All Forum Posts by: Justin B.

I can confirm the MLS does this. They don't restrict by IP by any means, but they can track it. Keep in mind, it's not WHAT the IP address is that they are tracking. They can track it in many ways. If your IP changes often but it's always in the same "location" and multiple IP's aren't logged in at the same time, you're fine.

Every IP can be "located" instantly. This is how websites can throw local advertisements at you because they know the general area where you are by your Public IP. If you are a realtor that is always logging in from New York, NY, and all of a sudden logins over a long period of time (much longer than a vacation would be) are coming from California, they are going to investigate accordingly. Penalties aren't just assessed, they investigate first and try and find out what's going on. The MLS isn't on a witch hunt or anything. They would only assess a penalty if they think you are being malicious. Simply changing your password can stop behavior you're not aware is happening (like if someone got a hold of your account somehow).

It would also be a flag if the same account is being logged into from several different places across the U.S at the same time (or several different IP's).  For example, if someone is logged in from CA, MS, and TN all at the same time, that will look weird and they will investigate if they know you are located in TN only.

And keep in mind, there isn't a team that is constantly watching this. They can run reports and such from time to time. If someone logged in to your account once or twice from somewhere else, that wouldn't raise any flags. It's prolonged used of your account from multiple places over a long period of time that they are looking for. They are really trying to crack down on gross misuse. Believe it or not, there are people who will "sell" their account to others who can't otherwise get MLS access. These realtors/appraisers are the people the MLS is looking for. My Father is a realtor and when he visits, sometimes he logs into MLS (I'm 1,000 miles away) while he's here and the MLS has never called him on it. If I personally logged in a few times a week (and no I don't have his account info), the MLS would probably call him after a while to find out what's going on.

Hope that clears it up.

I'm sure there is a limit somewhere but if I hit it, I guess that's a good problem to have :)

So I've read through the thread and it sounds like it may be standard language, but that clause literally makes it "not a contract".  If the bank can tear it up at any time for any reason, why have a contract?  That language makes the entire contract no better than a handshake (at least on your side).  Standard language or not, I would spend as little $ as possible before closing and only do what must be done.  Just be aware with that language, you're taking 100% of the risk.  If the deal is good enough and your spend is minimal, maybe it's not so bad.  One thing I know for sure is that the bank doesn't want to own Real Estate so they're not gonna "hold out" for a better offer.

There are items around being a "Real Estate Professional" that allows you to do things that non professional's can't do and I think the other posters covered that, but one thing I can say for sure is that using or not using a PM won't effect how expenses on your property are handled.  There are plenty of resources out there to help you determine whether something can be expensed in the year you spend it or if you have to depreciate it and for how long, but using a PM doesn't effect this at all.  I have a mix of properties (some with PM's and some without) and it doesn't effect how I do my expenses.

My bank does the same. I don't have 10 yet, but there is no limit.  We've crossed the first threshold of owing enough that future loans have to go through our loan officers boss first and I'm told when we owe more than 1 million (or 2 million, can't remember which), we'll have to be sent through a committee that meets twice a week for approval.  No biggie as the current process in place doesn't delay us.  It seems to be a formality for the most part.  We pay every loan on time, automatically, so they'd be dumb to deny any loans we bring them that are good deals for us.

Hrmm...No one? :)

All,

I recently replaced a garage door in one of my rental units.  Just trying to figure out if it's an expense or a depreciable asset.  We replaced the door with the same quality and it was $750 (so not too expensive).  As to whether the existing garage door had reached it's useful life, I think you could argue either way.  It looked in good condition and all of a sudden cracked beyond repair.

Just looking for schools of thought on this.  Thanks!

Welcome to BP! I'm up in the Gaithersburg area.

When I formed my first LLC I did everything myself. HOWEVER before I submitted everything, I paid a lawyer a few hundred buck to review it and make sure nothing glaring poked out. He had a few recommendations, which we did and that was it.

Disclaimer: I am pretty savvy at this stuff so I had a pretty good idea what I was doing. If the thought of doing it yourself scares you, then use a lawyer from start to finish.

What you do now is make everything official. I know he's your friend but be careful there. Nothing kills a friendship faster than arguments about money when one person thinks the "verbal" terms were something different than you do.

Get an official offer letter drawn up and have him accept. Then get an inspection (don't let him refer you to anyone, pick your own guy). If the inspection comes through fine and all is well, then all that's left is the closing (and all that goes with it....financing, appraisal, etc)

I'll repeat, just because he's your friend, don't circumvent anything you would normally do if you didn't know the seller and you'll be fine.

And trust me on this one. If at any point during this transaction things get heated, immediately just say "Hey, looks like we can't come to terms, let's just forget about the deal and go have a beer". A real estate deal isn't worth a friendship so the moment things start to go the wrong way (if they do), put an end to the deal (unless you don't really care about the friendship that is). I know it's a friend of a friend, but that can still have an affect on the friend that's not involved.