All Forum Posts by: Gary Headrick

Agree with the fellow above, same day not realistic but you can find lenders through local real estate attorneys and CPAs as well as local real estate groups. I'm sure there must be several in Denver. Property managers and strong RE agents usually know one or two themselves.

Themes I have found to be true.

Everything in life is easier to get into than out of.

Too good to be true - run.

When in doubt- don't

Good use of the forum

Think the ARV came from crowdfunding. I look at LTV (what you bought it for) when making loans. Credit worthiness is nice but really loaning on the property vs. the person although I require a personal guarantee. ARV presumes you will follow through on actually doing the rehab which is an unknown when making the loan. However, if you have a track record of actually doing rehabs, this is in your favor.

Get a copy of the deed and take it to a real estate attorney. It will be worth the money to have a legal mind on your side. I dislike lawyers immensely but there is a time and a place - like NOW

I agree with the fellow above. NEVER do a real estate deal without a contract, - signed, witnessed and notarized. The time to do it is in the beginning when everyone is friendly. Just say you want to cover the worst case scenario such as an accidental death.

My experience is that you chase them down, corner them and they declare BK

Agree with Ms Chen. Check with the Bar association leaving names out but inquiring about the Bar Rules on conflict of interest. Keep in mind they take care of their brethren but I doubt the attorney is making enough out of the deal to want a ethics investigation.

Go online and search for "online incorporation" - there are many of them. Most of the websites will give you a decent comparison of S Corp. vs. LLC. My preference is for S Corp due to the taxation on profits associated with LLCs. I have set up 3 of them. Go to the IRS website and get an SS-4 which will get you an FEI# and form 2553 which is the election to be taxed as an S Corp. The websites will charge you extra for those and you can easily do it yourself. Frankly, you could do the whole thing through the NY Dept. of Corporations but I find the websites are useful for name search and the incorporation docs they provide. With an S Corp no need to do anything special in Ohio.

I hate sounding like the old uncle and have failed 4 diplomacy courses, but, if you are asking whether to hire an appraiser or an inspector; please do a lot more reading/studying before you spend your hard earned money.