All Forum Posts by: Prashant P.

I am looking to buy a house in a new area to fix up and flip.

Before making my bid on the house, I was trying to find a General Contractor to walk through the house with me and give me an estimate for repairs.

I also need a written estimate to submit to my private money lender so that he can look at the budget.

I contacted one General Contractor and he said he would charge a $500 fee for this, which is refundable if I get the work done with him.

The price seemed high to me, but I was looking to see what others have paid. It does seem comparable to an inspection.

First, I would be sure to due a good deal of research for a property that is listed on Craigslist. Over the past few years, the deals on there have become rather shady. To me it seems odd to list a 100 unit apartment building on Craigslist.

Unlike SFR homes you are going to have strongly consider maintenance, managment fees, insurance and employee salaries into consideration. Just think that if you are renovating a bathroom for $3,000 in a SRF it could easily be $300K for a 100 unit building assuming all the bathrooms need to be redone.

A business plan is not required to start an LLC. Actually if you looked around your states website you find an online portal to register your new business.

It sounds like the attorney is trying to make the most money he can off of you.

I would advise creating a business plan if you plan on growing your business or if you are going to look for commerical funding.

If you search Biggerpockets you will find some examples.

I would contact a few other attorneys and see what they say

You have to understand that most of houses on Homepath are bought by Fannie and Freedie at cheap prices from the owner.

Then they jack up the prices and try to sell them. However, there alot of houses that get jacked up in price and sit on the market because the house needs repairs.

From what I have been told by my realtor most of the time Fannie (Homepath) gives the contract to sell the house to a local real estate agent you does a drive by estimation of what its worth. No one ever goes to look at the house.

If they are decent tenants and pay rent on time why not keep them.

I would see if they would be interested in moving into an upgraded unit. So you would live in and repair unit A. After the unit is repaired the tenant from B moves into Unit A for an increased rent. You move into B fix it up and the person from C moves in with an increased rent.

This way you keep the tenants, get more rent for the property and can live there.

I always sit in my car near the house for a few minutes and see what is going on and who is watching me.

I don't carry a gun but I always have a knife in my pocket. Comes in handy to unscrew a furnace panel, cut duct tape or defend yourself.

If the place is paid off and your tenant is trouble free, I wouldn't raise the rent. Plus they have been a reliable source of steady income for you when you did have vacancies.

It's looks like the staging was done with whatever could be found in the storage shed. There is no common theme. The master bedroom looks modern and contemporary something that younger buyers would go for. The rest just looks old and outdated.

Jason Blanchard, I would ask your insurance agent if they have landlord insurance and see what costs are for that. For example my landlord policy covers liablity, lost rent as well as the structure.

Section 8 does require inspection prior to moving in. I am not sure if they continue to do yearly inspections after the tenant has been living there.

If everything checks out and there is no major maintenance issues, it seems like it would be a good property.

I would also ask to seller to see the terms of the lease with the tenant. Make sure there is no funny language. There shouldn't be since its a S8 rental but good to check.

I am in the process of creating a SDIRA with Equity Trust. At the current time, I am closing my old 401K and going to roll it over to Equity Trust.

The Equity Trust site states that it take 14-30 days to complete the process.

In the meantime, I have found a property that would be great for an SDIRA. It was renovated recently, in a good area and a foreclosure so I can get it for cheap.

Is there anyway to get this property under contract before the SDIRA is created. I would buy the property in the SDIRA. I am not looking to make any money off the transaction, just want to lockup the property.

I think it will take 14 days just to lockup the property due to negotiations and paperwork.

Thank you in advance for the advice.