All Forum Posts by: Mark Gruetzmacher

@Nicholas Novak  What year is this mobile home?  What do you plan to do with it?  If you are going to use  it as a buy and hold I would first check with the park to make sure it is allowed.  

A few things need to be done before you consider buying it.  Obviously you need to look it over and make sure it is worth it.  But beyond that you need to call the park and verify that all lot rent is current.  You then need to call the county and check on the taxes.  Taxes here are paid a year in arrears.  Here in my state that means you would have to pay all of 2014 and then 2015 upon purchasing it.  Something to defiantly  consider as well.  They are done on title here as well just like a car.  Since they are titles like cars they don't allow you to buy and sell to a 3rd party without first transferring the title into your name.  Yes it can be done the other way but not to legal here in my state.

As for taking over the payments.  That might be a tougher situation.  I would think you would have to get qualified from the bank to be able to take over the payments or assume  the payments but that most likely isn't allowed by the lender but never hurts to check.  You would be better off borrowing on a Credit card or other bank loans to save on the interest maybe.  Worst case just buy it outright if it is a good deal.

That looks about normal for that kind of siding.  Once a you get a hole in the siding or a damaged area the water starts to deteriorate it.  You can patch in a piece of the same stuff if you can find it.  They are a few options for other types of sheet siding you could use as well.   

I just read this thread and had a question.  When is a 1099 required?  I know over the $600 limit but it is for any person or business you pay more than that to?  What about businesses that you have do things like a carpet store for example.  Is there a list or set of examples of when it is required?  Is it only for tax deduction purposes?  If I company  shingles my personal house do I have to request the info as well?  

Sorry for the basic dumb question but it is something I am not familiar with.

Thank You.

What is the best way to setup up bank accounts for rentals.  I have my main personal account.  I also have another bank account at a different bank just for closer convenience.  I have a 3rd bank that I just opened up for my 1st rental.  I have a 2nd rental I am working on as well and hopefully in a few months the 3rd one which I will be partnered with will be ready as well.

How should I set up bank accounts for these?  I know some people do a checking for each property.  That sounds like a hassle but if it is the best way then not a big deal.

I was thinking for all my personally owned stuff I could have a main checking account and then have savings accounts for each property to hold the deposits and rents.  

Then for any properties co-owned I would have a separate set of accounts for that.

Now I use some sort of credit cards to buy things 99% of the time.  Now can if I bought drywall for house A and 2x4's for house B, can I then transfer money or write checks to my personal account to pay for the credit card purchased?  

What the best way to do it?

@Account Closed Have you tried out the GNUCASH?  I have used it for the last few years but nothing for real estate.  It is a tough program to understand also.  I think I can make it work fine but have also thought about Quickbooks.  How is the 2015 version of quickbooks?  Is the prior years better?  

@Josip Galic 

So your lender won't allow you to do a Home Equity Loan on a property if you don't live there? Why should it matter. I didn't think they could have any say in what you want to use your money for. It is your equity and as long as you qualify to repay then I don't see a problem. With that said though I got a Home Equity Line of Credit recently and not a question was asked about what I wanted it for. My lender which is a small local credit union allows you to borrow up to 90% Loan to Value. If it is over 80% then the rate is like a 1/4 to 1/2 percent higher. I would check around and maybe HELOC's are different but I have never had a problem with them.

Send me some info please.

@Account Closed 

  I am not too familiar with them that much myself but there are certain ways to do certain things and be Dodd Frank complaint.  I know it was broke up into about 3 parts, like 1 sale, 3 sales and then more than 3 per year.  Each with their own requirements.  Do a search here on BP and you should come up with alot.  I also ran across a few videos on youtube as well.  I know one thing is you sell you another investor you don;t have to worry and also if you would sell the MH on payments to something but not have the loan secured by the home then you might now have to worry either.  Again, not legal advise, just some things I have read.  Hopefully more people will chime in. 

@Account Closed 

 Welcome to the site.  Buying a mobile home on land is usually a good way to go vs buying in a park.  But with that said a 1960 mobile home is a pretty old home to deal with.  But if the price is cheap and you were buying the package for the cost of the land mainly then it might be ok.  Selling the home to someone on terms puts you in danger of Dodd Frank and Safe Act stuff.  Something you should read up on.  There is tons of discussions here on BP about it. 

@Krystle Little - I am not exactly how that works 100% of the time across the county but my understanding was that a person gets their license and then has to hang their hat somewhere so to speak.  I believe around me that you have to work under some company for 2 or 3 yrs before you can become your own broker and thus have your own real estate company.  

So if you have to have your license under some broker, then there is the question on the cost.  Some brokers charge a desk fee per money, some I think work with you on a commission split if you don't have an office.  So I think it would require some extra checking into different brokers to see what they offer.  Some brokers also won't like the idea of you getting your license just for your own deals.  There is also a cost per month or per year for you to keep your license and insurance current.  I think it is something like 2-3K per year.  

So I think it is something for you to check into.  I thought about getting my license myself and actually working part time as an agent because I work another job.  But at this point I have not done anything.  That is how I understand it.  

A side note, when you try to tag someone, type the @ and then the first 3 letters of the persons name and a box drops down to select the persons name to tag.  I think if you are using the site on your phone then it might not work.