All Forum Posts by: Roger Wilson

Just to add to the above..... if you want to get a conventional mortgage - then keep it personal. once you get several properties, and more experience - you will learn that NOTHING goes in your own name ;-)

Most states have a limit on how many properties you can sell (without being the personal owner, which you aren't if it is in an LLC, etc.) - without being a licensed agent. CHECK WITH YOUR STATE! The penalties can be harsh.... (such as here in NY)

On the other hand, it is fairly easy to get the license, and there are a LOT more advantages than disadvantages.  Just make sure that you disclose that you are a licensed agent on every contract you do!

Look for a local real estate investment group in your area - that's a good place to find partners.  We have several here in NY, and we are always putting together deals.  Good luck!

Stumbled upon this post, and can add that I have quit a bit of experience in this arena, and have read most of the books listed here.  The best ones by far are "Zero Risk Real Estate" by Chip Cummings, "Proft by Investing in Real Estate Tax Liens" by Larry Loftis, and Don Sausa's book.  These are guys that actually DO it, and share some of the in's & out's.  Great place to get started if your new, and then attend an auction.  Of course, it never hurts to tax a tax sale attorney out to lunch either....   ;-) 

Way to go!  Congrats, and I'm sure the first of many....

Never get emotionally involved in a real estate purchase. Always analyze the NUMBERS. Remember - in an FHA 4-family, you will need to show reserves as well.... Good luck!

My experience shows that premiums will ALWAYS be high....  many times I will go "naked" on the insurance, since the flip will only be a couple of months.  It's a risky business out there....

It's called the "utilization ratio", and used by the credit bureaus to adjust your credit score.  There are different thresholds - 50% and 80%. Meaning, that if you have a credit limit of $10,000 and your balance is $7,500 - your utilization ratio is 75%.  Keep it below 50% to get the best/highest credit score. But DON'T CLOSE THE ACCOUNT!  That will kill your score.

Taxes are ALWAYS negotiable....  Since they vary in different areas/states, then it only matters what is in the CONTRACT.  Write it up however you wish, however - you can only have them pay what is actually OWING - if the tax bill hasn't been issued, then you can;t have it paid....

Love the story!  Keep up the good work....