All Forum Posts by: Timothy VanWingerden

@Benjamin Ervin Smart move on the report for the appraiser and great job! Could you send an example of your report? 

I think of networking the same way I think about building a friendship relationship. Begin to get to know people within the industry by attending meetups or having contractors do work for you. 

Do not get to know people just because they can provide a service for you. Think about the value both of you can provide to the other and simply get to know them. 

Everyone I meet I am genuinely interested in them, not just the service they provide. 

Be a person of integrity and be willing to provide value even if you don't see a tangible return for that value. 

I would start by calling up some banks and lenders and asking these questions as all of them have different options available. I would recommend the book How to Buy Real Estate with Low and No Money Down by Brandon Turner. It is helpful to begin looking at what options you have available.

After the 5th, $50 late fee with a 7-day pay or vacate notice. Then $5 per day after that. Total would be $85 in late fees before eviction is filed.

a couple of questions: 

1) Where did you come up with $1,000/month rent? Is it renting now? 

2) Were did the $2,400 operating expenses/year come from? 

3) $10,000 repairs.. is this itemized? 

If this is your first deal I can tell you that you are going to want to be VERY conservative when it comes to repairs. Even though I heard everyone tell me this, I made that mistake on my first deal. While I had enough reserves to take care of the extra repairs it turned my good deal into an OK deal. Fortunately, I learned so much from my first deal that it was worth it in the end.

I did a cash-out refinance on my house at 90% LTV using a local bank with no PMI. Granted the interest is a bit higher but given that I'm planning on selling in about 18 months having the additional cash worked in my favor.

@Nathan Gesner thank you! My attorney has looked into it for me, and doesn't look like our state has that type of exception. I'm still doing some research and will see what I uncover.

@Ryan H I had a tenants ask me the same question. I tell them yes but the fridge that comes with the unit that I own must stay on the premises. So they can have it if they want to have two fridges in their unit.

@James Wilcox thanks so much! I called two times and both people I talked to were unsure so they gave me an email to legal department. When I contacted the KREC attorney they said they weren’t allowed to provide legal counsel but they did provide cites from KRS. Maybe they misunderstood my question

@Steve Rozenberg, thanks Steve. Yes, I've been looking into the local state laws which lays out the requirements. What isn't clear is if the owner of the company needs to be a broker (myself) or if there needs to be an affiliation with a brokerage. Yes, I understand the broker will hold liabilities so they will need to get something in return to hold such a risk.