All Forum Posts by: Teri B.

Solved. Found an awesome title company and they will just do a new warranty deed to the LLC for $100, at closing. Insurance will 'transfer over' since done at the same time. Whew!

So....the Middle man doesn't sign any forms that are not their own, so it's a no.  I know this because the title company is requiring their own internal form to be signed and I'm now switching title companies because we can't proceed otherwise as the seller won't comply.  

I asked if I could get the buyer named switched (explained it's our LLC) while we were at it but that triggers it to be resubmitted to the real seller ... aka mortgage company.... again, which will invalidate my accepted offer.

Newbie lessons are the pits!  

So, back to my original question. What is the cheapest way to get it into LLC name? I don't want to Quit Claim for title chain reasons.

I guess we could just flip in our personal names. Does that mean I can still run expenses through LLC name?

Thanks, again.

Welcome.

I don't know your area, but in many parts of the country a real deal will have little problem finding a new owner.  

When I respond to wholesale ads they usually always ask if they can add me to their list.  I'm ok with that and have an email set up for such things.  Perhaps if you can work on both at the same time it would be advantageous.  

You can attend the local REI's to meet people and hand out cards where they can find out how to opt in on your list. You can also find out what people are wanting to buy.

I'm not a wholesaler, mind you, but if someone asked me I could tell them what I'm looking for and I'd love to get first pickings and wouldn't be stingy about paying for first chance at genuine deals.  You could maybe even build a pocket list off that.  I've also heard about searching records for recent cash sales and working backwards to find motivated and able buyers.  

Either way, I'd guess a real deal is more difficult to find than a real buyer, so I'd start by learning what actually makes a deal a deal first (comps and knowing what rehabs (if needed) actually cost).  Otherwise, you may put in all that work in securing a deal to figure out that you don't really have one at all.  

Good luck!

I'm one state over.  No idea if the same.  I took the class solely online.  I actually read the entire book and took notes that I used along with class lectures.  I took my exam a little over a year ago and passed the first time.  I'm told less than a quarter (or something like that) of the takers pass the first time in Indiana.  Not sure if true or not but I don't think it's because people aren't smart.  A lot of the questions, to me, seemed like they were splitting hairs and so I just used best guesses and kept rolling because if you overthink it gets foggy. At least, for me.

I made flash cards and carried those things everywhere.  I also asked people to quiz me.  When taking, I thought for sure I failed but didn't freak out and just told myself I was going to do my best.  I was the first in my test taking group to finish.  I think people were overthinking and second guessing, which takes more time - back to the overthinking.  Again, everyone is different though.

I want to say that I googled for practice questions.  I didn't want to pay for the expensive study guides and stuff so I worked off what I found for free. I really worked the end of chapter highlights - in my book they had a section after each chapter.  I drove an hour to take the test, and talked to myself about material the whole way down.

Good luck to you.

Congratulations!  Way to dive in.

I've seen this discussed from time to time, so a site search may prove helpful.

I remember seeing someone discuss bedroom carpet islands.  So, not using carpet in hallways but if only in bedrooms it's disconnected from other rooms and relatively easy to replace.  Plus you can use remnant/end of roll pieces that are cheaper with turnover.  

If the house has hardwoods, I've seen some talking about uncovering those - although some say not to due to wear and tear.  It seems more frequently now I see landlords talking about using click and lock vinyl, like Allure  or similar.  I used a Lowes version in a rehab last year and it was a big selling point - used it in a bathroom.  It was expensive, though.  But, a small area.  I've also seen ceramic tile that mimics . . wood or whatever being discussed.  Or, just tile in general due to longevity.  If you have a Restore, you may be able to get that cheap and if you catch it coming into the store soon enough, maybe you can snag a bigger lot.

I have a paint color I use that I got as a recommendation off this site.  I even started using it in my house.  I can't recall the color offhand but it's a greige and I've used it in a few projects and got good results.  A suggestion would be picking a color and sticking with it so repainting is easy with turnover.  A good classic color is great.  Use it throughout and maybe a color in the same family but darker (?) for a bathroom or a bedroom or two.  

I've also seen some folks using large tile pieces for countertops.  Google it and you'll see.  I like that idea and I'm really thinking about it for a lipstick rehab here soon.  I've seen some nice closeouts on higher end tile and you may not need much depending on your countertop.  I'd have to really price it out to be sure it was saving me a lot.

Not sure if you need cabinets but just an fyi that paint can be a nice boost for tired cabinets.  Also, if the boxes are good replacement doors can be had for a good price.  I was going to order some online, but called a local cabinet-maker instead.  The price he quoted was great if I could allow them to be done between his larger jobs.  I was going to get them professionally sprayed - well worth the money if you ask me - I've painted my fair share of cabinets in the day and it's not as easy at it looks to get really good results.  There is also a very popular gel stain on Amazon that is awesome.  I used it on a bathroom vanity.  I just went right over the old stain with a very light sanding and it came out great.  For that, I just used a Lowe's gel stain.

In a flip I salvaged the carpet but cut out a square by the front door and used snap together vinyl.  Those sort of things, to me, will help extend the life.  I've also seen some landlords talking about getting large mats to be used by doors if the flooring is water sensitive.  We used the super cheap laminate in an old house and that stuff lasted for 10 years until we sold.  It was showing it's age in some areas because my family doesn't take shoes off like they should.  But, with mats by the door I was surprised how it lasted.  We did not use it in wet areas like kitchens and baths.  I've heard Costco can have good prices on better laminate.

Pinterest is chock full of ideas.  Good luck to you!  A lot of this also depends on the neighborhood and what your competitors are doing.

@Jason D.

Sorry, I overlooked your post.  I'm an agent so I can do that.  Easier.   I'll call tomorrow and talk with them so I can get a better idea of options, as I get what Wayne means - hard to know exactly depending on their structure.  I'm guessing they act on behalf of the seller because there is no seller sign-off line on contract, only the auction company.

Thanks for the help, Gentlemen.  

Awesome. No, it wasn't on the MLS, so yes, thanks for clarifying. How do I let them know? Just notify the closing agent for the middle company via email? I see varying assignment forms online. Some require seller sign-off and some don't. In this instance, is their sign-off needed?

Hopefully that's all the questions.  Appreciate the help.  

So, I went back and read all 15 pages, again, line by line.

No mention of not being able to assign the contract nor time restriction on disposing of the property after purchase. The home is currently owned by a mortgage company by way of foreclosure. On the contract the middle-man (company) that I've been working with is acting as attorney and agent for the mortgage company which is DBA as another company.

Maybe they don't care? Anyway, I'd still be the owner via the LLC. Not my spouse, though. Single member.

I'll call the middle company tomorrow and see if I can talk to anyone about this.  But, I hate to muck this up and maybe I'll just have to take title in our personal names and count this as lesson learned. It's not been signed off on by 'bank', yet. 

Does anyone know if I can still run expenses through my newly formed LLC (as a flip) for the purpose of keeping expenses separate for this property if we hold in our personal names? The personal name thing was only to make BRRRR easier. It's a better location that we can normally get at our price point. But, it would only be a 1.3 or 1.4% rental and my goal is 2% or better.

I could double close by that's another $1500 that will chomp into profits.  

Thanks for any input.  

@Wayne Brooks

Thanks for the reply. I've not used any local MLS forms. The Purchase Agreement is theirs,not mine. And, I looked at the addendums,too. It's so weird because I can't find anything. For what it's worth, the auction contact said these are not homes that have not been 'turned into HUD' or similar -don't recall exact wording. She said the bank is trying to sell-off the homes themselves. I'm going to print out and really eyeball it again. The Seller in the contract is a mortgage company who is DBA as an LLC. I googled the LLC name and it pulls up a page where it looks like I can apply for a mortgage. I can see in the history that it went to foreclosure auction locally a month or so ago.

If indeed there is nothing, do you see any consequences from trying to assign to our LLC? I'm not even sure what form to use.

Alpesh,

All good points . . . I was thinking more along the lines of picking up a property in a random city  where I don't have 'people', because I've sure been tempted before.  I also found a good investor broker once who sort of required that I actually viewed a property before she would put in an offer.  I just paid for an inspection and had to back out because the seller was hiding stuff, and I was thinking how that could really add up so I'm really trying to eyeball things a little better before moving forward.  

But, I buy in a price point right now that includes some real rough stuff, and I'd probably be more comfortable in different price ranges where homes are better maintained.  I know people offer sight unseen and it works well for them.  

Glad you have a system in place that works for you. Cool thing about real estate is that you can make it your own.

Back to OP, I've seen some video tours and I really like that. Sometimes they walk too fast and they aren't common enough. I didn't want to do a video tour on my own listings (is that even a thing?) because I didn't want a thief to get a lay-out. But, I like it better than photos only. A guy in the REIA was doing something similar for out of state investors and it seemed to be helping. He knew what to mention and he was a good guy - I'd probably trust him from afar. I think he was wholesaling but I can't recall for sure.