All Forum Posts by: Account Closed

I'm an out of state investor thinking about creating few LLCs to hold property in Ohio.
My home state is Colorado.
I was wondering if I would get double taxed? How to avoid it? and are there any benefits of creating the company in Ohio, a easy process online perhaps?


Thanks!!

Looking at Florida, Washington, North Dakota.
Mostly Florida.

Hey all,

I have researched this topic for a while and have few questions I want to clear:

1. Once the auction starts, does the site only bid up to my maximum bidding limit? The sites didn't prompt me to set up my banking information, I guess that's after I win the bid?

2. Title research, any advise to how to conduct title research on other liens on the property? I have ways to look up loans just not other liens.

3. Is it possible to sell the property without quiet title? Is it possible to rent the property out without clean title?

Thanks all! any advice is appreciated. 

Quote from @Theresa Harris:

Yes. I know someone who had a basement suite (and when in university, I lived in one).  That door needs to be locked.

Decide what works best for you.  Do you want to live in the basement and rent out the upstairs?  You can get more for rent, but it depends on your goals and what works for you.  Remember, they are your tenant, not for your friend.  Make sure you have clear rules about laundry, use of the yard and parking.

Thanks Theresa, I was thinking, how would receiving mails work?
Yeah rules are quiet important, I think I definitely want to take the upstairs, maybe AirBnB downstairs...

Hello all,

For peeps who house-hacked using your basement, did you bolt your basement door coming up the stairs?
Short-term or long-term?
Some do's and donts?

Any advice and experience sharing is appreciated!

Thanks.

Hello all,

I'm looking for an experienced agent around the Akron, Ohio area to work with me for the next quarter. Most preferably investor-friendly and have good property manager contacts and are located in the area. General geographic area is Akron, Ohio to southwestern/Northeastern Cleveland in the A-B neighborhoods, multi-family residences.

Send me a message with a self-introduction and let's get the ball rolling.

Thanks a lot

Silun(Sai-Len)

As a newbie investor around the Denver metro area, I've noticed that the 1% rule never applies to the current prices of our market.

If you are not utilizing the basic 1% rule, what are some other rules/ways you use to evaluate your cash-flow and finding good rental properties?

Quote from @Scott E.:

Good feedback from Winston.

Also, you leave a lot of context out of your post. What's the condition of the home? If you buy it, is your plan to flip it, convert to long term rental, or convert to short term rental? If converting to a rental, what are the rent rates in the area? If rehab needed, how much work does this place need?

You can't rely on 3rd part value checking software. But if as-is value really is $450k, I'd get this house under contract and try to wholesale it.

Hi Scott,

The property is in good condition with no major defects. The carpet may need to be replaced, as is value zestimate is $425,000. My goal is to flip it for short-term wholesaling. I'm thinking to hire a property inspector to look at it prior to making the final decision.

Single Home with 1 attached garage

built 1961

	Bsmt Sq. Ft:	1,176
House Style:	RANCH	Fin. Bsmt SF:	1,055

However, it is listed 2352 sqft.

$395,000

6 beds(3 non-conforming in the basement) 2 bathrooms(1 3/4, 1 full)

Lot Size:

7,405

Neighborhood houses with similar size seem to be selling above 420k-460k with similar sqft. The single house is next to Denver International Airport as well. 3rd party value checking software estimated the property to be around 450k. It seems like the property is current held by a family trust. 

Any other pointers I should look out for?  I'm thinking about getting a property inspector to look at it.

I'm also thinking about perhaps wholesaling this property.

Thanks a lot!