All Forum Posts by: Elex Price

I was watching a Credit Suite video on youtube and it was recommended for a business to not use a home address, PO Box, or UPS Box for your business address. The video recommended a Virtual Address if your business does not have its own physical location. This was recommended because it makes your business look more credible to lender when attempting to obtain Business Credit without a personal guarantee. 

My questions are: 

Has anyone used a virtual address service before? 

Is this really needed when starting out in Real Estate investing?

I recently completed the purchase of my 1st rental property. I purchased the home off market from a friend of the family. We signed 2 documents: Bill of Sale & Warranty Deed. Are these all the documentation needed? I purchased a property for a flip easier this year and we had a Settlement Statement. Do I need this for my recent purchase as well?

I close on the sale on my Primary Residence this week. My question is will I be tax on the sale and if so what's the rate? 

I lived at this residence for about 4 year. I did some research and came across Topic 701 on IRS website but I am not sure on the specifics. If any one is familiar with this area feel free to shed a little light for me. Thanks...

@Keaton English I definitely need to keep in mind that there could be some emotional ties to the property and I need to adjust my pitch so that I am not offending anyone. Just need to focus on presenting an offer that will be beneficial to all involved. 

I recently found this vacant property in my hometown back in Mississippi. I would like to purchase the property. I looked on the Hinds County website and found the name of the owner. Looks like it was deeded via an Estate. I did a google search on the owners name and came across his Facebook profile. 

My question is has anyone contacted a home owner via Facebook before? Or would you recommend contacting this owner via Facebook to ask if interested in selling their property? 

Good point @Mike Cumbie 

Purchasing worst house in good area is not a fool proof plan either. There are risk and reward in both strategies. 

When I purchased my primary residence I had the same mentality as my co worker. I wanted a house that was pretty much turn key. My biggest project was painting the walls the color I desired. A friend of mine purchased his home a few months before me and it was a fixer upper. I didn't get it. He fixed his up over time as he lived there and his home value has increased significantly. I just so happen to get lucky with my home. Although it was turnkey, the value of homes in my area has been going up. The past few years a number of corporations are moving their headquarters to Plano, TX and I have a good amount of equity in my home. But in relation to my co worker I didn't buy a turn key in a bad area.

Hello BP Fam,

I was having a discussion with a coworker that's is currently looking to purchase 1st home. I made the recommendation to buy the worst house in a good area, live in it and fix up. I made that recommendation because of the rising value of homes in our area. My coworker came back a few days later and said he made an offer on a house. He offered on an upgraded house in a bad area. His agent told him that he is investing in the future and that area has the potential to grow.

So I thought I would pose this question here to get some other opinions on this topic. Feel free to chime in and share your thoughts...

Thanks Susan. I'm looking for deals in the Central Mississippi area. I don't have a specific target area although I do have some immediate family near Northside Drive and Near JSU.