All Forum Posts by: Chase Busick

@Heather Thuli You can yes that way they are tracking you are. Typically most realtors do have their local or state real estate commission's contracts written up by attorney's or some have their own private ones. Some wholesalers have their own as well in order to better protect themselves. 

Letting them know to that you are may be good if you are planning on working with someone that way it can be done correctly. 

In Oklahoma, the laws for wholesaling changed, therefore changed the ways some wholesalers were doing business as they couldn't market publicly anymore because of too many wrongful wholesalers in the past.

@Donald Breault I agree with John. Depending on your area they may require you to be licensed. I'd also check and talk around with property managers or companies if you are thinking of working under someone. Typically self managing will be the easiest way to ease into it. But considering, you are thinking about making it a career, I'm assuming you're looking to work under someone. Researching the local laws is a big thing - like landlord-tenant laws, equal opportunity, fair housing, etc. are some good ways to start. 

@Daniel Chang & @Jeff B. So which would be the correct option for a journal entry? & how would it be for each of the financial reports: P&L, BS &  Statement of cash flows?

Hey @Rebekah Bloom, was going across unanswered forums and saw this one. I am curious on how you like international purchases/investments especially these in Mexico? How'd you get into it, reasoning why, how active are you within those properties and what are you doing with them? STR, or LTR?

I'm not necessarily interested any specific areas or doing it just yet, but I'd like to hear your thoughts with it being from the U.S.? Are y'all still living in the U.S. too? Assuming you had to do a lot with customs potentially too, as well as potential citizenship requirements, etc. 

Not too late, but rates have been gradually increasing. If you are already pre-qualified to buy a home for yourself then that's a great start. Lenders will look at your current employment, income/paystubs, Debt-to-income (DTI) ratio, credit and more. For positioning yourself good, I would focus on keeping those factors up and/or improving if needed, start looking into areas that you are interested in buying, and making sure what properties you are looking at are a good fit to house hack. Some are better than others with the layout of the home, but are still all doable. Some may be better and more safe, some may not and are closer proximity to everyone.

If you know people that are interested in rooming with you to house hack that will be great, as y'all are just splitting the costs. Typically house hacking is considered for your primary residence then renting out the rooms. I would still create a lease if you rent to people you know, so you can have the legal contract in writing as well as rules and responsibilities, etc. If you are renting to strangers, then definitely screen them properly, and abide by the state's laws for fair housing laws.

@Orli Shnaider Most title companies probably work with investors in your local area. I'd also look for solid experience, even if it's worth the extra fees. Finding an affordable title company will be great but most are probably all similar and not too far out from costs from one another.

Once you find one, I'd stick with them in order to build a relationship over the long run, because that will definitely make a difference! :)

@Jeremy Reynolds, hopefully you can find someone! I'm sure there are a ton of other investors in your local area & that attend all of the investor meetups. Can try and find private $ from people you may know if it isn't a crazy amount and they can cover it. I wouldn't try & pull multiple people and just stick with 1 per deal & not cross state lines because of SEC rules. 

You can also try and see if the owner is willing to seller carry some of the costs with a 2nd mortgage if they're open to it! This will also help them lower/extend out their capital gains if they have them! 

Overall got a ton of options! There's $ everywhere! Hopefully you have a lot of local relationships with other investors!

@Joe Gilroy You can find a lot all over the internet or check mailbox lol. I'd personally handwrite or find some platform/company that does handwritten letters. If your just going for fourplexes, I'm assuming there is not a ton where personally handwriting would be an issue. It can be very basic. 

Getting their info, you can check several of the websites you mentioned. Also the county assessors website/property search (if they have their info on there) then you can also do a true ppl search for more personal data. Title company, you can pay them for a search service too. 

@Zainab Bahram, So you are technically inheriting the current lease and tenants from the sale of the property. So you cannot change the terms of the lease without consent and agreement from both sides. Without the consent/agreement and addendum to the lease, you cannot change the terms of the lease or force them out, because it is still a legal contract and still in place. You should not force, wrongfully persuade, or threaten them to agree to your intended changes with the intent of if they don't agree you will force them out. 

 In this instance since they have already been there it will probably be hard to increase their deposit since they are already living in the home. At the end of the term of the lease, if there is more damages than the security deposit amount, you can still bill for the extra as long as it's reasonable and stemming from their use and not age of the property/condition of the mechanical systems. 

You may be able to make an amendment to late fees, but would only be if they agree. You can also try and get the security deposit and prorated rent onto the settlement statement for closing. 

@Darius A. an interesting article on what is happening. What are your thoughts on it and your plans moving forward?