Would be too far off to assume a a rehab cost of $40k?

He asked me for the following-1: Company certificate (for companies only)2: Drivers license/SSN3: Utility bills4: 1-3 months statement of account5: Documents of the property to be used as collateral (if any)6: Provide Loan origination cost for the processing and transfer of your loan funds 7: Bank details for funding (closing)I have their website, but how can I fortify myself so I’m not being scammed.

Replacement cost approach: Used for things like insurance to determine how much insurance you need if for example the house burns down and needs to be re-built. 2.

@Mark C.You are going to create a tax and accounting nightmareYou will pay taxes in each state you own property (typically) aThus each LLC will need to file in that state then you roll up to you which just adds more expense to your tax returnsYou will end up spending thousands of dollars per year to get taxes done which will eat any cash flow from making it so complexKeep it simple

As all these problems arise again, it will likely swing back to sellers understanding that it’s going to cost them just as much for the firm to represent them in the event of an unrepresented buyer as it would if they just paid a buyer agent fee, but they’re more protected from future litigation if the buyer has their own representation vs claiming they were misled by a seller or seller’s agent.

This can be advantageous in making offers to purchase more competitive, allow buyers to be more aggressive with purchase price and reduce closings costs.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

We fought for this for several reasons: 1. tourism is our main economy 2. there are an incredible amount of dilapidated homes that could be renovated and made beautiful if the investment return justified it (which STR in a beach town could) and 3.this is a family-friendly, lower-cost and now COVID friendly way to travel. 

Now I may be able to get a loan on the property, or other ways to buy the property, however, both of them will require closing cost.  

Hello Murray, Assuming the new owners are interested in selling, you'd want to offer enough to help them cover their transfer taxes, legal/title fees, other closing costs, and possibly their moving costs.