All Forum Posts by: Steve Hall

@Nicole Nicholas

Sounds like a great time to have the triplex submetered. How fast can you get that done?

Great lesson here for other landlords that pay for shared utilities or use RUBS.

@Justin Dyches

Welcome to BP!

1) Never do a 20 year loan if you plan to buy and hold. Always find a 30 year fixed. More cash flow!

2) Have you ever rented to college kids? If not - educate yourself first before you buy a 3/3 with that intention.

3) Do you know what the 50% rule is?

4) CapEx is not figured into NOI.

Don't buy this one... You're in over your head. You might want to think about going in on a deal with someone else first to learn the ropes. 

@Roderick Martin I often start with a low price offer with terms that are more favorable to the seller. (e.g. all cash, quick close, 20% down, no inspection, etc.)

Then when they counter with a higher price, I raise my price to meet them half way, but I change the terms so they are more favorable to what I want. (maybe finance contingency, 45-60 day close, inspections, 5% down, seller pays closing costs, whatever...)

Of course you could always submit 3 written offers and say choose one. I just don't like showing my hand.

Let us know how it goes...

@Matthew Kern You cannot use your Lowe's 10% discount for business. Please DO NOT do this or they WILL take away the discount for all of us.

I was at Lowe's today and gave my phone number for my military discount as I always do, and the cashier asked me for ID. I said Lowe's has never asked me for ID. She said that it's a new policy starting TODAY because apparently people are giving out their phone number to friends so their friends can get discounts too, OR people who know you are vet give your phone number (instead of their own) when shopping at Lowes to get the 10% discount.

Although I agree with you @Chris Seveney about the SEC regs, I'd have to say that @Stephanie Pieri's approach to finding a partner doesn't appear to violate the law and is pretty clever!

Anyone else confused?

@Zach Winner I'm sure you meant: Individuals whose income was $200,000 or more for the last 2 calendars years and who reasonably expect to have an income of $200,000 or more this year. 

I am sure you are aware that Bigger Pockets is mostly new (non-accredited) investors, many of whom have no idea what an accredited investor is, and most of whom have no idea what 506(c) complaint means.

I am not fond of the 2013 law signed by President Obama that made your post legal. I believe that your posts should at least say something to the fact that: "This investment opportunity is open to accredited investors only." with the hyperlink to the SEC's definition of what an accredited investor is. It's just the ethical thing to do...

For those you that read this and got all excited: You probably don't qualify to invest in the apartment complex offered by @Zach Winner - unless of course your net worth is over $1,000,000 (not including your home) or you and your spouse have made more than $300,000 per year for the last 2 calendar years and plan on making more than $300,000 this year.

@Patrick Ng Why do they want to add you do the deed and remove your dad?

If this is for estate planning, then your parents should set up a Florida Land Trust and just make you the beneficiary. If they don't already have a land trust, I doubt they have a living trust, a living will, or a pour over will either. You should convince them to hire an estate planning attorney... otherwise, have fun in probate.

@Michael Szymanski You need to speak with an attorney. No one can answer your question because in doing so, they would expose themselves to liability.