All Forum Posts by: Josh Bakhshi

You don't "have" to have a business, but I would recommend it. Most states, starting an LLC is relatively cheap and easy. And it honestly makes you look more professional.

great job!

Understand that this is a business and not your personal home.  Don't cut corners, but only do things that will bring value (get higher sales price and interest in the property).  ALWAYS keep your bottom line in mind.

Good luck

You should do it in an official way with HUD statements, wires and a title company. Best people to talk to are local title companies. If they are all in the same state, the title company should give you a break on costs and go over your options. It should cost you about 2K total, but it would be worth it and most clean. Especially if you have siblings that can come back at you.

Alvonta,

The story still doesn't make sense to me.  If they are still getting $600/month in rent and that is what the mortgage is, why are they 2500 behind (6 months)? If they intended to ignore it as it appears they are, why didn't they put it on the market back in March when the market is most hot? Something still doesn't seem right, but you should go with your gut.  Good luck.

breaking even isn't always bad.  But do you have the reserves to cover costs when it is vacant or tenant isn't paying the rent?  

I would also look into getting a HELOC or 2nd LOAN instead of a cash out refi. It is usually much cheaper. How is the the rate on your current loan?

If you are looking to cash out in a year or two, I would wait.  The cost for everything would make the savings on interest payments a waste.  Especially if it is less than 100K

How did you find this guy?  Did you tell me details on what you were looking for?  Go over the listings he sent you and ask him why he thinks "these are interesting".  If you feel like he is a waste, then get other agents.  At the same time, put your efforts in also and ask people about their homes and if they know others that might be selling.  Don't wait for others to do the leg work.

Ryan,

Congrats on your start for RE Investing.  You have a lot to learn and BP is a great place to do it.  I think you need to sit down and write out your goals.  Do you want passive income (rental properties), do you want to buy something today and sell it in 6 months at a profit (flipping) or do you want to buy a property that you can pass down to family members when you die (traditional real estate)?  Read, question and discuss.  You are at the right place.  Good luck.

I use quickbooks online.  What reports are you not able to run on quicken?