All Forum Posts by: William Henze

Just curious if anyone got frustrated tonight and decided to watch dancing with the stars Halloween Special? I bet Brandon is watching it hahaha just kidding. Seriously tho, hope everyone has great Halloween and don't eat all your kids candy!

@Linda Weygant Thank you! That is very helpful!

Does anyone here who operates through an LLC 1099 their contractors for flips and or rehabs for rentals? I was talking with an accountant friend of mine and she mentioned this form. She is not involved in real estate, neither of us know if it is required, beneficial, or indifferent. Any input would be greatly appreciated, thank you.

I have heard of a few apps and websites for determining average rents in specific area, but has anyone used the official HUD website to look up what they classify as Fair Market Rent (FMR)? I looked it up for my specific area codes I'm looking to invest in and its actually higher than what I had thought it would be. I'm wondering if it is a good chart to base my calculations off of.

I believe I may have found a PML, great! However, she has expressed that she too has wanted to own rental properties but doesn't know how and thus the idea of becoming partners has come up. Can anyone help me with ideas on how your partnership is setup and possibly what I need to think about moving forward? I dont want to pass up this opportunity but I also dont want to be foolish and get burned. Any info and suggestions is greatly appreciated! Thank you in advance!

@Josiah Kay Thank you! I actually have Rich Dad Poor Dad being delivered tomorrow! A few others are in my wish list and you gave me 3 new ones to look into!

Hello everyone, I am asking for your personal favorite books! I'm looking for everything from Real Estate, to business, to lifestyle, and anything else you'd like to share! I was never one to sit down and read, however more recently I have found how relaxing it is and instead of reading some fairytale story I'd much rather learn how to better my future and adjust my outlook on life. Guess I'm finally maturing, it only took 28 years haha. Thank you all in advance for your suggestions and input!

@Andy Mirza More than likely this would be a rental, that decision would most likely be made upon the inspection after the purchase since rehab costs could actually be evaluated.

This property would be a total shot in the dark but has huge potential to be a great flip and also a decent cash flow property. Current asking price is $27K, however I'm sure that I could get it for less. I estimate the ARV to be in the $80K-$90K range. No pictures of the inside are available and no walkthroughs or inspections are permitted as it is occupied and being sold "as is". With no way to estimate the rehab costs, that's what makes this a shot in the dark, but I think I could be "all in" for around 60k IF there is no structural issues. Does anyone have experience in PA getting an occupant out? How expensive is that process and how long would it take? Thank you in advance for your opinions and advice!

Originally posted by @Mitch Messer:

Hi @William Henze and welcome to BiggerPockets!

For subject-to transactions, the POA won't get around the "due on sale" clause, but it will help you do very important things like cash escrow refund checks and insurance claim checks, and other borrower-centric activities.

 Thank you for the welcome and your reply. That is helpful as I never thought about those other benefits!