All Forum Posts by: Ryan M.

@Peice Livingston Go to the small banks in your town that only have a few branches. They will lend to you. Skip the big banks and mortgage companies.

@Brian Eastman Thanks for the reply. I just haven't gotten around to making the call yet. I don't want to sell the stock and have to buy it back again because of all the volatility.

@Kristen Hernandez You can use a flat fee MLS service for a few hundred bucks to list your properties and save on the listing side of the commission. The vast majority of sales have a buyer's agent, so they will handle the offer and paperwork. You still pay the buyer's agent commission, but save on the listing. You basically save half the commission to answer the phone and give out lockbox instructions.

If you get your license, you still have annual fees, and classes, etc, and still have to pay your broker their cut of the listing commission.

@Aiesha Hooper They should really be called "assignors" because wholesaler implies that they buy and sell inventory, which many do not. Many "wholesalers" are newbies and have no funds and no intention of buying the property. They hide/redact the contract they have with the seller as long as they can, even though the contract is what they are really selling 🤔. There are a lot of pitfalls in dealing with these type of deals, especially for a beginner.

Like another poster commented, a realtor that represents you at least has a fiduciary duty to you and is regulated by a state board.

I opened a checkbook LLC with my Roth-IRA and it doesn't really fit my real estate investing. It now only holds stocks so I have been thinking of closing the LLC and transferring back into a brokerage. Would I have to sell the stock in the LLC first, or can it be transferred in kind to a Roth IRA at a brokerage? I'd rather not have to sell the stock to do this.

@Majid Tahir Vacation rentals in PCB rent by the week, and high season (high rates) are the weeks when school is out. So you make all your money in the summer and spring break and sit mostly vacant the rest of the year. If you plan on using it often in the off season, go for it. I lived there for 15 years and bought and sold over 100 homes but only one vacation rental and I sold it after a year because I got a deal on the lot and built on it and had a ton of equity.

@Todd Goedeke Sure the last hurricane moved East a few miles at the last minute and destroyed a lot of PC and most of Mexico Beach, but there was still some damage in PCB. I lived there 15 years until recently, and hurricanes are a real risk, and seem to hit every decade, on average. After the one in 2004, all the insurance companies pulled out and rates went sky high. If one does hit, plan on not collecting rent for a year or more.

The only tax free transfer of these properties would be through inheritance. You would also get the benefit of a stepped-up cost basis, which would lower any future capital gains. If you wanted to leverage your parents assets now, maybe they can get a mortgage or credit line and then lend the money to you or partner with you on future deals. But you would be putting their assets at risk. 

Or maybe you can buy these properties from your parents with them holding a mortgage. Beware if you have siblings- years ago my brother secretly convinced my parents to gift their business and building to his wife's trust at 50% of FMV and 100% owner financing. Needless to say, we don't talk anymore after that stunt.

@Paul Paquin I don't have an opinion on this deal, but I would be willing to bet that any office building up for tax deed sale will be paid off before the auction.

@Dave M. If you are talking foreclosure auctions it depends on the state, but those are normally cash on the spot or within 24 hours. No financing.