All Forum Posts by: Tyler H.

Your lender will most likely require you to take title to the property in your personal name.

Seek competent legal advice from a real estate attorney.

Work with a long standing insurance co./agent that is very detailed/thorough, even walk the property with them prior to close to address any potential issues.

Require tenants to carry rental insurance.

They won't remove it, but I would factor in your costs to go ahead

and replace the liner, pump, cleaning, etc, to be safe, or buy

warranty to have those items covered.

Interview several brokers, ask a lot of questions. Rub shoulders with veteran agents and ask them. Personally, I think commission splits are for suckers. Broker offered Training is great, but you will pay for it with commission splits, desk fees and franchise fees.

You may need to adjust your expectations a bit for 130K, as well as expand

Your target area. Not much inventory at that price point in Allen, Plano or Frisco. Have you looked at The Colony, Little Elm, Corinth area?

Dallas County Tax Appraisal (DCAD) is a good resource to check

tax value, which is a good start.

Consult a local attorney's office, or call the previous attorney that your father closed with initially. Get their thoughts on how to structure it correctly. They may require you to simply be added to title. Consult with a lender as well, beforehand, as obtaining a line of credit or cash out refinance may be more difficult than you anticipate, especially since it is a cabin. Wish you the best though, love the NC Mountains and Linville Falls.

What's your criteria?

You may also want to consult with a local REALTOR that has a Historical Home Designation, they may be able to provide you with info/resources.

Greater Rochester Assoc of REALTORS may be able to refer you to someone.

If you decide to incorporate once you have made some money on a few deals, consult with a CPA and ask them about Tax "Nexus" There can be quite some "hype" regarding incorporation in Nevada.

Whereabouts in TX?