All Forum Posts by: Francis I.

It was most likely a section 8 inspection done back in 2014. Thanks for the quick response.

So I am buying a townhouse in Baltimore city today that has a code violation notice and order regarding one room in particular (replace window sash, replace carpet and install missing switch plate) and repair/replace the mechanical system. The house and room in particular were going to be renovated anyway and the old HVAC system replaced. Do I fix these right away and have the inspector on the notice inspect it or do I call the inspector after the entire renovation has been completion (with time extension obtained, given that I have 30 days as on the notice)? What is the best way to take care of an inherited code violation notice?

Your useful input on this would be highly appreciated. 

@Ned Carey

@Ian Barnes

Thanks for the responses everyone!

As we probably know, flipping income is taxed as ordinary income if performed under an S-corp. I am about to purchase a wholesale property owned by regular LLC (non c-corp or s-corp), however my own LLC is elected as an S-corp for tax purposes. Please how do I go about transferring the ownership of this wholesale property to my own LLC (s-corp)? Quit claim deed or buy the rights/ownership of the LLC that owns the property?

@Ned Carey

@Ian Barnes

Hello everyone, please what is your take on a flipper with multiple flips at one time listing a flip through redfin (they advertise a 1% listing fee or something) with 3% buyer's agent commission and 1% to redfin?

Please what is your take on tree cutting/pruning in Baltimore city? I am about to purchase a property in the city that its entire front view is blocked by about 3 trees with lots of branches. What is the best/recommended route to go on this?

@Ian Barnes

@Ned Carey

@Jamal L.

@Joseph England

I must say that your rehabs are very beautiful. I have learned a great deal from you.

Please what is your take on tree cutting/pruning in Baltimore city? I am about to purchase a property in the city that its entire front view is blocked by about 3 trees with lots of branches. What is the best/recommended route to go on this?

Probably they must have changed their system of doing business. In the past, the $3,000 was a MUST to get onto their program or, rather, empty promise of 100% funding. I was a victim of this. I paid the $3,000 upfront and got a good deal under contract that satisfied every criterion of theirs but DHM never closed on the deal. A few weeks after applying for financing with them, they turned around and informed me to bring $37k cash to close (which took me by surprise given the fact that I paid $3k for 100% financing) and dragged on closing for several months. I read up several negative news about this company and similar complaints like mine by other people (the idea was that DHM was actually making their money from the $3k deposit people paid upfront rather than from the business of lending hard money that they purported to be. That is, they lend money to a very tiny percentage of all applications for hard money that they receive. $3,000 times at least 500 sign-ups in a year is $1.5m in revenue from victims while actually doing very little to nothing for most). This was back in late 2016 to early 2017. That was it, my $3k was lost and I never got any deal funded by DHM. Lesson 1 learned in RE investing - choose your HML very carefully. Local HMLs within your state would be preferable to out-of-state HMLs.

I would be careful about people giving 'good reviews' about a company notorious for promising but never delivering. DHM is one of the HMLs out there with more bad reviews than good reviews.

@Ian Barnes

@Ned Carey

Hello everyone,

I was wondering if anyone here has used the hard money lender, hardmoney2go before? Their alternative name is Lions Mane Financial LLC. I can't seem to find any useful reviews about them online.

http://www.hardmoney2go.com/

Any experiences shared would be useful. Thanks!