All Forum Posts by: Tim Boeving

Hello BP Community! I'm looking to purchase my first short term rental in an expensive market and was wondering about how many people are able to manage their own properties even potentially clean, fix them. I typically have enough time to do this myself but also value my free time with family. Curious if this would be advisable for the first one to help save some money and then maybe add management as money allows. It would be in a market that I would be able to drive to when needed. Thanks for any help

Hello, Curious if anyone can help with this. I have a property that is close to being paid off, Its currently in my name but wanted to add it to an llc so that I can have an llc that is generating cashflow for future investments and loans etc. I don't need the bank to call the note though and with the quit claim process i know this is technically feasible although probably not likely. The question comes though about the insurance and tax portion, if the taxes are paid in escrow or the insuranace for that matter and it is transferred to an LLC, wouldn't this give the bank more direct knowledge that they could now call the note? Am I overthinking it or should i just leave everything else in my name?
Also this property is currently under an umbrella policy under my name so I'm guessing I should remove it from there once its in the LLC?
Thanks for any help

@Jerry Iverson hi jerry I would be interested to talk McCall real estate if you are open. Thanks!

Hello BP family. I'm wondering if anyone can give a little help where needed. I have a an opportunity to purchase a 18 unit complex out of state. Seller is a family member and looking for an easy transaction. Willing to do seller financing as well.

I'm curious how it is best go about this process as it will be bigger than anything else I have done. I'm thinking that I should get an appraisal, walk through each unit, verify leases and that no one is behind, and look for any potential updates that need to be made and factor that into the purchase (new roof needed etc?)

Currently I have only run the numbers in the calculator and using this as well as what the owner as verbally said the P and L to be to see its viability. I know the property fairly well as it had been in the family for many years and helped work on some upgrades years ago.

Is there anything that I should consider or know as I pursue this? Should I worry too much about the asking price and put more consideration into the terms? 

Hello BP community. I'm looking for some help. I recently inherited a house in Hilton Head after my mother passed away. I have a 1/5th stake in it. We have a great interest rate currently but one maybe two of the beneficiaries wants to sell their portion and the others would like to keep the house and rent it. My questions are these...

1. Does anyone know if we would need to refinance the property if one person decided to sell their portion?

2. I have mentioned about getting a real estate attorney to draw up a partnership agreement for the ones that want to rent.

3. What are the tax implications for anyone wanting to sell their portion? 

4. For the ones that keep the property, how could the property be leveraged to buy additional real estate without doing a cash out refi. ?

5. Anything else that I may not have thought of?

Appreciate your time and input. 

Curious of those people that are cold calling, is there a way to filter out the ones on the DNC list or how are you going about this? Thanks!

@Will Fraser sku dis like us. 3 years ago we moved from Illinois to enjoy the same things. We went to Boise and love it. Glad we did it cause prices are insane now. I’d visit some places and get a feel we had family in area as well so that kinda sealed the deal. I think you have to look at location, price, as well as activities that you are into. Good luck

@Steve Morris I know right. I know the doom and gloom is always right around the corner, but it's gonna happen eventually and now I'm seeing even more big investors saying the same thing. My guess is with Covid and Pension problems in select states you will see a hodge podge of areas that are affected worse than others and over a longer period. 

Curious if anyone has any tips or tricks for using financing on investment properties when your market has nothing but cash buyers. Thanks!

Curious what people think about when and how a housing market crash will occur. Just something fun.