All Forum Posts by: Tony Savage

My two cents,

Most buyers will not have the extra cash to pay the buyers agent 12,500.00 which is 2.5% of the average commission here in San Diego; that's on a 500K home. Buyers agent's commissions are going to get crushed, It's not going to matter how skilled you are. It's about dollars and cents.  

The listing agent will represent the buyer for a lot less than what a buyer's agent would expect when working with a client.

I know if I was a buyer I would definitely consider contacting the listing agent and have him or her write up my offer.  

Celine, you will want to ask an attorney about this issue.

That is a great question for your real estate attorney! I just received my deed last week with my rental going back into my LLC. When I have done this in the past I did not have any tax implications.

I also have a 50K HELOC on another rental that I took out last year to buy flips with partners in Chattanooga, TN. I had to put that in my name. I'm going to keep making the payments until the end of the year and then put that property back into my LLC.

Yes my rental went back into the same LLC. As long as you don't dissolve your LLC, you can still use the same one.

You are totally approaching this investment the right way Joy! Do not pull the trigger on this building until your team is in place.  I will let you know if any of my contacts have anyone in Birmingham.

Good Luck!

You should purchase the materials and drop them at the property.  That will bring down the cost a bit.

I just had my attorney put one of my rentals back into my LLC. I did a cash out refi a little over a year ago and had to take the rental out of my LLC and put it into my name. I made the payments for over a year and just recently put rental back into my entity. I've done this a few times.

Most of these loans are managed by service companies so they are not tracking when the property moves into and out of a personal name or an entity.  As long as you are making the payments on time they are cool! 

With that said, since you are using the BRRRR method. Keep the properties in your name because you will be refinancing frequently. In addition to your homeowners policy, put that umbrella policy on there too for rainy days... lol!

That's about what I paid a few years ago to evict a tenant in Michigan

The California purchase agreements clearly addresses this issue.  The buyer needs to know whether the home is vacant or occupied.  

If occupied then the buyer and seller come to an agreement as to how that is going to be handled... seller rent back for a certain amount of time or buyer to inherit the tenant with all of the documentation that goes with that, rental application, lease and security deposits.  

Your agent and broker failed you.  They should be doing everything in their power to get the tenant out.  I would definitely report them to their local board if they choose not to help you with this matter.  Possibly cover the cost to evict as well.

No one on here on Bigger Pockets is intentionally sharing bad information/advice with anyone. We're all here to learn from each other.

My tenants think Balboa Management owns the property which is my c-corp.  They think I just work for Balboa.  There is sense that Balboa will not tolerate late/partial payments and I blame Balboa for everything! It's been a long while since I've had to deal with partial payments.