All Forum Posts by: Jeff Lee

Could someone recommend a reputable home inspector for the Shreveport and Bossier City area? The home is a foreclosure.

@Michael Faulk 

3. Please list your suggestions

4. Yes, but again please list your suggestions.

5. No.

6. Buy, fix (only needs foundation work for the most part), rent out.

Yes, it is verbal thus far.

You mentioned a local title company will help. Will I have to go to any other location for anything else or will this location be a "one stop shop" to finish up business related to closing costs?

I'm a bit ignorant when it comes to closing costs. I've made a 100% cash offer on a home and I'm not sure how to proceed.

1. What items are there?

2. Where/Who can I obtain what is required?

3. Can I pick the company for, say, the title insurance? Or does the seller dictate? 

4. Can I choose/ask the seller to split costs with me? Is there any traditional way of who pays or is it on the buyer?

Please provide any relevant info.

As a buyer, what costs would be incurred if I were to buy a piece of property with 100% cash? (I could finance, but I want to avoid closing costs, interest, etc..)

If I do purchase with cash, what costs will the seller have to pay other than commission costs?

Origination Fees

1. Are mortgage points and origination fees the same thing? (Good Faith Estimate)

2. If so, what is the typical percentage charged for a loan between $50-75k?

3. Is there any way for me to get (i.e., negotiate) a lower point amount?

4. If so, will the bank stick the cost somewhere else to make up for their loss?

5. If so, where or what will they increase?

6. Are there any other upfront fees?

I'm typing up a list of questions. There's gonna be a lot. I hope I don't scare off anyone.

@Michael Faulk How long do you think rehab on the Murphy house would take? I wouldn't want to my first rent house to take a medium-long time to get up and running.

@Jeff M. @Michael Faulk Sounds good, I should be able to make it.

Based on all of the feedback, I think the 15 year loan would be the best choice.

New questions:

#5. Would a single member LLC be the best entity for me and my goal (to acquire homes and turn them into rent houses)? I've read that profits from the company passes onto me like regular income and the business itself pays no taxes. Sounds pretty simple.

#6. Should I look into hiring a CPA or is it possible to read up on tax-related information (e.g., deductions), use Google, and wing it? Maybe a combination of using a CPA for a year or so and then flying solo?