All Forum Posts by: Jacob Anderson

@David Dachtera Thanks. I have another question, not sure if I should start a thread? 

Have you set up a corp. in Nevada? I have heard this is the best tax advantage.

If it is set up in Nevada, do we still have to have a LLC or S Corp. in all the states in which we invest in?

@John Choi I also use a formula similar to @Thomas Franklin. But boy does his explanation of the process rock! He sure put it down great. Thanks

@Mike Bowling as @Jeremy Pace mentioned, there are things that you can DIY to add value to a home, remember that a lot of DIYers fix things that don't add value (from an appraisers stand point), but only present the house better for buyers. I don't know your area, but you may have to state that you are an "owner builder" or you did such and such work, when you sell the house and/or sometimes when you refinance.

@Jem J. There was a comment about it being hard to clean shower heads. I never found this to be true. We clean shower heads all the time with vinegar. Though I must say it is easier to just replace it (you can purchase another, replace the one at the rental, bring the one you took off home and clean it yourself, for a later swap of the one you just installed. It will get deposits again with hard water, dirt, etc.) You just keep rotating them if the renter is incapable. It makes you look better in their eyes. Some tenants just can't do anything for themselves. This is a minor thing, so I think, worth your time, if they are handling most other things. 

Just a thought

@Andrew Bowden no, we don't think you can get any conventional lender to give you money until it is livable, except maybe a construction loan as @Jerry Padilla has said. If you own the house, you could get $ from a private or hard money lender with the house as collateral, if it is worth anything for the lender.

@David Dachtera I think that I was misunderstood. I'm not afraid to take action and have already done so. I also use others money to both our advantage. 

I love that quote from Zig.

I meant that I was afraid to waste my time starting up a LLC until I find a good source to be able to protect myself. I truly am seeking that out because I need to do it soon for I plan to buy & hold before the summer is out.

Right now we are only doing wholesale and flips.

Thanks

I have been looking into Tax Sales (lien & deed) and have never taken the plunge yet because of all the trouble that can happen as mentioned above. When I do one I think it will have to be closer to home and in a State that I know the regulations.

Thanks for sharing all your knowledge @Matt Sicignano & @William Hochstedler

Hello and welcome to BP.

I have bought and attended several real estate investor/ training seminars. I sure wish that I would have known about this site years ago. I could have saved a lot of money and I also would have learned so much more.

You made a great decision to join.

The Best thing to do is get educated. Read, books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche.

Good Luck!

@Troy Fisher we certainly do have off days don't we all. Thanks for your comments!

@Chris Jackson It was not I that suggested a 203K loan, it was @Matt Rosenbohm.

@Thomas Franklin knows a lot about loans. 

    About C.C., of course 0% is the best, but sometimes they aren't avail. I personally applied for all different ones at the same time - Discover, American Express, Capital One, Chase, Barclaycard, Citi for example. I also look for ones that give a benefit besides the 0% or low interest, like 5% back or miles cards. 

I go close to maxing out one card to buy the materials or pay labor. Then before the grace period/ due date, I transfer the money onto another 0% card. It cost you some in transfer fee (unless you get lucky and have a card that waives this for a time). 

Then you pay it off when you refinance the house with a loan after the rehab is done.