All Forum Posts by: Christopher Phillips

@Jerry Akop

Fannie Mae and HUD don't lend to corporations, so they won't lend to your LLC. If you buy a property in your name and try to transfer it later to your LLC, you run the risk that the note will be called because it's considered a sale and most loans will come with a due on sale clause.

@Kevin Carter

The local MLS is the board of Realtors. Can't do one without the other in most cases. There are some areas of the country that don't have an MLS so not everyone joins a board. And, you can't join the board without hanging your license first. The broker is responsible for making sure the dues are paid.

@Daniel Khan

That's one way to do it... partner up with someone that has the cash or access to funding.

@Jesse Gonzales

If you're new to investing, you probably don't want to start with auction properties. One, more experienced people work those and they usually have deeper pockets you won't be able to compete against. And you can find yourself waiting a long time just to get access to the property because the original occupants won't leave.

@Ramon Paredes

Pay your debts off first. Or at least get them down to a much more manageable level. Rental properties do generate cash, but they can also eat a hole in your wallet, especially when you have to replace a boiler or water heater or change locks or replace windows or fix a leaky bathroom.

@Daniel Khan

I can understand why you might not want to borrow, however, as you'll find by reading more on Bigger Pockets, most real estate investing is done by borrowing. If you tie up your cash in one property, that means you can't use it to buy something else.

Lenders will not make loans for 0%. That means they have to borrow money from their sources like other investors, pay them a certain return on their investment, and then lend it to you for no return. That means they would be giving their money away.

Don't buy real estate with credit cards. It never works out. The interest rates will kill your investment over time.

@Nelson Copo

Welcome to Bigger Pockets...

Appraisers based their analysis on similar condition and properties of similar in the area. If you don't want to overspend, you should look at listings in your area of similar properties that have been renovated. That will determine what people are willing to spend.

Appraisers are independently assigned through a vendor, so you can’t control how or why they select comps. Their clients (lenders) have particular parameters that they are looking for. As an example, many larger banks say that proximity to the subject is more important than finding similar matches at a distance or going back in time. Differences can always be adjusted. Others will allow for searches that go out further to find similar matches.

@Aubrey Prado

You don't need a GC for cosmetic work.

Well, it depends on how much work you need done. If you just need your plumbing done, you get quotes from three licensed plumbers and have them do the work. And it does sound like a lot of work for the plumbing.

You get a carpet company to give you quotes to do the carpet.

Get a handyman to do the minor stuff like hanging a light fixture or fixing the walls and doing paint.

@Tarik Sapp

Send an email with the details of your offer. That's pretty much how all offers are done. The other way to do it is to sit down over coffee or lunch, especially if the offer is rather complicated.