All Forum Posts by: Michael Pilarski

Would it be possible for you to sell it with owner financing where you are the mortgage holder and she pays you? Or is this a situation where you need to cash out of the house, if that's the case maybe there is a private investor willing to purchase the house and in turn sell it to her holding the mortgage. Just a thought.

Joshua Dorkin Be happy to do that (it'll help me learn too :-). Add me to the list.

Joshua Dorkin I'd be willing to help. Not sure what I'd be able to do since I'm a newbie and haven't done any type of deal yet, but if there is something that might fit my situation count me in.

Vanessa Patterson I would recommend wix.com (I am not associated with wix). You can build your own website there. Its very easy and user friendly and looks professional. There really isn't a need to pay anyone and you can update your own content doing this. Your websit at a minimum would need a Home page, About Me page, and Contact page. To drive traffic you may want a Content page. You certainly can generate leads from your webpage. Wix can guide you through. Once the website is built you can then have it hosted somewhere else but you would have to pay for hosting. The good thing about it being hosted somewhere else is that it will not have wix in the address giving your site a professional appearance, that will also allow you to have email addresses with the website you creates name (ex. [email protected]) Good luck!

Jon Holdman you nailed it. I would talk to a CPA first (preferably one that is familiar with real estate investing and taxes), then I would tlak with your partner regarding the points Jon mentioned, then I would consult an attorney and ask a ton of questions. You need to pay for an hour or two of time but after that hour or two you should be able to decide if you can set up the LLC yourself using the states website and info and file yourself or if it would be better to pay the money and have an attorney draw one up wih specifics based on your situation.

[url]Melodee Lucido I absolutely love your idea. What are the chances of making that happen? I've noticed lately a lot of threads being started with newbies and they are all questions that all the pros here have answered over and over ad naseum and a I know that the starting out forum is the place for newbies to ask, but the search function on here doesn't always do the best job of finding things especially for a newbie that doesn't know what they are searching for or how to enter it into a search. A blog on here would be awesome. I'm a newb myself. I haven't done any deals. I keep reading and learning and will eventually jump in, but a blog for someone like me would not only be inspiring but SOOOO helpful. Don't get me wrong I'm not saying BP isn't doing the job, quite the opposit. BP is awesome and the amount of knowledge from everyone here is fantastic, but your idea would make BP even more attractive.

When you say relatively shortly thereafter, do you mean like 3-6 months or 6-12. I would wait until you had some cash reserves built up from the 3 rentals you had, that way not only does that lower your debt to income ratio for the traditional loan, but also shows the bank you know what you're doing in regards to owning rental property. I'm excited for you. I wish I could go back and do this. Good luck and keep us posted. Have you contacted anyone yet regarding FHA financing and have you been looking at any properties? Just curious.

Jonny Cerri I love the enthusiasm. I would suggest getting involved with the local REI club. They'll have a bunch of agents you could talk to and you'll be able to figure out which agency tends to be the one the good agents work for. Those agents can guide you in the steps to get to where you are going and at the same time building up the relationships that will help you be succesful once you get your agents license. Good luck!

[url]John M. I'm assuming you've contacted a lawyer and have your business plan together. I haven't set my LLC up yet, but have talked to a lawyer and CPA. The main thing when operating under an LLC is to make sure you do not mingle the LLC funds with your personal accounts. Don't pay personal bills with your LLC bank account, etc. I'm very interested to hear what the seasoned pros here have to say about it. Congrats on the LLC!

Good Lord! I went to reply and everyone else has jumped in and Rob Gillespie is right on the money. Listen to what he has to say, he is a huge vat of knowledge.

Jenkins Ramon I could be wrong, but I believe what you are referring to are the HUD home flips. If there are bank owned and FNMA isn't involved or individual sellers quick flips can still occur. Even with the HUD and FNMA homes there are ways around the holding times and I'll let someone with actual experience with that chime in. It has to do with setting up an entity and selling the entity.