All Forum Posts by: Brooks Rembert

Josh, my wife and I buy properties in our name, then transfer into the LLC two or three weeks later. Our attorney does it for about $180 per property.

We have each property covered by insurance, plus have a $1 million umbrella policy as well.

Carey, this guy's in Houston, but looks to be pretty squared away. I've never used him, just read some articles in the past.

http://lonestarlandlaw.com/Client_inquiry.php

BP family, I've got another silly(?) question...

I have a guy who's sister passed away and now he's got her house in Virginia. He's in Arizona and just wants it sold.

He knows it needs work (by my estimate about $20,000 worth) and the remaining principal is only $40,000. The house was appraised at $115,000. PITI is $600 per month, and market rent is +/- $1,000 per month.

If I offer the guy $65,000 on a "subject to" offer with a promissory note to pay in 5 years, can I turn around and refinance it for $85,000 (+/- 75% of the appraised value) and use the $20,000 for repairs?

I know that sounds convoluted, but I'm trying to use as little cash out of pocket as possible to get the house.

I look forward to hearing the folly of my thinking

@Susan M. Two failed to qualify.  The other two gave the ol' "we'll get back to you" excuse. 

Following up with them is something I definitely need to be better at. 

@Ned Carey thank you for the insight. Out of curiosity, why is it a bad buy and hold? By my numbers, the PITI, even at $0 down is appx. $1980/mo. (taxes verified and insurance is pretty predictable here) It's under a lease for $2300/mo now.

OK,  BP family, I need some help. I received an email from a lady who's looking to sell a house. She is an out of state owner and currently has the house rented. 

She is 72 and says she'll never move back to Virginia and wants the equity out of the house.  She owes 289,000, says she wants 320,000 and has it rented for 2,300 per month. The house is worth about 345,000. 

We are normally straight up buy and hold investors, but I'd like to see how to approach her with possibly a lease option,  lease option assignment,  lease purchase,  etc. with seller financing. 

What are my options and best courses of action? 

@Brian Gibbons I would love your input as well. 

Thank you in advance everyone. 

@Michael Noto We do have pictures up. 18 to be precise. I like the feedback about an 18 month lease. @Matt G. Also, the deposit was in regards to letting people know that the deposit can't be used as the last month's rent.

I believe I'll drop it to $1,200 per month and a $1,200 deposit as well, then ride it out for another month or so.

It's on a 15 year note, but even still, our PITI is only $705, so we can cash flow pretty well even if we have to drop the price even lower, though I'd prefer not to get that far.

Jean,  it's about 100 yards away

Rent is right in the wheelhouse for the area, plus we've lowered it once already.

We bought a rental a little over a month ago. We're advertising on Postlets and Craigslist (renewing every few days) and so far have only shown the house four times. 

We've got reserves to cover the mortgage for a long while, but I honestly didn't expect it to take this long.

It's in a great school district, has great amenities in the community, blah blah blah.

If you'd be so kind, below is my copy. Please let me know how I can tweak it for maximum effectiveness.

If it's allowed, I can post the link as well so you can see the photos

This home has it all. Three bedrooms, two and a half bathrooms in the historic Jamestown 1607 neighborhood gives you all the amenities you could hope for. Laminate flooring throughout the entire downstairs, along with a formal dining room with crown molding and a large, eat-in kitchen with newly installed back splash.

Fresh paint and updated fixtures make this the perfect home in the perfect location. It is in a very sought after school district and close to shopping, William & Mary, and many military installations.

The community has a swimming pool and playground just steps away from the home. A mile from the Jamestown Settlement, ferry and beach.

The home is available now for lease, lease option, or lease purchase.

Call Brooks at xxx-xxx-xxxx  to apply to move home to Jamestown 1607.