All Forum Posts by: Brian Van Pelt

@Jerry Cima

I believe you missed my point, A Buyers Agent and an Investor Realtor are two very different types of Realtors. The fact that you are attracting non-Investor Realtors means that you have not been able to or did not convey the information needed to attract anything but run of the mill agents.

@Munir Hassan No Banks do not do appraisals, They hire licenced appraisers, which is an arcane , in exact science, practiced by those who failed to get into Hogwarts on a scholarship and are too enjoy mind numbing puzzles and sudoku.

. keep increasing the radius of you search until you have found 3 comps.
Personally I would treat it as a sfh and get local comps. You can add in anything that makes it unique, like separate meters, etc

@Trevon Randolph

Could you rephrase your question ? I'm not sure what you mean.

@Kaylin Williams

When you approached the HomeOwner, how were you intending to purchase the home ?

@Peter Cogliano

A CRM package is best.

@Jamie Jenkins

If i do not know the contractor, I will not do an Hourly Rate
. Job Estimates are written
. Change orders are written
. If the work is done exceptionally fast then I will Tip the workers
. If the day is miserably hot, I supply Ice,GatorAde and fans.
. If the day is miserably cold I supply heat.

I am at the property EVERY day to review progress.

@Wendy Home;

It's prudent for you to do so. All you have to state is "It's my policy, and it allows me to verify that my tenants are who they say they are". No licence, no lease.

I keep a copy and shred the copy once the lease is over.

@Jerry Cima

You are asking the wrong questions. or I should say you need to ask better questions of yourself as an investor.

As an Investor
. Am I willing to be upfront and honest with my Realtor.
. Do I recognize that the most valuable commodity a Relalor has is time, and that when they spend it with me, they are depending on me to close on a deal, not any deal, but deals we can both make money ?
. Do I know my numbers ?
. Can I write a one paragraph summary to my Realtor of exactly what I want ?
. Am I capitalized enough to actually make a purchase when my Realtor finds me a property?
. When my Realtor finds me a property that meets or exceeds my numbers will I actually write the offer ?
. When i change my mind as an investor will I communicate whats changed to my Realtor ?
. When I succeed in my acquisition will I recommend my Realtor to others ?
. If my purchase whether a rental or a flip fails in either a small or spectacular fashion will I be honorable enough 
to admit I made the decisions and not my Realtor ?

You see it's easy to find a Realtor and you'll know within a week whether they can answer email, chew gum and walk at the same time, the thing investors don't realize is that the god Realtors are also evaluating you at the same time. They are the ones asking YOU the tough questions.

I receive 2 to 3 calls a week from "investors" who are looking for "Rock Star Realtors" to add to their "team". I realize those investors have just attended an "investment seminar".  I politely end the conversation and occasionally will call one back 6 to 12 months later to confirm that they are no longer investing in Real Estate, and have decided to put it off "for awhile"

When I do find a Real Investor , they share their witten plan, we visit properties and they write offers.

Guess What ? We both make money.

@Aaron Smith

Contact your lender.
Transferring a Property into an LLC does not change your obligation to pay the note, When you quit claim the property to the LLC, the LLC hold title to the property, you own the LLC. The note dose not become Due because the note holder does not change.

1. If you have a mortgage on the property, contact your lender. ...
2. Form an LLC, if you haven't already. ...
3. Obtain a Tax ID number and open an LLC bank account. ...
4. Obtain a form for a deed. ...
5. Fill out the warranty or quitclaim deed form. ...
6. Sign the deed to transfer property to the LLC. ...
7. Record the deed. ...
8. Change your lease.

@Carlos Bello

I agree with the others and will add, It may be time to get another CPA. Accounting is boring , tedious and exact. THere are very little 'secrets' in accounting, and the reason most accounting firms don't use 'creative' financing is because when the IRS decides to become involved (like in ruling that you CAN'T force depreciation) it becomes very expensive for their client's to unwind years of Tax Returns and pay the fines. Stick to boring and tedious Accounting. Leave the creative financing to people like Bernie Madoff.