All Forum Posts by: Matthew Haralson

If anyone has contact info for a good eviction attorney in the Memphis, TN area it would be greatly appreciated. Currently dealing with my first tenant needing evicted. Thank you.

Thank you for the input. As much as I wanted to start the process over and find another buyer, we decided to accept and get it over with.

Seeking some other opinions and/or advice on this situation.

I listed my home for 247,500. Within 48 hours, I had 6 offers. 5 of the 6 came in over asking. We went under contract at 251,000. The buyer is using a conventional loan and not asking for any closing costs. After inspection, a few minor things needed to be taken care of so we settled with the buyer at 249,500 as-is so that I would not need to mess with any repairs. Everybody is happy. Then the appraisal comes in at 240,000. The buyer initially says they will not pay above appraisal. Based on comps ran, both realtors involved in the deal did not think there would be an issue with the house appraising at contract price.

Another piece of information: The buyers father is the president of the bank that they are getting their loan through.

Could there be any sort of funny business going on with the bank getting an appraiser to low ball the appraisal to get the buyers a better deal?

How would you proceed? 

At this point now I told the buyer that I would RELUCTENTLY meet them in the middle at 244,750 so we each come out of pocket the same amount to make the deal go through. They said they would do 242,500 tops and that they can't afford anymore than that. 

Could they ask for a lower down payment percentage on the loan with the connection they have?

If I back out of the deal, what is the likelyhood of ending up back in the same exact situation on the next deal?

I would appreciate others opinions on this situation.

Thank you.

Scenario: My wife is about to have her real estate license. I do not. She will work for a brokerage, obviously. We are wanting to form a partnership that she would receive her commission payments through. We want to form a partnership for personal health insurance reasons. Would there be any issue forming this partnership with only one member be licensed? Also is there any reason she could not be paid through a partnership? Do all agents get paid as individuals? We are in Oklahoma. Any information or personal experience with this type of situation would be extremely helpful. Thank you.

@Greg Dickerson @Scott Smith

Thank you, this is great information. We do already have a operating agreement and a business plan in place. We have done extensive research in real estate investing in general and have a few deals we are currently analyzing. I am working on setting up the up the operating company LLC. I am curious as to the different strategies that can be used with business entities as far as limiting liability (I've read it is common to set up multiple LLC's for each property or for sets of properties) or to maximize tax benefits/minimize tax liabilities. Any recommendations in this area?

Thank You,

Matthew Haralson

My brother and I are partnering on a real estate investing company. I am looking for advice on what business structures work best for different types of real estate investing, and recommendations on good accountants and attorneys with experience in this field that I could schedule a sit down with. I am in the Oklahoma City area while my brother who I will be working with is in the Memphis area. Will the partners being located in different states complicate things? Any information would be appreciated.

Great information. Thank you.

Looking for recommendations on what deal finding method would be the most efficient and/or beneficial for finding my first fix and flip property. Just trying to break into the business finally.

Thank you