All Forum Posts by: Phil Z.

If the LLC owns the property, then the LLC is the owner of the property :P

You should look up the LLC information and contact them.

I would add to the Additional Terms section that the buyer has the right to choose between closing after the holidays (set a date), or closing prior with a vacate date being after the holiday.  This way you can lock it up and find a buyer who will either close now or wait.

Definitely build the buyers list first. This will also give you the confidence to make offers on properties knowing you have the buyer already. I do not suggest that you use deception to advertise for cash buyers. Like those fake "3 Bed / 2 Bath / 1200sqft - Needs Work $90k" signs. They will make you look like a phoney. There are many other way including researching the MLS for whos buying rehabs, and look-up the new owners name/address. You can also attend meetings and advertise that you 'come across rehab properties, so join out buyers list'.

I agree with Wayne.  Generally properties that need 'a little TLC' will easily sell to a retail paying buyer.  You probably need to get more familiar with your calculations (After Repair Value and Repair Costs)

I have, but I never really followed through with contacting the home owners.  

You'll want to drive all the streets of a neighborhood looking  for homes that have signs of vacancy (tall grass in the summer, or non-plowed driveways in winter), or are just in poor condition.

Then look up the owner information via public records and try to make contact one way or another. (letter to the house, facebook, skip-trace)

Conventional loans do not typically require residence.

You just need to make sure there is NO pre-payment penalty for paying off the loan early.

Also you will need all the repair money and carrying costs available in cash/credit.  I suggest having a large buffer for overages.  The worst thing that can happen is running out of money.

I had lender(s) tell me that they would not loan on a transfer from my LLC to myself. I think you will have to transfer to yourself, then refinance, but that may be a problem for your existing mortgage (if there is one).

That's quite a large coverage area.  I am a licensed broker with experience flipping.  Here are a few ways you can find realtors.

- Search this site

- Attend Real Estate Investor Meet-Ups

- Search MLS for rehab houses and see whole represented the buyer

- Talk to people in the industry for referrals

Finding deals is obviously what will hold you back.  That means you will need to focus on networking and marketing.  You need multiple streams for deals.

- Get close with REO agents by buying deals and closing on time.  Stay top of mind by keeping in touch with them.

- Network with Wholesalers and certain Realtors

- Advertise online (CraigsList, YouTube, Blogs, etc)

- Direct Mail

You almost always want to re-sand and apply a satin finish (high gloss is typically not in style).  It is very low cost compared to installing new solid wood.  The whole point of solid wood is that it can be sanded and refinished almost endless amount of times.  If you have dark stains (which are usually from dog urine), then those will not come out and that section should be replaced.  A professional hardwood floor company can seamlessly add and/or replace sections.