All Forum Posts by: Scott B.

Apparently you can buy houses off Facebook, who knew! So I've found a duplex a flipper has in a small town that looks like a very good deal. They want to do it FSBO, and we don't need to finance it right now. So I guess do I just get a RE attorney to draw up a basic sale contract with standard contingencies like inspections, title insurance and all that? Anything obvious I'm missing?

Having bought RE in California and the hours of notarizing junk this seems too easy.

Cool, I can't understand why they wanted an Operating LLC in each state we operate in so I'll push on them a bit. Thanks!

The spreadsheet of the underlying numbers you used for the New/Delisted items was good. Would love to be able to get that or other datasets like this on a monthly/quarterly basis. It would be great if one of the perks of a Pro/Premium membership was some hyper-focussed data warehouse sources. Even if it's just collating all the data investors usually scrape off census, HUD, etc. (Population data, unemployment data as it's released, Section8 FM rates, etc.)

I'm a CA resident with properties in the Kansas City area. We currently have a Delaware Statutory Trust that holds our properties for asset protection/anonymity. All of our units are on the KS side of the border, so we have a KS Operating LLC. As we're looking at expanding across the river into MO the initial plan we were given was to create a MO Operating LLC as well, incurring another $800/yr feee to CA. Does that sound right? Couldn't we just register the KS LLC as a foreign entity doing business in MO and avoid a second LLC?

Just curious if that's completely unreasonable before I push back on our team.

I'm interested in some duplexes in the same neighborhood. I've identified a couple owners that I'd like to feel out acquiring their units and I'm curious if anyone has any suggestions on how to approach them. Just a straight offer? Lay out the numbers as I see them to explain why I'm interested? My read of the situation is that this property is on the lower end of the spectrum of their portfolio and I may be able to convince them to offload it for cash in a turbulent time.

@Blaine Alger
Yeah, you can see when they initiate the transfer, both scheduled ones and manual. It stops the clock on "late" payments when the transfers is initiated. So as long as they initiate the payment on the first it's not late. And yeah, it's 5-6 days for me before it shows up in my account, which is totally fine by me.

Love Cozy.

As we’re approaching the second and third week of tenants possibly being impacted by Covid-19 furloughs I’m curious if anyone knows of resources we can share with tenants when they approach asking for forbearance or payment plans.

I know KS has put a halt on judicial processes for evictions and whatnot, so I’m curious if they also have setup some sort of funds or programs to help ppl get through a rough month or two?

@Noel R., did you ever get any feedback on this? I PM'd him and he sent me some super-sketchy website with the world's most generic domain/company names so researching it was a bit hard. It's an interesting strategy that I was actually keen to investigate some more, so curious what you heard back.

We've just completed our second out-of-state rental purchase and with the recent rate cut our lender suggested a re-finance on our primary residence (he's hustling for money, good for him I guess. lol). That should be fine and would theoretically make sense at face value, however I started to wonder if we could pull out enough equity to pay off the most recent mortgage we just did and have that property start funding the next investment. But then I started to wonder if this would have implications on the tax deduction of our primary residence mortgage?

Here's the details:

Primary Residence: Bay Area - $1mil

Mortgage: $630k @ 3.9%
Cash-out Re-fincance: $730k @ 3.625%

So we're staying under the $750k cap for new mortgages, which I believe means we're in the clear? The principle of the re-fi is just a bit over the initial loan amt. so I'm assuming we don't get grandfathered in, but again if I'm reading things right that really doesn't matter? The thing that makes me question is that HELOCs have a limitation that the cash must be used for substantial renovations, which in this case we wouldn't qualify, but since this is a cash-out re-finance those limits don't apply?

The long-term goal here is that if we get 4 of these units free and clear then we've got this primary mortgage covered and I'd feel safe turning to investing as our only income, so the faster I can get these paid off the closer we are to that goal.