All Forum Posts by: Rich Thoms

thank you both very much. I am talking to my accountant who happens to be a lawyer now and he happens to know way more about this than I thought he did. turns out I already have this asset on my team!

Getting ready to begin acquiring rentals with a partner (brother in law) and I was looking for advice on who I should engage (lawyer, accountant, etc.) that can help me nail down how the business should  look to protect everyone involved. any recommendations on individuals you have had success with ?

I have a question that is probably a bit foolish. I am concerned about pre-qualifications and Hard credit inquiries against my report. 

The situation is that I have been looking for deals for many months and now see one that ( fingers crossed) I may want to offer on. obviously this means I need to have the pre-qual letter handy to have as part of the overall offer. 

I understand that when looking for mortgages that banks and credit bureaus see hard inquiries all within a certain time essentially as one hard pull.  What concerns me is if the deal doesn't workout  and i do not see another property  for a while (6 or more months) that I will then have a situation where when I do get a mortgage for an investment, I will have yet another hard hit.

How are people here handling this or am I looking at this in the wrong way

thank you very much for the info. very scary stuff for a first purchase.

one other question. how do you guys handle inspections in homes that have been winterized? little scary buying a house where all utes are off and systems cant be checked

Thank you very much! my agent didnt seem to understand that. 

pretty frustrated with my agent as they dont seem to know much about HUD. My question is if offering to buy in cash (refi shortly after) would tip the scale in a bid situation or does it not matter to them how the funding is sourced?

just trying to determine if saying i have the money and can close fast matters in this situation

i wrestle with the same in my journey to Financial freedom. I'd like to invest locally, have the means, but the economics for the the state scare me. Been looking out of state into some of the exploding markets.

I am doing some due diligence on various properties in and around Kansas city. Part of the research is to use sites like neighborhood scout to give me a better understanding of the area. In doing this, I keep running into vary high "Real Estate vacancies" (12% all the way up to 23%). My question is if Real estate vacancy directly correlates with rental vacancy or is there something else going to make this number what it is?