All Forum Posts by: Ronald Allen Barney

3.5% down for $500k is $17,500.

You need gap funding for that?

OR... is the gap for rehab?  Or it didn't appraise?

If you can live without the equity payout from selling, and if it'll cash flow, I'd advise renting it out and having a property manager manage it for you after you move.  

For the real estate license:  There is a contradictory message you will get from brokerages starting out as an agent.  On the one hand they tell you to set your revenue goals sky high and push for that, and on the other hand they remind you that building the relationships needed in a location to where that will result in leads and listings takes over a year, same going for direct mail campaigns, farming, etc.  And these brokerages wonder why people start out as a part time agent, who has cash saved up to live on for a full year before making their first commission check?  If it's likely she will move soon to follow you to your next base, timing might be best for her to hold off until after that move unless she wants to continue to remote farm the leads of your current location and refer out the business to other agents.

The LL in LLC stand for Limited Liability. Liability in the case of RE means getting sued by a renter. If something happens and you end up losing a lawsuit, the most they can take from you is whatever's in the LLC at the time.

If you're using Zillow numbers, keep in mind the CEO of Zillow sold his own house for 40% less than what he could have gotten for it, based on... wait for it ... Zillow numbers.  

More states would mean more filings, but then more cash flow means delegation to a CPA.  The extra hours billed are tax deductible.

@Greg Houts mashvisor is more like rentometer, where you have to have a property in mind and then you check onesie-onesie on their site for rental data.  What I envision is more like an exploratory search where you put in criteria (like MFH and low crime neighborhoods) and up pops a map on one side and a list on the other.  And the listings would have the investor-related data.

Columbus is a pretty darn good market right now.  Did you just not find the right people to team up with there?

Contingent is fine or just have it written up and if you find deal breakers, rip it up instead of submitting it.

@Stephanie Mccolaugh the holy grail for sellers is a cash buyer who can bypass the process, but those cash buyers aren't as common as sellers would like to see, obviously.  If you're up against a cash buyer not much you can do to win the bid.  But if you're one of many financing buyers you can certainly offer some concessions that other buyers aren't offering like a free lease-back, taking the property as-is instead of requiring a cleanup, etc.  Convenience-related concessions often have the same weight as financial ones.

In typical times appraisals took 2 weeks to 30 days, and now the lenders we work with have them booked out 60 days.  I guess everyone wants to invest or deal-find, and nobody wants to appraise or be a contractor.