All Forum Posts by: Stan Butler

Have only dealt with Ofori one time, most of our deals seem to go through Home Telos. We are going through a situation right now where we won a bid on a property and were supposed to close a month ago. The attorney found a lien that was not wiped out and we have been waiting on HUD / Home Telos / Lien Holder to get this resolved. No one seems to have any sense of urgency, thats for sure.....

If you are talking about listed properties, you might have more fun pounding your fists in sand. I see exactly what @Kevin Polite described for newly listed properties: All cash and no contingencies or you wont even get an acknowledgement. You may want to try properties that have been listed for a really long time if you need financing. Other than that, I dont see any chance of success right now. Its pretty much just like 2004-2005 in Atlanta markets right now in terms of the competition for deals.

We flipped a home a few months ago that required $110k rehab with an ARV around $530k.

I would buy every deal from a wholesaler if they met my criteria. I have no problem paying for someone else's marketing and hard work securing a good deal. Unfortunately, there just aren't that many wholesalers that focus on my areas. Most all of them focus on the more undesirable areas of town.

I have a theory that there are some great wholesalers out there, but they work with a small number of investors in a closed group. I just plan on continuing to network until I find one...

Im in East Cobb, somewhat close to Alpharetta but not so much to the other locations...

Following up on @J Scott posting, the LLC is just simply a business entity structure, not a tax structure. The LLC can be taxed in many different ways. See IRS link below for brief description:

LLCs

If you are just starting out, I would not incur the overhead. If you are going to pursue it as more than a recreational hobby, then definitely setup some tax and legal protections.

About 8-10 years ago these were fairly popular in the investment community to consolidate a bunch of individual loans under a single "blanket". Is anyone writing these kind of loans anymore??

The lease is between the Tenant and the Property Manager. The Property Manager would also have an agreement with the Owner. The Property Manager would collect the rent, withhold a management fee, then disburse the remainder to the Owner. If you are going to setup multiple entities to run your businesses, don't skimp out on the formal agreements between them.

I have an insurance section in my lease where I clearly spell out that the only insurance is on the property itself and not the renters contents. It also states that the tenant is STRONGLY advised to purchase renters insurance for their contents. Then I have them initial that section of the lease specifically. I do not followup after that....

Everyone on this thread that states the lender will hardly ever call the note due to the transfer is correct. I have only heard of 2 such instances in all of my dealings with other investors. In both cases the lender found out about the transfer the same way. The title and loan were recorded in the individuals name, but the lender escrowed the Taxes and Insurance. When the title transfer took place and the insurance policy changed to reflect new owner, a copy was sent to the lender who recognized the transfer.

If you want to increase your knowledge, have a read of the Garn-St. Germain Act and specifically Section 1701j-3. There are some interesting things in there covering exceptions to the DOS clause.