All Forum Posts by: William C.

Isn't that something you ask on the first phone call? That way you don't do a whole lot of leg work, get other people involved, create an urgent thread for everyone's advice, only to find out the seller is not on planet with their price?

A for sale by owner and a first time buyer....this could get interesting. You should really get a professional involved in the process. Either an agent, attorney, title company....someone who knows what they are doing. You could end up losing thousands of dollars by trying to "save" Money and keep the professionals out of the deal. That's just my 2 cents. Good luck either way. You'll probably end up with 10 different answers on this thread, which one is the right one and how would you know?

Cody L. You are on to something. Moving the due date to the 15th is the worst thing you could do. That's not helping anyone, it's just making them think they have 2 extra weeks before the rent it due. Before you know it they will need another 2 weeks and now they are a full month behind. You need to start moving the date the other direction. Maybe try what Cosy mentioned until they have paid a full month and now they are paying 15 days early. That's one of the greatest landlords hacks iv ever heard. Fortunately I do my best to screen tenants, and I only ever accept a tenant that has a large savings account and plenty of income so late rent isn't a concern. I understand some properties fall in different classes and it might be difficult to find a tenant like that but my point is the issue can be avoided all together by finding the right tenants from the start.

What everyone else has said it's pretty much true. Setting up an MLS search is not lazy, it's the one way to guarantee you are informed of every home that hits the market the moment it does. Yes, Redfin can do that as well. That doesn't make it lazy. If you want an off market deal at wholesale prices,you'll have to put in the time, energy and money it takes to market and find one. An agents job isn't to do that for you. I'm not saying agents can't or won't, but you'll be hard pressed to find one that will. They might be able to bring deals to you as they come available, or before they are listed. Lastly, the seller pays their commission. So it's essentially free for you to work with them. Some will say you can benefit by working with the listing agent, and it's true in some cases, but my advice would be to give your agent a chance and if you like them and feel they have your best interest in mind, and are doing all they can to find you a home in hot market, then remain loyal to them and don't jump from agent to agent. Good luck though. He could be a dud. You'll have to figure that out on your on. The fact deals aren't landing in your lap isn't necessarily his/her fault though.

So are you looking to fund a deal, or a portion of it and be an equity owner that draws on the personal cash flow? If that's what your looking for I'd be happy to talk to about some projects we have in the works.

I do. But we are limited to using only 50% of he current balance. I'd double check with your custodian to see exactly how much you can use . If it's half of $8500 it won't leave you with much to work with. If you have other cash to use with it then great. Why not use it? You can do better than the stock market. And best of all you pay yourself back with interest.

Are you transferring to LLC for tax reasons or liability reasons? I'm not an expert in that space but you could be transferring property and getting new loans for no good reason. Maybe someone can chime in and talk her out of the transfer? Or talk her into it. I just think it's best to know that's your best option before you do it. Iv had clients transfer properties into LLC's. Aside from having to get a new loan, commercial loan, and pay all the loan fees, they had to pay the 1% transfer tax that the county requires which was close to $6000. I just read a thread about umbrella policies and for that amount of money they could have covered themselves liability wise with a policy for over 15 years instead. Just a thought. Good luck with whatever you choose. Like I said, you'll probably have to transfer it as though it was a sale.

You will cash out $599,300 when you refi, and $409,000 will go back to the seller to cover what's left in that note, right?

I am looking to connect with some wholesales in the area to talk shop, share ideas and learn from each other. Maybe you have a deal for me, or vice Versa. If you are a wholesaler in the area or know one send me a message or connect on here. Look forward to meeting some new colleagues!

Welcome to BP. I'm North of Philly but have done some business down there. Would be happy to help with with any questions you might have. We are putting together a meetup locally for investors in the area. Let me know if you would be interested in joining us.