All Forum Posts by: Nick C.

There is no downside to being licensed. It opens up many different paths to making money not available to those who aren't licensed. I've been doing this for almost a decade and not once has anyone said they wouldn't deal with me because I have a license. 

It's going to be a little tricky with the lawyer on the front end. If you want to wholesale it you still can. Your best bet is to resell it now, use your own title company on the back side. Either use your funds or set up some transactional funding to close on the front side, and then have your back side title company close with your buyer on the same day. It's easier if you use 1 title company for both transactions, but it's not impossible to use different ones. 

We get property insurance, which covers damages and we have an umbrella liability policy in addition to the liability offered by the property insurance. A warranty for appliances seems excessive to me. IMHO out of all the insurance you can get liability is the most important. Generally you can fix or replace anything in the house, but a lawsuit could bury you. 

Go for number 3. I can't speak for California, but setting up the LLC is pretty simple here in Florida. Save the lawyers for when you need an operating agreement.

I would always say list it now, but your case is a little different. A new driveway, sidewalk, and landscaping is going to make a huge difference in the curb appeal of the house. Saying that they're coming in your listing is not going to have the same affect. Most buyers don't have much of an imagination, and the ones that do are generally buying fixer uppers. 

I guess the question is do you think these items add more than $4k (your holding costs) of value? And do you think you'll get an offer $4k lower than what you would get at a later date once these items are completed? 

For the LLC go to sunbiz.org you can register an LLC there. I don't remember exactly how much it costs but it's under $200.

For your partner(s) come up with an operating agreement spelling out each of your responsibilities and how much money they're putting up so it doesn't become an issue later. 

I would think to keep 2 separate LLC's for each parter, unless they are both cool with combining forces. I imagine they'd want to meet, but maybe not.

Then the most important step, find a deal! 

Whatever you decide best of luck. Just get active, don't have paralysis by analysis. 

You can get an inspection after you get the house under contract. Your only risk at that point is your EMD. Do a visual inspection or bring someone knowledgable, if it looks good get it under contract. At that point you can have a more thorough inspection before you close, that'll save you from big issues like shifting foundations. If a broken water heater or leaky roof scare you off, house flipping may not be your niche.

I don't think you're going to appreciate the answers you're going to get unless you get more specific about your goals, abilities, resources, etc. It's too broad of a question. 

I would let her know it doesn't say anywhere in your lease that the landlord is responsible for a neighbor's dog's poop. Unless of course it does... 

This type of behavior needs to get nipped in the bud right away. Let her know you aren't a babysitter or a dog sitter, the last thing you want is her to call every time these non issues come up. 

I had a neighbor of one of our tenants call us and complain that our tenant walked across his lawn. I told him being a landlord doesn't mean I'm in control of where the tenant chooses to walk. Call the cops, call the tenant's mother, just don't call me.