Ken M.
Creative Financing and Some Things To Know
13 January 2025 | 1 reply
My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.
Bradley Buxton
What are the scariest things about real estate investing?
5 January 2025 | 24 replies
One of them being you can't charge more than one month security deposit.
Isla Arshad
Tenant Pays Rent Late and now Claims Harassment when filing for 10 days Notice
7 January 2025 | 13 replies
There is no excuse.Is she on a lease or month to month?
Kiryl Ulanovich
Help me please with my wholesale learning
8 January 2025 | 1 reply
When you are pricing out your offers make sure to price in how much you are charging for assignment of contract.
Cosmo DePinto
Has anyone used Anderson Advisors?
27 January 2025 | 10 replies
Going back to the OP, I'm not sure what fees NY charges for LLCs and how many properties or businesses he has but I think these "asset protection" companies overcharge people.
Blair Ross Jr
How to separate utilities?
22 January 2025 | 10 replies
The power company supplied and installed the new meters (at no charge, at least not yet) and verified all the work around the 4 gang meter pan was done up to their standards.
Daniel Baker
Questions to ask.
31 January 2025 | 8 replies
How much do they charge and what's included?
Bruce D. Kowal
What REALLY Triggers IRS Attention in Real Estate Partnerships - From An Onlooker
29 January 2025 | 6 replies
As long as you file it, you have protection from the charge of fraud.Tip: if you file Form 8082 to protect yourself, send your tax return in by mail.
Garrett Brown
What is your biggest struggle in the STR world right now?
26 January 2025 | 48 replies
They told me they only adjust every few months, it has been over 7 months since I made several requests.
Gary Abrams
PM software or app, to organize for a secondary manager to take over
7 January 2025 | 3 replies
You'll see some familiar names thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.I recommend you search for each app online and see what they offer, how much they charge, etc.