All Forum Posts by: Price Kenney

Where on BP do I post about a deal I know of?

@Kirk R. Noted. Any suggestions for other ways to realize this value?

@Kirk R.

New to this country, and new to RE. A seller has a house that he owes $100k on. The house is appraised at $130k. Can I (the buyer) legally and ethically negotiate a deal where I buy the property with a bank loan for $130k (the confirmed appraised value) and the seller then refunds me the extra $30k? So he walks away with his true asking price, and I realize an extra $30k in value.

I’m looking at a big old house that was split up into a 4plex (4 x 1 bedroom units) decades ago. It’s near the city college and would be great for student rental. But something about having only students in what is really “one house” kinda seems like a recipe for disaster. Any thoughts??

There are three 4 plexes available near me. Units rent for $475 / mo. Each building is asking $120k. Think it’s a good investment?

In the state of Missouri, when you buy a property that is leased how much notice do you have to give the tenants to move out? Or do you have to wait out the lease term. Does whether or not it is “housing” make a difference?

Thanks

I'm an investor from Canada researching options for flips. My understanding so far is that a C-Corp is preferable to an LLC for a Canadian as the CRA doesn't recognize LLCs the same as the IRS and you'll end up being double taxed. With a C-Corp, however, there is a tax treaty that eliminates this problem.

My question then is “If you’re preference is to register a new entity for each deal, wouldn’t it be crazy to register C-Corp after C-Corp as you do deal after deal?”

@Charles Mitchell I think I’m getting it... So strictly from a theoretical standpoint (ie not real numbers/rates)... If I put 10k down on a 100k house I own 10% of that house. If, however, the value of that house goes up to, say, 150k then are you saying I now own 10% of a 150k house (= to 15k), rather than just the initial 10k that I put down? If so, then I see how one could “cash out” in such a case wand put 5k in their pocket. Or am I still not getting it...?

Can someone please explain to me how refinancing allows one to “cash out” on a property? Having not yet owned my own home (and therefore having never had a mortgage) for some reason I can’t wrap my head around the value/benefit of refinancing. Thanks!