All Forum Posts by: Robert Oglesby

If i move a personal owned property to an LLC i own would that give/ start credit history in my LLC or is it still tied to my social so therefore not impacting my LLC whatsoever. the intention here is to give my LLC credit history or at a minimum start building history so i can be more flexible with purchases. I could go the route of applying for a buisness credit card but i wanted wait to apply for any new credit lines.

Has anyone found a book that covers just real estate? Not investing, just real estate, I’d be more specific but I don't think one exists. I was trying to better understand all angles behind a real-estate transaction. What happens on a Loan officers side, what happens between Agents, what is a seller needed to complete. I own two houses so I’m not clueless but I am curious of all the moving parts. But every real estate book on the market spits their own magic formula to become rich, I don’t care about that I have my formula, I just want information on everything real-estate, it doesn't have to be a book. Call it curiosity?

Investment Info:

Single-family residence buy & hold investment in Sumter.

Purchase price: $170,000
Cash invested: $12,000

3 bedroom, 2 bath, a family room, a living room. Wait for it, & an in ground pool (i am WELL aware of the risks).

What made you interested in investing in this type of deal?

the location of this house puts it in an interesting location near a military base (good rotation of guaranteed paid individuals) also in a location surrounded by high value houses.

How did you find this deal and how did you negotiate it?

Through apps and our realtors help, the house was on market for quite a bit more and we heard the sellers were planning reno's to up its intrigue so we offered to buy it at a lower price so they could save money in hiring contractors.

How did you finance this deal?

VA loan zero out of pocket, had previous owner cover closing costs.

How did you add value to the deal?

Painted interior, laminate floors, stainless steel appliances, and replaced all windows with premium energy star windows(did this more because the windows all were past due).

What was the outcome?

Steady cash-flow of about 300.

Lessons learned? Challenges?

Pools aren't as scary as landlords make them, maintenance is annoyingly consistent though. had to max out liability insurance on my end and activate a blanket insurance policy & require any tenant to prove they have 500K minimum liability. on top of that have to pay a company to maintain the pool to reduce my risks. Pool draws more eyes to your property so you can cherry pick tenants. Probably wouldn't get a pool property again it eats into your cash-flow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agents for sure especially ones that know the area well.

@Marc Winter

I am the owner. This is an in-ground pool. the yard is fenced but i still need to check if it fits county/state code. and i am currently talking with my insurance company to for the insurance to be altered.

I'm in Sumter SC, and trying to get a pool added into the lease to protect myself, Is there any good attorney to get in contact with for this portion of my lease?

Skipping the back story, I recently decided to turn a house with a pool into a rental. But I am unsure how to protect myself legally speaking. I am planning on Hiring a pool service to do maintenance and cleaning year round, and figured I’d wrap it into renting price. But beyond making sure the pool is properly maintained do I need to add an addendum or some legal agreement just in case my tenet tries to sue?