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All Forum Posts by: Remington Lyman

Remington Lyman has started 27 posts and replied 5186 times.

Post: Due Diligence on a wholesaler

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Carsten Mortensen:
Quote from @Remington Lyman:
Quote from @Carsten Mortensen:

I have bought all of my deals with an agent through the MLS. You see all the time that the best deals come off market, and wholesalers find the best deals. You also see a plethora of cautionary tales "Do your DD on a wholesaler" What does that mean to you, what are good questions to ask a wholesaler?


Make sure to hire an attorney to review both the A to B contract and the B to C contract. Additionally, you should request a Real Property Disclosure (RPD) and a Lead-Based Paint (LBP) disclosure from the seller. Keep in mind that if issues arise and you decide to sue someone, it may be more challenging to take legal action against the wholesaler and hold them accountable for their actions. Wholesalers typically do not carry Errors and Omissions (E/O) insurance, so even if the court rules in your favor, they might not have the financial means to compensate you.

Furthermore, ensure that a reputable title company handles the transaction, as some companies may cut corners. It's important to have your attorney review the title commitment, as I've seen "wholesaler-friendly" title companies include various items in the title exceptions that could cause problems later on.

 This seems like great advice. I am actually buying in the northeast Ohio market. If you have a referral for a good attorney and/or title company I'd love to get in touch with them.


 I will send you some referrals

Post: New to Real Estate, Interested in Wholesale

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Briant Rivera Arroyo:

Hello everyone, I'm relatively new to the Real Estate scene, I've done some research and have concluded I am interested in wholesale to begin my journey. I am trying to do this the right way, so with this post I inquire for advice on getting started. Anything helps, as I would like to expand my knowledge on Real Estate all together. I hope everyone is having a good day.

Best regards, Briant R.


Be cautious with wholesaling in real estate, as many wholesalers engage in unethical practices and cut corners. I recommend saving money to enroll in real estate licensing classes and to take the licensing exams. Some real estate brokerages may even cover the cost of your license classes.

Post: Due Diligence on a wholesaler

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Carsten Mortensen:

I have bought all of my deals with an agent through the MLS. You see all the time that the best deals come off market, and wholesalers find the best deals. You also see a plethora of cautionary tales "Do your DD on a wholesaler" What does that mean to you, what are good questions to ask a wholesaler?


Make sure to hire an attorney to review both the A to B contract and the B to C contract. Additionally, you should request a Real Property Disclosure (RPD) and a Lead-Based Paint (LBP) disclosure from the seller. Keep in mind that if issues arise and you decide to sue someone, it may be more challenging to take legal action against the wholesaler and hold them accountable for their actions. Wholesalers typically do not carry Errors and Omissions (E/O) insurance, so even if the court rules in your favor, they might not have the financial means to compensate you.

Furthermore, ensure that a reputable title company handles the transaction, as some companies may cut corners. It's important to have your attorney review the title commitment, as I've seen "wholesaler-friendly" title companies include various items in the title exceptions that could cause problems later on.

Post: VA assumption for investment?

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Eric W.:

I was always under the impression that a VA loan could not be assumed for investment purposes and that it must be for a primary residence, which typically means occupancy of the residence for a year.

However, while speaking with a company who specializes in Va assumptions, i was told that with VA is possible to assume For investment purposes and there's no residency requirement. Is this true?


I recently attempted this with an FHA loan for a client, but it was unsuccessful. I would assume the same applies to a VA loan. I recommend seeking a few opinions on this matter before getting into contract and wasting your time.

Post: Selling portfolios of properties... use agents or loopnet or another strategy?

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Michael Wentzel:

We went from zero to over fifty rental properties in about 10 years. Overall real estate investing has been a very good business for us in the form of cash flow and equity. But it is time to scale back to give us more time to focus on our family and some other projects.

So now we are in the process of selling 9 properties in Colorado and 7 properties in Ohio. We have listed them with real estate agents we like and have used other transactions. But I wonder if I should also list them on loopnet or crexi. Is that worth it? Can I do that as an owner? Or are there other strategies to get the properties in front of investors?

Mike


Most real estate agents can list your properties on Loopnet and Crexi. However, if you have 2-4 unit rental properties, you may not gain much benefit from listing on these sites, as they primarily focus on commercial properties.

Post: Real estate partnership, need to register in multiple states

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Sharad Bagri:

We are a few friends from California looking to invest in multi family real estate in Ohio. Initially, we were thinking to make an LLC. For LLC, we need to register in Ohio and California. If we don't go the LLC route for now and just make a general partnership, will we have to register the partnership also in both Ohio and California?
Also, for a general partnership, how do we report the taxes. Is it by filing 1065 and generating K1's or is there more to it?


It's important to consult an attorney and an accountant eventually, but your first step should be to discuss your plans with your lender. Generally, if you purchase a property in the name of an LLC, you may end up with less favorable lending terms. I've noticed many investors initially write their contracts under an LLC, only to later amend the contract to their personal name to secure better financing options.

Post: In Search Of - Home Insurance Providers for Quadruplex in Columbus

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Vishal M.:

Hello everyone

So we are under contract for a quad in Columbus area and currently shopping around for Home insurance. I have a nice recommendation list of providers from my RE agent, but a lot of those do not provide coverage for a Quad property as supposedly they are considered a commercial property.

So I wanted to ask here

1. If anyone has personal experience on a home insurance provider they are happy with, I would love to know more about that.

2. Any special caveats to include/exclude in the insurance coverage as its a rental property?

3. Bonus point, if you could share (in a DM) approx how much you pay annually for your quad home insurance, so I have some idea about the market rate there


 I can send you a list of insurance agents here in Columbus

Post: New Real Estate Investor Here!

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Marie Paul:

Hello Bigger Pockets!

My name is Marie and I'm currently making my way out of nursing. My son just joined the Navy and now that I’m an empty nester I want to make a shift and bet on myself! I’m eager to connect with individuals who are experienced in real estate investing so I can grow and develop on this new path. I’ve been educating myself and would like more knowledge and a deeper understanding of the real estate world. The strategies I’m currently focused on are wholesaling, flipping and rentals. However, I’m open to all strategies. I live in North Carolina by way of New Jersey. I'm interested in opportunities in and out of state. 

I’m looking forward to learning and building relationships within this space and beyond.

I’m so excited to start this new journey!

Thank you for reading!


 Welcome to BP! This is a great place to do exactly that

Post: $130k Cash what to do?

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Chad Verde:

Hi BP,

I have quite a bit of equity sitting in a rental property I own. Gathering different opinions here. What would YOU personally do with about $130k cash to invest in real estate. Just want to hear everybody's thoughts.


I have several properties with over $100,000 in equity. For those that are 1-4 unit properties on fixed-rate 30-year mortgages, I'm generally not making any changes since they were purchased at low interest rates. However, if interest rates continue to decline, I might consider refinancing some of them to improve my liquidity position. 

For my commercial properties, I refinance every five years, allowing me to continuously access the equity as long as the cash flow can support the debt service requirements. I hope this helps! Ultimately, it depends on your goals and the opportunities available for investing your wealth.

Post: Looking into purchasing a rental property Dayton, Ohio out of state

Remington Lyman
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 5,477
  • Votes 6,454
Quote from @Mitchell Truong:

Hello and thank you in advance for any advice! I'm really new to investing out of state. I'm looking into purchasing a rental property in the Belmont area of Dayton, OH and wanted to get any insight for this market as it seems concerning that the average rent is higher compared to the actual costs of houses in the area. Wondering if the vacancy rate is higher in the area as it seems more advantageous to just buy a house and pay mortgages rather than renting. Thank you again for all your time! 


What do you mean the average rent is higher than the actual cost of the houses?