All Forum Posts by: Karen Rittenhouse

@Casey Connors

Wow, North and South Carolina are the "Midwest"? 

:)

@Zevi Arem The longer you wait, the more you'll regret waiting.

Because the selling market is so strong now, we have been selling our higher priced rentals for better, lower-priced-higher-cash-flow, properties that pay off faster.

I'm looking for 2 things: high cashflow and short pay-off times.

This is the strongest selling market I've seen in 13 years. You can always buy rentals.

Good luck!

@Mike Stahlman - Yup, it varies and it depends. Starting out, we used someone part time who was a "floater" and worked for a lot of companies. We paid her by the hour as what we needed varied from time to time. It was never a flat rate.

Now we pay a fortune to a full-time bookkeeper and another CPA. But, there's nothing more important than accurate numbers so be sure the person you use knows real estate and all our laws about tax and entity structure so you're able take advantage of all the tax benefits available to you.

Good luck!

@Chase Binnie I have no idea. They're typically not involved in any of the transaction, so it only applies if you are a broker in your own transaction - which I am not.

@D'Aydra Allen - Yes. If you don't close on the transaction but assign the contract, that's an assignment. But for a wholesale deal, you close on the property and re-sell the house.

@D'Aydra Allen - The first thing you need to do is check with your broker to see how you'd be paying your brokerage. Many brokerages are independently owned and operated so you need to check with yours.

Yes, wholesaling is legal because you purchase the property, then resell it. It is like any other for-sale-by-owner except that you don't live in it, don't fix it up, and sell it quickly.

Good luck to you!

@Cedric Macon I believe we allow up to 4 doors. No land, no commercial, nothing on the MLS.

Thanks for asking!

@Account Closed

Yes, have an attorney draw up documents. You can do a simple note for private money with annual interest payments or even monthly interest payments if you want to go to that much trouble. We used to pay more for money when we only needed to pay interest annually. Or you can stretch the payments out further and add annual interest into the loan.

There are pretty much unlimited ways to structure money loans that don't involve tying the funds to a property, and this is why it needs to be documented in writing - so you, your lender, and your attorney are all clear on the terms that have been agreed to. Eliminate all the issues you can before starting out.

Good luck!

@Amber Bhimaraju - contact your local real estate board and your real estate attorney. Every state is different.

Good luck!