All Forum Posts by: Danny Kay

I have heard about this also, its a good thing to do. But as he said, technically the bank could call the loan due. In this cause you would deed the property to your person again, and make the bank happy. Then deed it back to the LLC after the bank is happy. But remember banks want to be paid, so if your are making payments, the chances of them calling the loan due is slim to none. Now remember, i am not a CPA, attorney or anything with cool letters at the end of my business card; its just what i have learned.

ssr,

biggerpo glossary: http://www.biggerpockets.com/glossary.html
im still learning these too :)

did my previous post make any sense/ help you. i hope so, but i realize im not good with words.

flipping houses your main interest, maybe some longer term rentals?

enjoyyourstay iamthegame. 8)

WELCOME, like wesley mentioned: this forum is full of people that flip, rent etc. I woud say thats what the majority of biggerpo members do!

Good new years resolution!
welcome, and yes.. the brains behind this site are awesome and deserve an nobel prize :superman:

great info Ohio! I appreciate it!

We usually send out a certified letter to the tenant asap soon as thier first payment is late, notifying them of thier contractual obligations and that the eviction process will start on X date if the owed money plus late fee is not recived by X date. That usually wakes them up, and if that does. Out they go :)

As far as a complete DD checklist thread, i have not seen any such thing, yet :)

For a private residence, i would do some basic things, these will lead to other things for you to investigate.

-the very basics, that im sure u know allready: price, general condition of structure, property size.
-price: repairs needed? cost of such repairs? ARV? ARV will require some work to find comps in that area.
-rent price: this is where comparibles come in handy for the area
-margin: rent minus monthly costs. Make sure this will be enough to afford that new A/C unit next summer ;) (my luck, the AC would go out in the winter, go figure.lol)
-if the property is any decent size, maybe 1ac+, i would look for the following: wetalnds/ floodplain, utilities, buildible terrain, etc. This will give u a rough idea if the raw land will be worth anything (long term)

These are the basics, and each little basic item will make you think about new questions you want answered.

You should consult your closing attorney for legal papers.

I hope this kinda helped. Good luck.

Welcome to the site! You will love it here, i know i do!

Im in Cobb County, where abouts are you?

if i were in your shoes : RE, not school.

I know plenty of broke PHd's. Bottom line, you have your foot in the door with REI, why not continue that. And remember, your REIs should hold or grow in value, if for some reason in the future you NEEDED a degree, you could sell some property and pay for schooling. Even a couple years later, your 200K should have grown 10% i would hope as a min. LEaving you 220K for emergency schooling. Just a thought. You have two choices: REI with emergency schooling down the road, or schooling now and now cash for REI. Option 1 would be my choice.

Read the info on here for starters, browse the different forums on here and get familiar with the basics of each. This will give you a general understanding and a good foundation to build on (specifics for each type of REI).

Seminars, can be good. I would disagree with somone calling them a waster of money. Yes the info in the seminar can be found on the internet and libraries. BUT, time is money, and some seminars will save you hours and hours of research time.

Meet people, your local REI Club will be good for this.

Trusting people can get you in ALOT of trouble. So dont make any life changing decision based on my posts or anyone elses. Once you browse this message board enough, you will see who knows what they are talking about. Ryan, above me, is extremly smart and seems to be well versed in several areas of REIs. There are a couple other guys that post alot on here. Im not telling you to ignore certian people on here by any means, just becarful there is always someone trying to make a buck at your expense. Good luck! PS. read the new glossary we have on here, its great! (Thanks Josh!)