All Forum Posts by: Karan Manglani

Nice work @JakeRoland! Do you mind sharing additional tips on appointment setting with FSBOs?

I believe in addition to the insurance you have as a contractor, you will need a commercial policy for the company which protects from injury on the job site and any possible liabilities that may exist. 

Great article and totally agree with all points based on my initial research. 

If the buyer has an agent, total commission on the sales price is 6%, correct? 3% for the listing agent and 3% for the buying agent?

Are taxes prorated? If you hold a house for 6 months, shouldn't you only be responsible for 6 months of tax payments?

Lastly, is insurance based in annual policy? Do the COIs from the contractors list you (the rehabber) as additionally insured?

As I kept thinking about it, I figured that I would have to be in contact with the lender and the agent simultaneously. I'll give it a shot and be back if I have any other questions.

Thanks for the help!

I am also interested and would like to know your management costs as well. 

Are you referring to properties for sale or rentals available? Would proximity to the lake be helpful for gaining traffic throughout the warmer months?

I'm looking to purchase a vacation home in the Poconos to use as a short-term rental.

1. Can anyone help identify the best areas of the Poconos for consistent traffic year-round?

2. Is it possible to verify this traffic?

3. Any tips or things I should consider when purchasing in the Poconos?

What about when the lender needs property details since the deal is asset-based? I can't get a pre-approval without providing those details. 

Hi everyone,

While there is a plethora of great information on BP, there seems to be one question that I can't fully understand.

My plan is to work with hard money lenders but I'm getting lost in the process. Below are my questions.

1. Do I secure a pre-approval letter prior to putting in an offer on a house?

2. How do I obtain a pre-approval with accurate numbers (purchase price and rehab costs) if the listing agent won't proceed to showing the property without proof of funds on short-sales or foreclosures?

3. Should I obtain the pre-approval for the purchase price then continue with a property inspection and follow up with the lender for the rehab costs?

Looking forward to some expert advice here!

Congrats, Tim! Sounds like you're off to a great start. You're right that the deals in Nassau/Suffolk are few and far between. I'm keeping my eyes peeled as well but haven't come across anything in a couple of months.