All Forum Posts by: John Horner

Considering you are going to be investing remotely, I don't think wholesaling sounds like a good option for you.  Also sounds like you travel a lot.  Wholesaling is labor intensive until you grow big enough to hire or outsource.  Also it's just like anything else, it takes a while to get good at it.  Certainly not a get rich quick type of business.

Nice work, I love the use of leverage!

 Couldn't have said it better.  If you want to encourage others point of views, don't tell them how they should think.

It takes time and effort to coach people, and those looking for coaching before they do their own research usually aren't going to be the go getters who become successful anyway.

I used to take peoples calls or answer their individual emails until I realized very few of them were ever going to do deals and I was just wasting my time.

Coaching may help some people, but if you don't have the drive and relentlessness to succeed, then it doesn't matter whether you have a coach or not.

Unfortunately I have had this happen.  A good title will call the utility companies and find out if there is a balance.  Some utility companies will keep the debt with the person and some don't care, like in your situation.

The last time I had this happen we were able to get the money from the sellers, but not always the case.

What you could do from now on is call the utility companies up front to make sure there is no back debt

-OR-

Hold back a certain amount of money to pay for utility bills.  We have sold a lot of houses to American Homes 4 Rent and they do this as well.

For the same reason you put your old Schwinn bike up on Craigslist for sale on the cheap.  Because it just doesn't have that value to you anymore and it's more important for you to get rid of it now then have it take up space in your garage for the next year while you wait for top dollar.

Don't throw away a Schwinn-Schwinn situation... sorry I had to :)

In short, yes you need a title company.  They will do the title search to make sure all the liens on the property get paid off.  They also provide the title insurance that you will need in case they screw up or something was wrong in the title search.  They also escrow the earnest money and accept the wire, take what is needed for their fees an liens and you will get what is left.  They also file all the documents (deed, mortgage, etc) with the county.

Your LLC should be taxed as an S-corp, your accountant can file for that request. Then you still have to pay income tax on the profit but you will save pay the self employment tax until you actually pay yourself from that LLC. Hope that helps!

Welcome @Farris Roach III, this site is a great resources!  Should be able to find everything you need here!

Welcome Alex, me and my team are very active in the Columbus market! We've build a 120 self managed rental portfolio in just over 2 years here. Still aggressively picking up MFH and SFH as well! It's a great market if you can identify and pickup the deals that others can't see!