All Forum Posts by: Sam Horton

@Nicholas Alves Hey Nicholas, welcome to BP. First I'd check out the events page on BP: https://www.biggerpockets.com/forums/521-events-and-happenings - Meetup.com is another good site where you can find networking events with real estate professionals. 

If you go the road of a 203k loan, to my understanding, the 203K contractor cannot have the same last name as you (aka shouldn't be related). They also need to be able to fund a majority of the project as they will be paid from the bank in installments after the bank inspects progress, typically in three phases. Again I would still defer to a loan advisor on this because they deal this these guidelines more frequently. 

I can recommend a great loan advisor if you are looking for more answers on the products available for you. She also helped my girlfriend to go from a 615 to a 715 credit score in about an 8-month span. Send me a private message and I would be happy to connect.

@George Post Might be able help

@DJ Richmond Yes open group, I went last week. About 10 or so individuals. 

@DJ Richmond, I would be interested. There is a meet up on the 2nd Wednesday of every month at the Fours in Norwell as well.

Welcome @ Jason Lirette. What part of Mass or CT are you operating out of?

@Johnny Mathis I think it's like any other profession. There are some really good inspectors (some with construction experience) and then there are ones that don't care about their job. My investors typically use a contractor and home inspector at there walkthroughs. For my personal sales, I use the same home inspector every time. He can be somewhat of an alarmist to folks that don't know the construction, but it gives my clients a very informed opinion on the condition of the asset. 

@Tyler Santos Does your Grandfather own the property outright? Would he consider renting the property? I know Nantucket has very steep rental prices during the summer months. A 1031, in my opinion, would be a legacy move, but in order to use it, you would have to sell that property and buy propertie(s) of greater value at which point he could than pass down those assets.

@Charles Large Most of the landlords I work with do not include cable/internet with there lease, mostly because usually the tenant likes to choose what programs they want etc. However one of them does include cable and internet and he just adjusted rent ahead of finding tenants to pay for that cost. 

@Simon L. If you're using an agent just have them write some additional language into the lease regarding the prorated first month, then both you and the tenant initial the changes. Regarding the cash payment, in the state of Mass you are supposed to have a separate bank account for rental income especially when handling security deposits. I'd consider just having a separate account for your real estate income, then for accounting purposes it's all on one ledger and you have the revised lease to back it up.

Hey @Sharon Marks, it's my understanding that your broker would be due their share on a whole sale transaction (at least at my brokerage). Technically your license is hung with your broker as a result they take on the risk of having you as an agent. They are paid on BPO's or any income generating strategies using the license. My only thought would be that it could vary between brokerages or you could also work out a deal with your broker.

I would always disclose that you are a licensed agent. It's better to acknowledge it then for it to come back and bite you. Just my two cents.