All Forum Posts by: Greg H.

I didn't have them transfer property into the LLC. You can probably have a local title company transfer title for you if you don't want to do it. I had them create a few llcs years ago. They have handled a few other things for us and I have had good experiences.

Any legal business can be run ethically, or unethically. It's the responsibility of the people that make up the business to educate themselves and run it in a legal, responsible, and ethical manner.  

It applies to both wholesaling, and agency. 

@Tae C.  Yeah, I forgot about that.  That was one of the questions asked when I called.  The woman on the phone asked if anyone in my family was, or had ever served. Nobody in my immediate family was active, so I was kinda at a standstill.  She then asked me if I could think of anyone that served.  I took a long shot and asked if my grandfather in WW2 would count?(which is true), my dad over 40 years ago?(true), but I wasn't sure if that counted. I thought it was just immediate family, but I said my cousins are serving in the Navy(true). She was good with it.  She didn't really seem to strict on who I came up with.  It seemed like she really wanted me to figure out anyone that had some tie to the military, so I could become a member.   Maybe it was just that particular customer service rep over the phone. Nothing was ever mentioned again about military. My account was set up, but I have never used it since they didn't want to take 1st position for the heloc.

Does anyone else know of other banks that will allow Helocs on investment properties? Please let us know if you know of one.

I wholesaled a decent hoarder house this year. It had been abandoned for 5 years.  It had every issue.  Abandoned, Hoarder, squatters, Tax liens, City liens, probate, out of state owner, multiple family members in different states that were dealing with signing, none which used email. The plumbing was taken out of it, roof caved in, windows boarded,etc.  We never saw the floor of the place when we got in.

It was only a little over 1100ft and I think I was all in cost for about 2500. We called the city for the 40 yard dumpsters. They new exactly the house we were dealing with.  They wanted it cleaned so bad. I tried to get the woman at the city to give us the dumpsters, but they still charged us.  The neighbors were bringing us fresh baked cookies and drinks, lol.   Everyone in the neighborhood stopped by at least once to see if we were cleaning it up and say how grateful they were that the house would finally be remodeled.

We rented a tractor from an equipment rental place and hired 5 day laborers for a few days at $100 per day each, so $500 per day. We bought the masks, suits, gloves, shovels, bags, tarps, water, food, and anything else we needed. We placed all furniture out on the curb and listed it on Craigslist. People picked it all up even though we thought it would probably go in the dumpster.

The day laborers and my partner used wheel barrows and snow shovels to push debris out the windows, front door, and into the garage. The tractor scooped everything up from the garage and front and dumped into the dumpsters.

There was no lead, mold, or asbestos, so we didn't have the issues some others faced.

While under contract, someone broke in through our last good window, lol. I bet they were surprised once inside. Then we got a call from the neighbor saying someone was sleeping on the roof one night and the neighbor called the police. Another time the neighbor called us one day saying that someone had a fsbo sign in the yard and was selling the house for 30000. The guy had broken in the front door and he was showing it to prospective buyers even though he didn't have any interest in the property. We boarded up every entrance and the police had to start patrolling the house until we sold it. This was a good B neighborhood. It was by no means a bad neighborhood. 

The bottom two pictures are the before and after of the same room.

These two pictures are of the same room, before and after.  The mirror is placed in the same area in both pictures.

It's been a while since I called last, but you may want to try PenFed Credit Union for the Heloc on the investment properties.  I spent a lot of time searching for banks that would lend on investments a year, or two ago, and they were the only one that I found at that time that said they could lend on my investment property. What didn't make sense to me at is they said they couldn't take first lien position.  My property was paid off and they said I would need to take a first mortgage out before they could place the Heloc. You should be ok since yours isn't paid off. Their site says they have a branch in Clarksville,TN. 

Evans, Dove and Nelson PLC, Doug Nelson is who we used on our last eviction.  

   They do evictions for the local property management company I use.

I  hired Keyt Law do a few of my LLCs and Trust and had great results.