All Forum Posts by: William Barr

If I have an out of state rental property with a tenant in place, and I want to sell it FSBO, how do I go about scheduling walkthroughs of the property with buyers? Are there any rules or restrictions in place I would need to know about? Or do I just list the property FSBO and coordinate with the tenant's schedule?

Recently we've started work on an inner-city house flip. Turns out, this property is a known homeless hangout. We didn't know this at the time of inspection, but since then we have had several run-ins with 2-3 homeless people camped out on our property.

The first time, we called the local PD and they sent the homeless people away - no arrests or anything like that. However, they are coming back and stealing things/trashing the grounds. The catch is that this is happening at night, so we can't just drive by and monitor it during the day (they are out walking the city during the day). The other catch is that this renovation needs a full rewire, so there's currently no electrical for a security system to be installed.

What is a good solution for us to keep them from trespassing and damaging the property any further? Open to all ideas. Anybody have firsthand experience dealing with this situation?

Thanks!

We are looking for a real estate investing CPA who can help with taxes as well as give the occasional strategy consultation. Our business is primarily fix & flip SFHs in the greater Atlanta area, but also managing some rental properties in Birmingham, AL. Open communication with the CPA is important to us, as our previous CPA was very difficult to get a hold of and not responsive to questions.

Does anybody know of a CPA you trust and would be willing to share their information? (No need to be located in Atlanta either) Thanks!

Thanks for the reply - did you go to a brokerage that splits commission? Is that what I should expect or are there better ways to save profits?

I'm curious if anyone here has become licensed so they could sell their own flips and save the 3% on the agent selling commissions. What type of brokers will sponsor investor agents in the most investor-friendly structure (commission spilt/fees)? I wouldn't be selling any property other than my own flips. I just want to be able to list and sell these flips and give up as little profit as possible to a broker.

Does anybody recommend a path they took when becoming the selling agent of their own flips?

Thanks!

I am looking to get my salesperson's license in Georgia (where I invest), but I live full time in North Carolina. I'm having trouble finding any straight answers on google about this. I don't currently have a license so I can't do reciprocity. I would be taking the exam for the first time, but I'd like to do it for Georgia as a non-resident.

Is this possible? Or will I be required to take the exam first in NC and then reciprocate it to GA?

Thanks

I am looking to get insurance on rental properties purchased in Birmingham, AL. All properties will be SFHs, and rented out via section 8 program. All of the insurance companies I've talked to want to price my premium based off "replacement cost" for the area. That typically ends up coming to around $150k in replacement value, so the quoted premium is always >$100/mo.

However, these homes are around $60k-80k (in good condition). So paying $100+ a month is overkill for me.

Does anyone know any good companies/agents who can work with section 8 investors?

Thanks!

Can anybody referred me to an insurance agent with experience with real estate investors in the Birmingham, AL area? Preferably one that offers a low deductible. Investment properties are all SFHs (section 8). 

Thanks!

William

When setting up a seller-financed deal, is it usually recommended to use a real estate agent to facilitate the deal? For those that may have closed on seller-financing without an agent, how did you do it? Also, is it required that the attorney I use for a seller-financed deal be located in state or can I use one that is out of state?

Bonus question - has anyone ever done a seller financed deal where they coordinated the sale of a promissory note from the seller to an investor (thereby directing your payments to that investor and allowing the seller to receive a full cash amount for the note)? How did that work?

Thanks!

William

How is a commercial lender going to determine the cap rate of a SFH section 8 portfolio? Say I built a portfolio of 10 SFH rentals, all rented via section 8. Say each house is bought individually for $75k (in a non-appreciating market) and portfolio NOI is $100k. If I took this portfolio to a commercial lender, assuming I've stabilized rents and all tenants are locked in a 12+ month lease, how would they value it?

Would it be based on comps - and therefore ~$750k?

If based on income, what cap rate would be applied in valuation? For instance, $100k NOI / 10% cap = $1M

If a mix of comp/income, what does that generally look like?

Thanks!