All Forum Posts by: Murphy Kling

Probably a combination of both? Is that a problem?

 Can you elaborate? Looking for my best options. 

Looking at making my first REI move. I currently have a HELOC on my primary residence, with most of that money tied up into paying off debt (will be 100% available next year some time). I also have a 401k that I'm considering rolling over into a SDIRA to use for investing. I have setup a LLC with the S corp election. Using that SDIRA, I see my self doing a 1 or 2 hard/private money loans on either flip, or multifamily rental. After that, hoping to grow a multifamily rental business.

Does anyone have any suggestions on what I think I want to do, or what I should do differently? 

I don't think this needs to be my first move, but, In the near future, I want to move out of my current primary residence (my first home) and turn it into a rental. I need more space and seems like it would be easy to do as long as I'm able to purchase that second home / new primary residence.

Wasn't able to find enough comps for what real estate sites are calling a 5 bedroom 3 bath house, but between square footage and bathrooms and 4 or 5 bedrooms. i suspect the ARV to be over $350,000

I know, personally, a family that is divorcing. The husband informed me that they will probably short sale the property. When he told me about the divorce and the house was brought up, he said they expect to do a short sale and are expecting around $260,000 for it but he actually hasn't done the footwork to figure  out the real number yet. The house has a potential value of $320 + per Zillow. I still need to do my own comps on it. It's a great rental property as is. They had renters in it while they lived in Florida for a couple years, then moved back. It's a 2 story house on a corner lot, 2,600 sf, 4 bd + loft + guest br/office/ 3 bth. Inside it seems like the only thing it needs is paint. Outside, the husband, who is a friend of mine, had been getting some estimates on replacing the patio concrete & bricks / built in bbq as the patio was in disrepair. The estimate he had accepted for it prior to the divorce was $25,000 if I recall correctly. What would the best action I could take as an investor to get my hands on this property? I do know that I would need help from some private lenders. Note: they have not started the process yet for selling it.

Thanks for the info guys!

I decided to go through a CPA

I've got my LLC created (picking up paperwork next week) and am about to go through the process of speaking to a motivated seller. If I decide that I want to do a walk through prior to that first offer, should I take a contractor with me? Or should I just partner up with an experienced wholesaler to do the walk-through with me?

Trying to watch the second video in the series, and it displays like it's played half of the video, but I can't click on it to actually play (from the beginning or any other part. The first video still plays fine. Please advise. I couldn't find a "website feedback" forum of any kind. Figured this is the next best forum to post this in.

Thanks

Murphy