All Forum Posts by: Tom P.

Great. Thank you.

Hello BP community. Newbie question when it comes to renting. I know everything is negotiable in the contract...BUT, who usually pays for the following--Renter or Landlord? 

-HOA?

-Lawn Care?

-Major lawn care items such as branch or precarious trees that need removal?

-Monthly Bug/Pest Treatments?

Hello. I'm looking to purchase an investment home under contract. I have low DTI, high credit score (790+ FICO), and high amount of liquid assets. I'd rather go with a conventional loan to get a lower rate and fee. However, two things that are a big unknown and was wondering if this would automatically disqualify me... 1) I had a foreclosure on a condo that finalized in Feb 2019, so more than 5 years ago. 2) I work for myself and been doing this officially for 1 year only (prior to that I had a high W2 job). I did pay myself a salary last year and plan to do so again, but I won't be able to produce the standard, "...last two pay slips" type of documentation that normal conventional lenders want. Any thoughts or past experience from folks that were in the same boat? Is conventional feasible or am I relegated to Hard Money or NQM type loans? Thanks. 

Thanks, but unfortunately I can't do UPS as they will recognize it's not a physical address (UPS is good enough for mail forwarding and/or mailing address). Looking to see if there's an online company that can produce a physical address. Funny enough, my lawyer who setup my entity is charging $$$ to have the physical address so I'm not sure if I need to use or want to find another lawyer to do this just so they can charge me $$$. 

Hello. I'm trying to find a business physical address here in Texas for my entities (WY LLC and my TX LLC). Thankfully, WY doesn't require the physical address to be in WY. Does anyone know of any good sites that can produce a physical address for me with the anonymity that I would need? Thanks!

Thanks for all the information. However, what do I do if a state requires a local address (No PO BOXES)? I also think that's the same requirement for banks too. The legal firm is stating that they will provide that for me. Any work around for that one? 

Hello. I'm trying to create my own LLC for my rental property in Kentucky. Ultimately, I don't want to pay the $1,400 fee that my real estate lawyer would normally charge. I know I can get it done at half the costs and be in compliance so long as I have a 1) solid operating agreement and 2) a registered agent that is not me so that I have legal anonymity. Any recommendations on which software or website I should use that can get me a standard boiler plate operating agreement specific for real estate and also ensure that my name doesn't need to be used as the registered agent? I've looked at ZenBusiness and Tailor Brands and they seem to mis these on these two key factors. Thanks!

I'm trying to purchase a home that will likely require a lot of rehabbing. Ultimately, it will be a vacation home for me and my family when we visit but we'd also like to rent it out as a short term rental when we're not in the area. Therefore, what would be the best type of loan product we're looking for to do this properly? 

We have great credit (high 700's) and have great DTI ratio that can allow us to get a conventional 2nd home loan at 7%, which I think is good comparative to today's rates for 2nd homes/investment properties. However, my understanding is that conventional loans don't like to lend on properties that require rehabs. I was thinking DSCRs, but it has higher interest rates and I think they don't do homes that require rehabs. Plus, you can't live in the home either, right? Is a standard hard money loan for rehabbing it and then re-financing it the only option or am I missing something a lot easier?

Any advice on how you would do it?