All Forum Posts by: Brooks Rembert

Have you considered doing a "live-in" flip? You could get an FHA loan for approximately 3.5% down, fix it up while living there, then move after you've been there for about a year.

Andrew, when I got started, I always heard that you should count on your expenses running about 50% of your rent. E.g., $1,400 per month in rental income = $700 per month in expenses (PITI, repairs, PM expenses, utilities, etc.)

I scoffed at that number. Well, after doing this for a while, I can tell you that it's pretty accurate. Our expenses run about 45% of our rental income. 

Sometimes rules of thumb exist for a reason. Hope this helps.

I have been using AgentPro247 for a couple of months and have found it to be acceptable. I haven't done a ton of mailings lately, so I haven't noticed any appreciable amount of returns.

We've started a new Real Estate Investors Group in Williamsburg. Anyone living in the Williamsburg, James City County, and upper York County are welcomed to attend. 

The first meeting is on May 14 at 7 PM.

Message me and I'll send you the Facebook invite!

I use agentpro247.com

Haven't been using it for a long time, but the few queries I've run have been pretty solid so far.

Neal,

I agree with @Josh Caldwell to use loopnet as a springboard. Look at different listings in your area and make note of the brokers. Contact them to get the marketing packages. Practice going over the numbers. If they aren't good deals, FOLLOW UP with the broker, let them know why they don't meet your criteria and go from there.

If they're worth anything, they'll start to look for deals that do meet your criteria and/or pass listing along if they run across them.

The problem with giving him a debt position is it has the potential to eat up most or all of your cash flow.

Why not do a 50/50 partnership with him. If you find a good deal, you can both benefit from the upside.

I'm sure they're out there, but most I've run across want to see two years' worth.

We still buy in our name and then switch title to LLC. We also have a $2 million umbrella policy over and above the liability that our homeowner insurance provides for each property.

LLC is a pass through entity, but it allows for a paper seperation between you and your company.

I haven't had any problems with due on sale clauses being exercised. We have bought properties in our names, then transferred them to our LLC after the deed has been filed, usually two or three weeks later.

Our LLC is Rembert, LLC, so that may help. The lender probably sees the same name and knows what's going on.

If "Jane" gets an FHA, VA, HUD, etc loan that requires her to live there, she must wait 9-12 months before moving out. In the interim, she can transfer title to her LLC and make rent payments to the LLC who is now the Landlord.