All Forum Posts by: Shak F.

I am new to investing and upgrading properties. I recently acquired a class B single family property it came with tenants. They will move out in mid April. It's okay condition for me to live there, but may require some upgrade and some fixing if I rent it out. I plan to keep this property for a long term with long term or mid term tenants. I am not sure where to begin with fixing. At the sometime, I don't want to over do it. For minor upgrade and fixing, I am thinking of starting with general contractors. Does anyone have any recommendation how should I begin? I am hoping to refinance sometimes next year when interested rate goes down.

2 Votes

Charlotte, North Carolina

Quote from @Nathan Gesner:

Quote from @Kristine O.:

He has really good credit and he already has employment lined up. That sounds pretty solid. You can verify his job through a letter of hire or by calling the employer.

I don't understand why he doesn't have pay stubs. He worked at a military base 2022-2023, but his paystubs are from 2022? That's the red flag for me.

Agree, it seems like a red flag. Hopefully, his Bank statement should show he got paid in Japan unless US government paid him in Cash.

0 Votes

Los Angeles County, California

Quote from @Account Closed:

Quote from @Shak F.:

Two of my friends and I are trying to purchase an investment property at around $300K in cash. One of my friends will bring 80% of money and another friend is bring 20%. Among three of us, I know relatively more about the rental investment (I have 2 of my own). I will be looking for property and will manage the property. There will be no PM. Note... these friends don't like to lend loan 🙁 .

Initial thought, I plan to form LLC and have all of us members. I will own 15%, another friend 17% & 73%. Once we sell, they will get their money first. From the profit, we will distribute my by LLC owner allocation.

>> Is there anything wrong with this approach?
>> Are there other deal structure that I can present without I bring any fund and will only provide the value and management?
>> Will there be any tax implication?
>> Is there anything else I should look into?

Your comment: "I will own 15%, another friend 17% & 73%" do not do the deal. That adds up to 105%. If you can't even get that part straight, you will not be detailed enough to make this work and trouble looms.

Love your response.

I mean me 15%, friend #1 15%, friend #2 70%

0 Votes

Charlotte, North Carolina

If you concern, send them text. That might be your proof.

I would wait until they leave. After cleaning up the property, I would have taken pictures.

0 Votes

>> Is there anything wrong with this approach?
>> Are there other deal structure that I can present without I bring any fund and will only provide the value and management?
>> Will there be any tax implication?
>> Is there anything else I should look into?

0 Votes

Charlotte, North Carolina

Quote from @Tony Pellettieri:

Quote from @Shak F.:

Hello,

I am buying an investment property for a first time from my agent. In this case, my agent is actually the seller.

Does anyone have recommendation of any good inspection companies around Charlotte, NC?

Thankyou

Hey Shak,

I see you're buying your 1st Investment Property! Congratulations on entering the arena.

Have you allowed any other investors the opportunity to vet the property/deal you're purchasing from your agent to make sure you're getting a good deal?

While I truly hope you are getting a good deal, I see it as a possible conflict of interest being that your agent Is selling you your first investment property. Not implying your agent is taking advantage of your beginner knowledge just to offload a property and get dual agency commissions, but again, might not be the worst idea in the world to have someone in the Bigger Pockets community who's local/understands the Charlotte market to take a look at the deal you're getting ready to move forward on.

As far as inspectors, I would recommend one that we use for our business that is in the Charlotte/surrounding areas.

Precision Inspection Services - Steven Lee - 704-575-2917

Thank you

0 Votes

Charlotte, North Carolina

Quote from @Bill B.:

500/500 with an umbrella on top if you’re worth $1million or more.

Thank you

1 Vote

Charlotte, North Carolina

Quote from @John Fong:

I'm looking for some advice on my current insurance policies on my investment properties. Wondering if there is someone you can recommend me talking to?

What CITY and State are you looking for?

0 Votes

All Forum Posts by: Shak F.

Shak F. has started 7 posts and replied 34 times.

Post: Cash out refinancing

Post: Any recommendations for co-hosting in Charlotte

Post: Recommendations on renovation

Post: Urgent help in Tenant screening as a newbie Landlord

Post: * HELP * structuring deals for a first time!

Post: Taking Marketing Pictures while unit is occupied by a tenant

Post: * HELP * structuring deals for a first time!

Post: Looking for inspection company recommendation in Charlotte, NC

Post: Liability insurance recommendation for the investment property

Post: Looking for an insurance agent