All Forum Posts by: Ned Carey

If we limit section 8 to 2 years who would accept that? Rentals that turn over every 2 years are not viable. I rent to section 8, by an large have good tenants and they stay 5+ years

This goes to @James Wise and @Jay Hinrichs point, We could see hosing chaos, and the politicians won't allow it for long. 

@Eli Shannon I live in Baltimore from one side of the city to another is an hour sometimes. I think an hour and a half is a reasonable distance. 

I am generally against long distance investing, like out of state. The reason is it increases both your risk and your cost. The investors who get the best deals are the ones that know their market the best.  An hour and 1/2 is close enough you can drive there and learn the market. 

An important consideration is which is the better investment. If better deals, meaning belter return on investment, are available 1 1/2 hours away go for it. If closer deals cost more but are a belter return on investment then stay closer. 

@Suhaib Rehman  you wrote  
            "Why do such a small percentage of HELOCs or equity loans go toward investments, businesses, or growing assets like real estate?"

Because most people do not know how to manage money very well. 

@Stan J. You want simplicity (no LLC) but you also want privacy. To some extent they are mutually opposed goals. A trust itself is by no means simple.

Consider sending the trust document with the beneficiary blacked out. If you are the trustee then you name is going to be on legal documents that need signing. So for privacy, someone else as trustee may be the right choice. 

That said I think it is silly to expect privacy these days. You are in business. Why would a business person want privacy? Would apple be where it is today if no one heard of Steve Jobs? You are going to be dealing with all kinds of people in business; contractors tenants, property managers, various government agencies that regulate rentals, etc.. How do you expect to keep ownership a secret?

I would go with the better deal. A poor deal on a 16 unit is not as good as a great deal on a 4 unit and vice versa. 

you wrote:          "My intuition and data so far indicates that scale matters- the more the number of units, the more you get economies of scale."

"Economies of scale" is just BS passed on by Gurus. The economies of scale get priced into the market. 

@Philip Walsh welcome to BP and congratulations on your first deal. 

@Shlomo Rozen If you don't have the time for a flip why do you thing you have the time for a BRRRR? They both require renovation. A BRRRR also requires learning about what it takes to mange a property.

From your post, it sounds like you are new at this. Why would he invest with you if you don't have experience or time?  

AN attorney can help you with a partnership agreement or crating an LLC and operating agreement. Either of which should have an exit plan.

@Account Closed's post immediately above

It appears you got the deed, without going through a title company or doing a title search. This would be the second step.  The first step is a contract crafted to protect you and outline the responsibilities of both buyer and seller and describe the condition of the title you are acquiring. Getting the deed is the third step. 

Are you aware that there could be many debts tied to the property other than the mortgage or that even show up in the land records? There could be a second mortgage, judgements, property tax liens, IRS liens, state tax liens and other miscellaneous liens. Also the owner could be in Bankruptcy. Just because the seller didn't tell you about these does not mean they are not there. 

Who created the deed? What kind of deed is it? is it even legal? All of these things could be very serious issues for both you and the seller. They could also prevent you from wholesaling the property.

I'm curious where you learned to do a "subject to" deal. Whoever taught you left out a lot of important information. Good luck

@Account Closed so you got a deed but didn't do a settlement and get title insurance? Do you even know what other debts might be attached to the property?  

Why haven't you brought the mortgage current if you are planning to hold for the long run?

@Tajana Reagan no I have never done a house hack. I was going to rent out a room in my first house but never got around to it.