All Forum Posts by: Steph C.

Hello,

I have a question about setting up an LLC for wholesaling. Should my husband and I both be listed on the same LLC so we both can sign at closing? I am thinking maybe we both should be, but I assume that means we'd both need to attend all closings, or does it depend on our titles in the company? I would prefer, if possible, if either of us could sign as members of the same LLC at closing.

I almost thought of us each having a single member LLC, but the cost (before legal fees) in MA is $590 per LLC, so I don't want to do that until I need to.

Evenually, I may set up a separate LLC for rentals and maybe do wholesaling under an S Corp, if that turns out to be our primary income source.

Thanks,
Steph

Hi Joshua,

I hope you consider holding another event.

I would have loved to attend, but I had a conflict on the 25th. Maybe there are others like me that would have happily attended a no-hype event, but had other commitments that evening?

I have grown tired of all of the mega hype teleseminars and junk in my email box - all the gurus promoting the "most amazing product of the week." I actually decided to drop my name from many of these email lists over the weekend, just because I'm tired of all the hype.

I truly appreciate Bigger Pockets and all of the help and assistance provided here. I'm sure I'm not alone in this.

Take care,
Steph

Has anyone here taken the EPA RPP certified renovator course?

I was thinking of having my husband take the course. They have one day courses around here with hands-on time at the end. I wasn't clear by reading the course descriptions if there is an exam at the end or if just "showing up" gets you certified.

Thanks,
Steph

Hi Everyone,

I know this topic comes up over and over,....the benefits of getting your real estate license for your REI business.

I work full time so I would not and cannot be a true "agent" - I don't want to be listing houses, holding open houses, etc. I just want my license for investing purposes, get the MLS, get lockbox codes, and, when necessary, list our own rehabs for sale. And, because my husband has years of construction experience and a plumbing license, if I had my real estate license, we'd have all we need to do more wholesaling and rehabs.

Would it be best to inquire w/ local brokers to say what my intentions are first, before taking the course and exam? I would assume Massachusetts is like many other states where you need a brokerage or firm to sponsor you for the exam.

Any and all comments welcome.

Thanks,
Steph

Dighton, that's a nice area...not too far from me. We were actually looking at a house in Berkley with a septic system.

I'm in the Attleboro/Seekonk area and there are a lot of older houses on city sewer near the center of Attleboro, not so much on the outskirts near Norton and Rehoboth. Same goes for Taunton city center. You trade one issue for another - the older houses on city sewer elimiate the need for a septic but then you have to deal with the new RPP lead rules.

Of course, a lot of the nicer (newer) homes needing rehab always seem to have septic! :-)

Thanks again for your help!
Steph

Thanks, Matt. I hadn't heard of the Presby system, I'll check that out.

We may stick w/ city sewer properties for now. Replacing a septic is such a high cost, at least in MA, it really eats into the budget/profit.

Thanks again!

PS - Love your blog!

Hi Everyone,

For those that flip and rehab in MA, I have a question.

Most of the properties we're looking at to rehab have a septic system. Even ones with newer systems always seem to "fail Title V." :lol:

Anyway, I've been having difficulty finding deals for homes with septic systems because you have to budget in anywhere from 10 to 35k, depending on the house size. Most REOs obviously won't fix the septic to when selling.

We have experience with replacing a septic system - when we bought our first house (HUD home) a while back and our septic was on the lower end of the price scale, but it was a smaller home.

We've been trying to look at houses with city sewer to eliminate this cost, but it does lessen the available properties.

Any thoughts?

Thanks,
Steph

Thanks, Steve. Sound advice. I'm typically very cautious so that works for me.

Hi,

Any idea how this would impact a rehab of a SFH? Do the guidelines only apply if the new buyer has children under 6?

We're looking at a property built in 1973 that definitely needs new windows, which would need to be installed by a "ceritified' installer, I assume.

Thanks!

Thanks to everyone for the details and info! I'll keep you posted if I decide to persue this deal.

Steph