All Forum Posts by: Roger Poulin

Try contacting the Small Business Administration. They offer classes and consultation in all types of compliance.

If the property is held in a LLC or corp. then you have to file Franchise and Excise Tax in Tennessee. The paper work is more painful than writing the check in my opinion. I have a great CPA that is REI knowledgeable and his fees are fair. If you message me I'll give you his contact info.

Hi Paul, I invest in mostly in eastern Davidson and Wilson County.  I will help you were I can. Perhaps we can have lunch sometime. Message me sometime.

Worry about the waivers or insurance when it is time to sign the repair contract.  There are a couple of good books on rehabbing by J. Scott, and I suggest you read those before you jump in.

Good luck with Zillow, I haven't been able to find good deals there but every area is different. Driving and knocking is more likely to find a winner.

15 year amort. and 5 year term. I rechecked my paperwork , I did pay 1 point. 

It is a commercial mortgage, not a retail consumer mortgage @Josh Braun. It is a regional bank and they did waive the seasoning. I still got to hold the mortgage in my company name, no points, and a sub 5% APR. Not as good as a consumer mortgage, but I am not complaining.

I have used a cash advance on a card to buy a property. I did it so I could close quickly, but I applied for a traditional loan as soon as I had it under contract. This allowed me to "refi" and pay back the card about a week later. Side benefit, I was able to get 80% LTV, without considering the purchase price. It actually covered the entire purchase and another small house I was buying the same week. The cost of my advance was less than a hard money loan.

I agree with @Shawn Roberson on this one. Estimates should be free and any good contractor will consider that part of doing business.  You need to be respectful of their time and the home sellers time also. 

I recommend finding out if the deal is even a possibility before you schedule an in person visit.  On the phone ask the seller, "What is the lowest you will take for your house?" compare that to the retail value and see if it is worth further investigation.  If it is, have your favorite contractor meet you for the walk through. Get the 1 estimate, and base your offer on that. You can get additional bids later, before you sign to start work. Most sellers will not want a parade of contractors coming through the home if they still live in it. Also if you find a deal, act fast. Coordinating 3 visits will allow to much time for someone else to swoop in.

Check out 50,000 lie

@Cynthia K. Anderson beware of new posters. Sometime gurus (and employees) troll sites like this. When they see something negative, they create new account and post something to try to increase their credibility.