All Forum Posts by: Lee S.

Sorry I didn't see this at the time, better late than never for others who may need the info.  I went with SDFCU.org (state department federal credit union). Anyone can be a member so don't worry about that.

As long as you buy it you can resell it, covered many times in this thread.

you have to have an RE sales license for a period of time before you can get a brokers license.

 I ended up getting a 95% ltv though state department federal credit union at 4%.  I've already used to to rehab a couple rentals and then did a cash out refinance and paid off the heloc.  One note, had a really low/bad appraisal on 2nd property and used that to negotiate a better rate and no fees with a 2nd lender if I switched and did a new appraisal through them.  2nd appraisal came back at the correct number (190k vs 157k on first appraisal) and it wasn't more than enough to get all my purchase/rehab money out of the house.  Don't accept a bad appraisal If you know it's incorrect, it's  an opinion find someone with a better opinion!

 I haven't but I've been focused on other things.  If I or anyone else comes up with something please post back here to help all.

Hi Andrew, I read a lot of threads on BP trying to find out who other's were using.  I ended up using https://www.frankahearn.com/find however It is $75 so I would find a cheaper option if you have a high number of leads.  I only had 2, found one and gave up on the other due to the situation with the ownership I could track down through local tax records.

I have a question regarding disbursing funds from an LLC. My wife and I will be unequal partners in the LLC for tax purposes (don't ask) and I would like the ability to have her take profits as they come in but be able to take a one time payment to myself near the end of each year. I'm waiting on my CPA to get back to me so I thought I would start a discussion here in the mean time.

@Amit G.  you are on the right track, if this is your first time talking with a seller like this you just have to do it and worst case you will learn for the next time.  If you can't get it at your price, ask her what she is going to do with the proceeds.  This is a leading question to ask for owner financing if they have no plans to use or make a good return with the cash.

If you want to PM me the address I can look it up and we may be able to figure out roughly what she owes on the property.

@Tony Wooldridge  Thanks and good luck.  I was where you are at 2 years ago.  When you are there it feels like that first deal will never happen and/or it's impossible and it won't happen for you.  Just stick with it and realize that there is no reward with zero risk.  Once you get that first one done everything changes, I have zero fear now while still understanding the risk.  

 The house was a cabin style house, A frame 2 story.  List of things we did:

New deck

Jacked up house to replace rotting base plate on about 1/4 of house, associated with rotted deck.

Painted inside and out

New windows, exterior doors.  

All new floors (mostly wood, carpet in 2 bedrooms, tile in bathrooms.

2 All new bathrooms (refinished shower stall in one)

Painted kitchen cabinets, quartz counter tops in baths and kitchen.  Tile back splash and all tile surround in one bath.

Turned upstairs loft into a bedroom on one side by building a wall/closet.

Minor electrical/plumbing.

New gutters/downspouts.

all new plumbing and electrical fixtures, outlets and switches.

Stainless appliances.

roof was only 5 years old, win!

That is all the big stuff, lots of small misc stuff. It's an awesome little house on a flat lot in the mountains with a nice steam bordering the back side of the lot. I could have sold for ~100k profit but kept it as a BRRRR instead due to massive housing shortage and high rents.