All Forum Posts by: Jon Thompson

I would use a reputable real estate attorney. That's what I've done on the selling end when doing fsbo. Lots of legal concerns here in NY, and for the flat $450 or whatever it's worth the peace of mind.

Don't know if you're renting or holding. Big difference in the two. Paying cash or financing? Who's doing the work? What's rehab budget, what's arv? What are rent values if keeping it? 

No harm in doing that. I've done the same. It's a good way to build capital. I've also held nicer rentals in the right areas and commanded higher rents with success as well. Just depends on availability of more properties in your area to invest in if you sell, and your overall goals as an investor. Depending on the area a nicely improved home may pull higher rents too, so keeping it could work as well. Just remember to factor all your numbers if you sell, agent fees, capital gains tax, property transfer tax, etc. Either way is a win, hence why we love real estate investing

I saved so much for a down payment on my first one that I had enough to pay cash for a great deal on an undervalued single family home. Paid $60k cash, put a little under $20k in and it appraised for $180k. I then took a mortgage against it and used the cash to buy my next. 

Either way you go can work out great! Best to just get started.

Depends on lots of stuff. Switching jobs is okay if in the same sort of field as your previous work. Then just credit history, debt to income, etc. No harm in calling a lender and trying.

Not getting a survey immediately after closing on a foreclosure my wife and I had purchased to fix and resell. At my attorney's advice, I waited until I had it under contract (when I was selling) to order the survey. The property was about 8 acres, so the survey was a tad pricey, but not too bad. Attorney didn't want me to order one when we bought and then when we sold since it would effectively expire in between, and I'd have to pay for it twice. When we finally got the survey done we had a buildable lot-sized chunk showing as not being ours! We legally didn't own where the driveway came in, and we had done some extensive landscaping there, including huge boulders, etc. Naturally, the legal owner was deceased so we had to get, at first 4, but eventually 5 next of kin signatures to have legal possession and be able to close our sale! This just happened last Fall. Initial closing date was 10/19, but got pushed all the way back to 2/20! Gratefully, we were $20k over our asking price, were all cash into it and taxes were low so holding costs weren't too bad. Even better, none of the next of kin asked for a dime to sign off on the survey! 

Get that search and survey done before you go to work on any place you buy without them!!!

Why not? If you live there you can refi as your primary residence. Even if you didn't live in it you could refinance it, rate would just be a point or two higher. Refinance while it's your primary, get the good low rate then rent it out

Used to be Craigslist was my only avenue, but now I solely use Zillow and Marketplace on Facebook. Last two tenants came from my Zillow ad. Make sure to put basic requirements in your ad and ask if they've read and meet the requirements when they call. 

Small kitchen in one of my apartments but that was less than $40 in materials for the backsplash. Very easy to do it yourself

I have used list2move.com on my last two flips in the Western NY area where I live. They charge $100 flat, I pay additional $50 I for additional photos. My ads have been on MLS within a day of them getting all my info. You set the amount of commission you are willing to pay the buyer's agent. You can do a flat amount or a percentage. I always do 3% so they are have as much incentive as usual to bring their clients. Basically it saves me 3% on listing agent side and has worked great.