All Forum Posts by: Dave Van Horn

Yep, no problem! Good luck!

@Tyler Helton

Yes, you apply and wait once your agreement of sale is accepted. Usually what the agreement of sale states the lengthy of time, but it's usually around 10 days. Try to get any home inspections done prior to applying (so as to not waste any money once you apply)

No you don't need to have the loan prior to making the offer, just a per-approval. You apply for the loan after they accept the offer.

The Due Diligence begins prior to you making your offer. You can't really negotiate the length since you should do that before you make the offer (a home inspection will probably buy you a little time)

Not sure those stipulations exist. You could have a contingencies if you buy directly from an owner, but that won't really work with Realtors.

Best of luck,

Dave

@Taylor Herman

I believe they're separate liens, probably separate years meaning separate bills. Any title clerk could local to you would be able to answer this.

Or, like James suggests, you could also try calling the water service provider, usually they'll tell you.

Best,

Dave

@James Petty

Have you looked into the National Association of Home Builders? They have resources and different forms of education available. 

https://www.nahb.org/

@Russ Trimboli

Since the file is closed, the asset probably went from Loss Mit. to the REO department at Everbank. This means at this point it's probably with their REO Agent (or well on it's way). Most REO agents know months in advance before they receive the listing from the bank since they're pulling BPO's before the Foreclosure.

So not sure if you're going to be able to get in touch with the proper person at Everbank but I would suggest look up REO Agents local to your area and see if the property is listed with them.

Best,

Dave

Delaware - for many reasons, but to put it simply it's really because it's a corporate, tax, and banking friendly state.  Almost half of the publicly traded companies in the US are incorporated in Delaware, as are many major banks.

Delaware’s tax laws allow corporations to be taxed at a low rate in Delaware and avoid higher taxes in their home states. They also don't collect corporate taxes from Delaware corporations that do not do business in the state.

Their corporation law is the most advanced in the nation and unlike other places, it has a separate Court that hears cases involving corporate law.

Also, with all their experience and know-how, you can actually form a corporation more quickly in Delaware than in just about any other state.

Hope this helps!

Best,

Dave

@Jeff L.

I can't help but agree with P.J. I often say notes offer many of the benefits of hard real estate without all of the hassles of tenants, townships, maintenance, etc.

If you're interested in notes, feel free to PM me and I'll give you more info and answer any questions you may have. 

Best,

Dave

@Andrew Acuna no problem, happy to help! And I suppose the answer to your question depends on the size of your current book of business. You might be able to get away with one maintenance person on call as opposed to a crew, and outsource to other contractors. And the call-in number could be a virtual assistant service (still a live person) but not in-house. You could also have a virtual bookkeeper as well.

Hi Andrew,

I'd suggest going to your local REIA for starters. When I was new I would also host happy hours for private lenders as well. You could also take a private lender to lunch or for coffee - when I did this, I would also make a point to never ask that person for money, I would simply present the deal and ask if they knew of anyone who would be interested in the deal I was looking to fund.

Speaking from experience, I should also add that I try to never let my financing dictate my deal. It's usually the other way around. Keep that in mind when looking for investment properties.

Best,

Dave

Speaking from experience...

1.) Get a broker's license (not a Realtor License) or hire a broker. This will enable you to list properties legally for others. In this business, the money tends to be in the residual income from managing monthly rentals and leasing. There's also auxiliary things a broker can charge for like going to court or handling inspections.

2.) Rental Agent(s) - this is the person out showing the units, someone who is licensed, knowledgeable, reliable, etc.

3.) Robust bookkeeping/reporting system - this requires a Bookkeeper and probably some Admins. Property management software will assist in your bookkeeping, accounting, and the overall back office.

4.) Maintenance Crew - and not only that, but one that can handle emergencies. Along with that I'd suggest implementing a quality phone system to take emergency calls from tenants.

5.) And let's not forget, probably the most important thing that almost goes without saying: the book of business. This is critical and when I say "book of business" I don't only mean customers you already have but also a means to acquire/maintain customers as well as differentiate yourself from the competition. When I was a property manager, I catered to investors that I had built personal relationships over the years as an investor myself. I also started a REI networking meeting in multiple cities which fed into my property management company. But that's not the only path. My current manager actually started out by buying a book of business from a retiring property management company, which can also be a viable strategy to gain clients.

Can't fit everything into this list of 5 of course but you may also want to consider a sales division because this will enable you to sell properties for clients who went liquidate some or all of their portfolio. You can also shop deals to your list of investors (then if they buy it, they could hire you to manage it). Also having auxiliary services you offer can be a big big plus, like if you own your own clean out company, for example. When I was a property manager, I had a construction business, so I would also gain business from my other businesses, if that makes sense. Actually, I would say the one of the most valuable things about property management, if not THE most valuable thing, is that it's a great platform to gain multiple streams of income.

Best of luck,

Dave