All Forum Posts by: Account Closed

@Dan Close Does he work in Southern Indiana?  That sounds like someone I could use....

Flipping is a good way.   Wholesaling is also a good way.

 In the instance quoted above, this is a horrible goal.  It's a goal for the sake of having a goal, which does nobody any good, for any reason.

In your instance (and original example), I'm not sure if you're 100% speaking hypothetically or not.  However, I assume you are not and the instance you give is real world.  Let's say you exceed your financial goal for the year by June.  Then, you take the remainder of the year off.

If that works for you, perfect.  If it doesn't, don't do it.

People keep asking, and I have yet to see you give a solid answer.  What's the why?  What's your end-game?  I think your goals may be centered around a number of deals.  Why not focus on a financial number instead?  If you hit a deal with 100K net profit and your yearly goal was 90K, you win.  Take the rest of the year off.

(I still feel though, like we need some clarification, maybe).

@James Stevens

How goes it?

So, from my perspective, I have obtained property (through conventional financing; small local bank) in my personal name, then quit-claimed into one of my LLCs (dependent upon property which LLC I used).

Having said that, I had a conversation with the lender up-front as to whether this would be ok for him, as it could violate the due-on-sale clause.  He said it was certainly ok and that I would still be personally liable for the note.

So, at the closing table, we signed the note, then quit-claimed the property into the LLC.

The key is having the conversation with the lender, up-front.

There is a local investor (to me) (@Sharon Vornholt) that has a killer blog.

Try searching it and read all the listings about probate.  This will get you more than you probably need in order to generate an action plan.

http://louisvillegalsrealestateblog.com//?s=probat...

@James Stevens

How goes it?

Wow.  Your name is Jim Beam. 

(I'm certain you've never heard that one before.)

I'm an active fix and flipper in Southern Indiana (mainly Jeffersonville).  I'll send you a PM.

@James Stevens 

It's time for an update...

Had some trouble reading your post, but I think I got the gist.

So, fantastic.  It's a good feeling when you learn something like that.  Even better when you discover you're then able to do it on your own.

Keep rockin'.