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Getting ready to form an LLC...

Has anyone used this or any other on-line service to form a corporation?

A potential problem I see is that they may not be familiar with local
laws / beneficial loopholes etc

thanks,

pfinder

I've had my first rental property almost 3 years now and overall, so far so good.

I'd like to add at least 2 more but my current financial situation finds me without any cash to take advantage of some of the current bargains out there.

Other than maybe taking out an equity line on my first property and using that as a down payment, I'd like to hear some ideas on securing financing on investment property with nothing down.

Trying to be creative and not to miss some opportunities I see passing me by...

Thanks.

Thanks.

pfinder

Ok. I've found a house that appears abandoned and I'm interested in finding the owner. I know I can use the county tax site to get the name of the last owner. But from there, what's the most efficient route to making contact with the owner to make an offer on the property?

thanks,

pfinder

Has anyone subscribed to Foreclosure.com? I'm interested in hearing some feedback on this service.

The good, the bad, the ugly...

pfinder

Thanks for the response.

Thought I might be missing something...would rather get some feedback on my business model than jump right in and sink !!

pfinder

I posted this under the rehab section - though I might get more play here...

Short version of my question :

After much research I believe it would be relatively easy to consistantly turn houses for a quick $10-12k net profit...on a 90 day average turn. I'm talking HUD, VA, brank owned properties in the $75-125k range. So I'm talking about a 10% + / - margin.

Seems most folks won't touch stuff unless they can clear 30-40% margin? My thinking is I'll quietly take the "scraps" and look for a consistant, easy profit.

What am I missing here ?

pfinder

Call me crazy, but after gobs of research I believe I can consistantly buy/sell distressed (HUD, VA, bank owned) properties in my area and average $10-12k net profit with a average 90 day turn. These would be houses in the $75-125k range...so we are talking a 10% + / - profit margin. Yep, it's close but in my calculations I'm very liberal with estimates on rehab/holding/selling costs.

I'd rather sail along "under the radar" and consistantly make my $10-12k house after house rather than fight for the houses with larger profit margins.

Seems like most of the folks that do this for a living are always talking about 30-40% profit margin ??? Sounds nice but seems like those properties are very few and far between.

What am I missing ??

pfinder

How do you go about transfering a property you still owe on into an LLC ?

And..is it even necesary for tax / legal purposes ? Meaning - I'm going to form the LLC for liability protection but wonder if I need to then transfer that property into the LLC ??

pfinder

Thinking of approaching numerous realtors who are handling various lenders foreclosures/HUD/VA homes to let them know I'm in the market instead of just using the 1 or 2 realtors I am now dealing with.

Anybody out there "knocking" on realtors doors - using as many as you can ? I figure more eyes in the market place can't hurt.

pfinder