All Forum Posts by: Todd Pultz

@Tyre Carmon it’s more than just transactions! Depends on what you are looking for. If your looking to just sell your own home for top dollar, then find the top agent and the top brokerage and start there. Top agents sell homes for higher and quicker!

However, if your looking for an agent to invest, that’s different. Those same top agents might not be the one! You want an agent that understands investments and that’s simple to figure out quickly. You want a master negotiator! They might not have the most transactions.

I recently got my realtor license only to handle my own stuff, but quickly other investors wanted me to work for them because I’m focused solely on investing and not selling a single family home. Investing experience is lengthy, but day one as a realtor experience showed 0. However, I’m positive I could run circles around some of the top agents because they are not investors or do not understand the multifamily game.

So......depends on what your looking for but this is a good place to get referrals. Best of luck

@Daniel Muhlberger worst case scenario I also run a security company in Dayton and we do BCI and FBI checks for these situations. However there are several in Cincinnati that do it.

Get on Ohio PISGS website. Private Investigations security guard services. Find the web check list for providers. They have an entire list by area

Let me know if I can help

@Adam Aschoff I purchase a lot of property using owner financing as it actually works better for both in many scenarios as long as seller doesn’t need the cash up front.

However, I’m confused on your post as you say renting doesn’t work unless you do section 8? If it works to owner finance, there is no reason renting wouldn’t work. If you rent, your not giving up any ownership or equity, but if you owner finance your losing your asset.

I find it hard to believe you could not find a renter at market rent. I do both market and section 8 and there is not a huge disparity typically.

If you have additional information to provide that I’m missing, I would love to look at it, but right now your thought process is not lining up for me. Someone else might have a diffrent take

@Kevin M Dobyns only you can answer the question as to how soon to do a second property. You decide how quickly you want to build wealth and you decide what type of life you will provide yourself and family. You decide your risk tolerance and you decide what you can handle from a time commitment.

With that said, lol, if you find a deal quick move to your second as long as you can handle and then a 3rd, 4th and 5th and then 115th!

Without knowing you’re funding options or model most can’t answer that question for you, but I never want to be the one that passed on a deal just to make sure a current a project got finished!

Congratulations and best of luck to you

@Greg H. Very valid point about location, which is why it’s not good advice to advise on it without knowing. My post was specific he needs to take advice from a real estate attorney and not us which means he will be location specific!

@Keaton Smith plenty of us out here will talk through things for free, so don’t hesitate to reach out

@Vladimir Oursou, so it sounds like you made a few mistakes here, but do not let anyone beat you up. You need to first understand purchase agreements as they clearly define what type of deed you will receive at closing.

Here is what you do if you want to move forward, find a good real estate attorney at a title company and pay them to do the abstract of title for you to see if there are any issues. Usually they will be able to clear it up right then. The others are right that you will more than likely not be able to get title insurance, but you may.

At the end of the day your cash $6,500 is not that much, so is the risk worth it and can you stomach losing $6,500 worst case scenario? If not, move on

Also, there is a bit of bad advice on here given about quit claim deeds not being used except rare situations etc. that is simply untrue!!!!!!!

Quit claim deeds allow you to close faster and for less. To properly use the method, you need to have a great attorney that you trust at a title company. They can run the title report on any property you need them to for a decent price and warn you of any issues. We use them often for properties we pick up from owners behind on taxes that have no money to close, so that it keeps our cost down

If you do it right, you can be successful! However, while advice on here can be good, you need to rely on the advice of a real estate attorney! Good luck

@Kim J. Interesting story! I hope this does not come off disrespectful, just trying to be straight forward.

You abandoned your air BnB business model by agreeing to rent to them which now gives them renter rights that are larger than air BnB customers. This means they can move furniture in without asking you, change things around they don’t like etc.

Now, changing things around like removing a bidet or painting would affect their security deposit, but you didn’t sign a lease with them so how do they know the rules? Did you get a deposit? Never rent without a executed lease that clearly defines expectations. In this case you should have done month to month anyway.

Even without a written lease, if you verbally agreed to a lease term that they are documented, or they have texts, or they have emails where you agreed to terms, you could still be held to the fire of those terms by a court.

Why do they have your electricians number? Why is he doing work without your approval? Why are they interacting with your cleaning lady if they are renting? Your not cleaning their unit for them are you?

They can not disable your camera system and I would charge them back for the cost to repair.

Personally, sounds like a bad relationship to start and I would cut ties. Give 30-day notice that your terminating the verbal month to month lease and move on.

However, sounds like your upset they were creative. Rented from you for less than what they were paying at their house and then started renting their house out to make additional income. Don’t be too mad that they made a decent business decision from what it sounds. Just don’t give any trade secrets....

I’m still confused why them listing under your account benefits them. I don’t believe that and I think it sounds like a control thing, to be honest. If your market is that small without that many options, there would be no need for them to ride your coat tails. It would be irresponsible for them to allow you to control the advertisement and bookings for their site unless you guys had a clear written agreement on how that would happen.

You can smack me around or yell at me if I’m off base, but here is why I think this is more of a control thing for you.......if I read correctly you stated you have this air BnB property and the town is to small for more properties. That makes me assume you may not have a bunch of properties. If my assumption is correct that means the electrician is not working full time for you and is a 3rd party contractor. So why is he “your” electrician, why can’t he be “their” electrician also? I just think I’m missing something here with the story

@Keaton Smith last point as I re-read your post and saw it said you wanted 60k gross. With my two scenarios, we came out of pocket on those two deals a total of $115k cash and the annual gross rents are $180k-190k.

You can do it, but you need to be creative

@Keaton Smith I would echo someone who said be careful as you stated you have 400k and are new! I’m sure you know that though

Your post does not really give enough content to really give honest feedback. What type of properties are you seeking? What class? Etc.

First, narrow your market and create a team! Then focus in that area. If you have no experience, it would be terribly hard to manage multiple areas across the country. They may be easier if you were buying larger buildings, but with 400k, that might be difficult.

My advice would be to get off the cash thought process and forget about it getting you large discounts. It might, but the market is hot right now in many areas and there are lots of us with large credit lines that can offer cash and close as soon as title work is done!

Additionally, expending all your cash is not the way your going to build long term wealth. You will build wealth by not using your own money, which is why the brrrr strategy is the trend word of the year.

Example, two properties I closed on this year.....#1 was a 21 unit class C with hard money loan and our cash to close was $34k. #2 was a 16 unit class c with fully amortized loan and our cash to close was $81k. The 21 unit was refinanced in the last week and we took to full 30 amortized loan, paid ourselves the $34k back and took another $175k cash out and leveraged 70%.

There are better ways to use your cash than buying properties outright and there are some incredibly talented people on here that will give you guidance without asking for your money!

Best of luck to you