Feds related to this. Knowing the financial status of their commercial customers is part of that.