All Forum Posts by: Thomas Price

Terry H. I simply just signed up and paid. I will have to be under a broker to get my license though. You can't just freelance it. there are yearly fees involved. I would suggest contacting a local RE Attorney and even a local broker to get full info on what you should do. Most professionals are more than willing to give you info and guide you. At least in my experiences. Again, I'm not the "Know All" as I am new at this myself. I am only relaying what I have taken in so far. And I agree with John Moore, I have done a lot of researching on the tax issue and there is alot to cover. I still think you should check out those two books I suggested. They both cover alot of the aspects. Also, contact and make friends with your local Tax Claim Bureau representatives. They are your source for the whole thing. I walked in and met our director while everyone else was on lunch and we talked for 45 mins and at that time I had no idea what I was talking about, but now we are on email terms and I get all kinds of info.

Hi Terry H. I am a Pa REI. Although I have only been doing this for about 6 months, I have done extensive research on all kinds of topics. Some things I can answer for you, some I'm not sure about yet. So here we go

1)Welcome to BP and the world of REI

2)To be an investor in Pa you do not need a RE license. However, Depending on which area of investing you are looking to go into, it may or may not be helpful. I am doing a couple of different strategies so for what I am doing it would be a huge advantage for me, hence, I am currently in an online course to do so. Which BTW, is approved for the Commonwealth. I like do at your own pace stuff because classrooms just slow me down.

3)Again this question would have to be answered by what type of investing you are looking to do and how much protection you need for yourself. Again, our business is set up as an LLC because that works for us. I would not make that decision lightly. Contact a local RE attorney. You will want to have one as part of your power team anyways so why not just get that one taken care of. Our LLC cost $1,100.

4) Pa is a deed state. However, with you being in reading, You might want to look at Maryland for tax liens if you are interested in that. When we first decided to plunge into REI we were first looking at tax issue properties and that's how I found that out. We will still use it as a strategy, just with a twist. If you are going that route I have 2 book suggestions: The 16% Solution by Joel Moskowitz and The Deedgrabber by Richard Dawson. Both books have valuable information on Tax properties although I'm not following them to the letter. I believe in refining what I learn.

5) you didn't ask "What to do next" but I'll offer it anyways. Put a power team together. No one can do REI by themselves and some people think that asking for help is a sign of weakness. people though Ford was ignorant because he didn't have an education and therefore wasn't deserving of the fortune he acquired, but when he was questioned about things he had no idea about and then degraded because of it he simply answered " why should I waste time learning things other people already know when I can just push a button and have them come tell me the answer?" (from the book Think and Grow Rich by Napoleon Hill). Brilliant!!

Hope this helped in some way. Good Luck and be active!!

Hey All,

Quick question. I am doing analysis on a possible good deal. I can get for under $10k and arv is $70k +. It has asbestos siding which I was told by my inspector that we are ok if we either paint it or side over it. My question, without being charged an hourly fee from my atty, is what is my liability on not removing the siding? We will do full disclosure I'm just wondering about the likely hood this could come around again years down the road. Or am I just making too much of it?

Thanks in advance!!

Holli Fiorina www.biggerpockets.com/UBG

Holli Fiorina This is just my opinion, but if you are looking at something to live in now and rent out later I would look at a duplex or triplex. They are also available from Fannie plus you could start out investing small while the tenant pays for some of, if not all, the mortgage. Of course it's not all just berry picking. Read up and learn the in's and out's of being a small landlord and as always you'll get alot of advice on here to help you as you go. I would suggest reading the BP Ultimate Beginners Guide here on BP. It's not very long and is full of valuable info. I would post the link but I don't know how yet. maybe Brandon Turner could get it to you and also teach me how to post links ;O)

But that's just my 2 cents. Duplex your money and maybe even make a little by doing it if you find the right situation.

Danielle Prendergast whether you do it as a homeowner or an investor you should check out the lenders on homepath and see what rate they can give you.

On the homepath site you need to look under the "financing" tab and look for all the lenders in the state you are purchasing the home. You can then check their websites and see what they are offering on homepath homes. I would have done this before an offer was ever made. Prequalification is always fore front in my dealings.

I have a mortgage broker but his lenders can only get me 20% down loans so when I am looking at homepath I use the lenders listed on their site. I was able to find one that does 10% down and a decent APR. My broker is cool with it too because I'll still use him for other deals outside homepath.

Hope this helps.

Terry P. I just started classes to get my RE License and after a lot of research and my busy schedule I found an online school that does it. It's called Career Web School (www.careerwebschool.com). It cost me $351 for the PA course that is also 60 hours and exam prep and the structure of the lessons is forcing me to learn everything. You can't move on to the next lesson until you get 100% correct. I am not a spokesperson, just a user but I think it was a golden find for me. Hope this helps.

Thanks Shari Peterson. I wouldn't even have come close to answering it like that, LOL!! :o)

I'm in no way an Attorney, however, I would say yes. An LLC, if you are setting investing up as a business, is there to protect you and your personal assets. If you just go out and do transactions under your own name you are responsible and vulnerable to suit if something were to happen. You could lose everything you own. Where as an LLC is responsible for itself and therefore your private life is protected.

that's my understanding and why I got one. Hope this helps

Looking for a little advice and ideas. Since none of you are around me and there is therefore no competition I was looking to see if any of you would be willing to throw me some ideas or samples of yellow letters, white letters, advertising's for craigslist, FB, etc, and any other marketing techniques?

One more thing, anyone ever use a billboard and was it worth it?

Thanks in advance.