All Forum Posts by: Mark Yuschak

If it's a wood floor which will be covered with something else (carpet, tile, etc.), I've had great success with using two coats of Kilz on the sub floor.

I'm a Realtor and have dealt with foreclosures and short sales. I'm sure I could shed some light on your question.

They never say if it only applies to primary residences. Would be nice if we could get a piece of the pie with rental homes, too.

I love forum fights... :roll:

Nonetheless, I got the answer I was looking for. Thanks!

I understand the 50% rule and have used a variant of it before becoming a member here.

However, my question goes to the next level... What is the appropriate valuation method of a property that needs some rehab work before becoming rentable?

Let's say a house would rent for $600 a month and I'm looking for $100 of cash flow. 7% interest rate. NOI value is $30,061.51. Then, let's say the house needs $2,000 of repairs. Would the max price paid be $28,061.51?

I had my license in escrow for a few years with this company:

http://www.michiganeducation.org/national_holding.asp

Obviouisly they won't be able to hold your license from another state, but you could call them and see if they know of any brokers in the states you listed which would escrow your license.

In addition to the banks being extremely slow to respond, I've also found the seller's agents aren't innocent either.

There's typically a select few agents in any given area that carry the bulk of the REO listings. Since they have so many listings, they often lag in getting timely responses back to buyer's agents.

It's a Catch 22 if you call the seller's agent directly because they'll likely be mad you're not working with your buyer's agent. And, your buyer's agent will be mad because you doubt him/her. Either way the information is going to be slow to come down the chain.

In an ideal situation, I want all my properties to be in their own LLC. It's the best way to achieve maximum protection, in my opinion.

Going forward, each mortgage will be assigned to the LLC, accompanied by a personal guarantee. I don't want to risk issues with a due on sale from the lender.

For those of you with properties in an LLC, what level of liability coverage do you carry? I currently have 2 million on all of our properties under an umbrella. I'm thinking that's too much if I use an LLC considering the inherit protection of the LLC.

freep.com for online news. Otherwise, I get news from talk radio since I spend a lot of time in the car every day.

How would you go about putting properties in an LLC which are currently in my name? The properties I want to put into their own LLC each have a note.