All Forum Posts by: Kevin Polite

I put one on Truila.com and it's free plus you can use postlets and add it to Craigslist.

These are all good responses and I guess it depends on what strategy you decide to take. I've had luck with buying in areas between good and bad areas that are starting to turn around. The first one I bought last year had a few foreclosures in the area and 15 years ago I wouldn't have even considered. But when I was checking out the n'hood I noticed 2 things. Expensive Baby strollers and wireless access points as I drove around. This told me a new type of tenant/owner was moving in.

Secondly, if I had a lot of capital I'd love to buy 5-10 homes within .5 mile of each other in the type of neighborhood I described above. I think that would turn around a neighborhood really fast and you'd get higher rents and down the road a much greater chance of appreciation. Wishful thinking!

Most big banks (in GA) won't mind as long as they get their money each month. I think the only problem is the smaller banks/credit unions.

I just received my ok for a HELOC loan on one of my rental properties from Wells Fargo. It was a comedy of errors from them recording the wrong property, to losing documents, to telling me we could change the title from LLC to me at closing and finding out right before closing we couldn't. Perhaps we I shouldn't mention this until I actually close on Friday.

Ive listed mine on mls and didnt get many replies Received most from rentals.com worked best for me with craiiglist and postlets second.Signs woeked in some neighborhoods that are higher priced.

I haven't had any luck because my LLC, though highly profitable, is only 1 year old. I have an offer from a big bank to do a HELOC if I allow them to transfer ownership of the property into my name. The rate is 6.25% 20 yrs and the numbers work but has anyone done this and then transferred the property back to the LLC? How can you write off the interest if the loan is in your name and the property in the LLC?

On a mid-level remodel we put in a gas tankless water heater on the outside so we didn't have to worry about venting. it created space for an extra closet which was a big factor in this area because most rental houses in that area didn't have much storage. Secondly, it appealed to a more upscale tenant because it was considered "green." But I think only works in an area where you can charge more rent.

I had a contract on a house to purchase where I knew the seller was close to losing the property. We went under contract, sent the papers to the attorney. The next day the buyer calls and says he kids didn't want him to sell and said they wanted to cancel. Next I got my reports that this house was due to be sold last Tuesday. Do I have any options?

We have 2 properties on our LLC and wanted to cash out refi 75% however the banks I've gone to say they will refinance if we do it in our name not the LLC.

If we refi in our names that mean changing the deed to our names. One of the bankers told me just it change back after we close. If we do that how can you write off the interest if the properties are in LLC and the mortgage is in our names?

Any suggestions?

I would definitely contact the authorities and let them know what you know. You could be held liable in some way if you know and don't report, for instance if there is a fire from the coke your insurance company could say you violated the terms of the insurance by knowingly letting crime occur in your building and not reporting. This isn't really far fetched because, think about it you just acknowledged it here on this board. Protect your assets.