All Forum Posts by: Tahra Wright

@Thomas M.Certainly double check, because I was told by a mortgage broker that only the 203k requires you to be an owner occupant, homestyle renovation doesn't. This came up because I was asking a mortgage broker about getting a 203k for a fixer upper I want to buy and live in.  She knows that I am also a rehabber, so she confirmed that's only for owner occupants but that homestyle renovation loans are for investors.

@Dorian Dixon  The first place to search is the tax records.  The tax records will indicate who the owners are and their mailing address.  If the mailing address is the same as the vacant property then I look them up in the online white pages.  Sometimes (most of the time) you can find their current mailing address which is different than the property address and there are sometimes telephone numbers, too.  I mail to both addresses (the could still have mail forwarding) and then call them.  If it's been foreclosed and is owned by the bank or another lender, no point wasting your stamps on those.  Wait for the bank to list it. Hope that helps.

@Account Closed It's apportioned at closing, if they paid in advance then at closing the HUD-1 will state what portion of that will be credited back to them for the period that you now are owning the property. So say they paid through November 30 and you bought the property on October 15, they will get that 45 days credited back to them.

@Yesenia Padilla Her price is a retail buyer price if the ARV is $340k. The benefit we bring as investors is typically always better terms because we can rarely beat a homebuyer (non-investor) on price. So offer better terms (i.e., faster closing, all cash (use a HML and then refinance out), she can take what she wants and leave the rest for you to donate or discard, no inspections so no asking for credits or repair requests, taking care of all local C.O. or other requirements in connection with the sale, remind her she's not paying a realtor commission.). No regular homebuyer will offer those terms. Your benefit to her is convenience and that convenience comes with a discount. It's kind of like when you trade in your car. You know you aren't getting the higher price, but it's the convenience of just dropping it off and handing over the keys.

@Thomas M. my pleasure!

@Charles Royale I asked my attorney this same question. I'm in NJ and have always formed my LLC's in NJ. She said for real estate, there is literally NO benefit of having a NV (or any other state) entity.

Any rental income, or income earned upon the sale of a property, is taxed by the state in which the property is located. So you wouldn't avoid paying local state income tax by using a foreign entity. People sometimes talk about the added "anonymity" but if you're not involved in illicit activities, then this shouldn't be a concern?

She also checked with her CPA who said there is literally zero advantage for a NJ resident to have an LLC formed in any state. The only thing they're accomplishing is potentially having to file a NV tax return in addition to NJ.

@Thomas M. I heard that Fannie Mae has something they call a homestyle renovation loan, that is similar for investment properties, but I' not sure if they lend to an LLC or just to you personally for investment.

@Kyle Wallace Hey there! Congrats! Try Trovare Contracting LLC. I know the owners. They are great because they also flip properties and they will GC for other investors. They are located in Montclair. Look for them on facebook or google them. Good luck!

@Vanessa Regalado my pleasure!

@Vanessa Regalado My pleasure!