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All Forum Posts by: Tyler Bushey

Tyler Bushey has started 8 posts and replied 278 times.

Post: Calling all Mainers ! (mainahs)

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180
Originally posted by @Cody DeLong:

@Tyler Bushey see you there!

 Awesome! 

Post: Calling all Mainers ! (mainahs)

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180
Originally posted by @Timothy Swenton:

@Tyler Bushey

Just had a buddy close on a 3 Unit in biddo back in June. On elm he’s house hacking.

You live in Maine too? Ever make it to the Cumberland county BP meet up ?

 Awesome, I got started house hacking, very smart decision.  I live in Biddeford also, I stuck with the area I now best.  Never made it to the Cumberland County meet up, I'm going to the meeting at Nonesuch River Brewing tomorrow at 6

Post: Calling all Mainers ! (mainahs)

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180

I invest in Biddeford 

Post: What is the cheapest house you ve ever bought?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180
Originally posted by @Steve Kontos:

@Nandy B.

Both bought for investment:

A single family home for $2k with no work needed and cash flow ready.

A 6 family building for $25k that needed a gut renovation. 

Don't know if I would do it again only because our goals have changed to a different type of investing. 

If you ever need motivation, remember good things happen to those that work hard and stay focused!  Best of luck to you.

What city/state was it?

Post: What is the normal going rate of earnest money?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180

On market - 1%

Off market - $1,000 flat amount

Post: CPA's: 1 LLC, Multiple, or DBA's under 1 LLC?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180
Originally posted by @Justin A Edmonds:

@Costin I. Understood. Is there a rule of thumb for when I should start seeking out an LLC? Also, should I open a separate personal account in order to separate the funds acquired from rentals?

 Every property and llc has it's own operating account and account for security deposits.  Don't mix anything together 

Post: Is real estate investing for me?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180

If I were in your shoes I'd be a private lender.  Offer terms slightly better than the competition and you'll do very well!

Post: Found a good off market deal, now do I tell my realtor?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180

I tell my realtor about everything I look at.  Mostly just to make sure I'm not way off on the resale price.  He lends his knowledge and in turn gets the listing if/when I sell.

Post: HELOC on rental property

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180
Originally posted by @Ryan Keenan:

@Tyler Bushey

Td bank does 75ltv for a rental property heloc?

 They do, however I ended up using a local bank that did 80%.  TD Bank's appraisal also came in very low compared to the local bank, likely due to the appraiser not knowing the area well. 

Post: Buy Now or Wait for the much talked about recession?

Tyler BusheyPosted
  • Investor
  • Biddeford, ME
  • Posts 282
  • Votes 180

I'd recommend finding off market properties. I've been buying everything off market this year in a very hot, competitive market. Buying this way, I get deals where what the economy does is not a factor. I've got a connection to Chesapeake, VA I've strongly considered splitting my time between Southern Maine and that area it's so nice there! Any insight into the market there would be great!