283CHECK

B.R.S. that is one thing that is best to do, know one cares about your stuff more than you. I decided to maintain and mow the yard at our rental after we moved because I can keep an eye on it. During the winter months I try and drive by at least once a month. Even though it does not tell me what is going on inside if there is not trash and crap outside then I have a feeling inside will be pretty much the same.. One of the biggest things in the KC area is absentee landlords and the city is trying to fight it some..

BacDoc

From a little experience, you can start a company to buy real estate but I don't think a bank is going to lone money to a new company with little to no cash flow. They might put the loan in the company name but put you the Pres. of the company ( with an income ) on the loan and to guarentee it. Its not a bad idea to have the real estate in a company for liability reasons. Just my .02

BAD HTM SR 24

I own 23 buildings right now,some single families and some duplexes, and am getting ready to purchase a couple of 21 unit buildings.It can be a hassle sometimes but in all it has been worth it.I have recently began buying foreclosures and rehabing them and selling them for some very nice profits.People will always need a place to live,so i will always have a large supply of units to rent.Real Estate is probably the only safe investment right now.In my opinion you are making a smart move by investing in real estate.I will be glad to help you out.Email me with your questions.I have to leave tomorrow morning to go drag racing but will be back on sunday night.I will also check back here later tonight.
Good Luck
Todd

skygod

105mph 38 2003 I just PM'd you.

Bad HTM I just PM'd you too.

Thanks, Carl

ChrisK

Its like this post came from the sky!.. I found out today that the company I work for is laying off 3000 people, and I may be one of them!.... Nice eh? Recently I have been put into a financially lucrative position and would like to keep that going if at all possible. I was thinking about turning this into an oportunity to purchase rentals as well, and if or when the time is right to rehab and resell houses. Any information that people who have done this already would be a HUGE help to me as well. Iam not even sure where to start, and like sky said... do I need to start a corporation to protect myself and my assets? Just general guidlines like this would help me a whole lot.

skygod

Well ChrisK it did come from skygod
I was reading a good book called "Flipping Properties" that was helpful, and another one I am going to buy called "How to Make a Million Dollars in Real Estate in 3 Years". The one thng that the books do not address is how to obtain multiple properties, say 10-15 without loading down your personal credit. That's why I would like to form my own company to eventually hold all of my assets, and invest without exposing me personally. Maybe I need to sit down with a Real Estate Attorney for some direction regarding this. I've owned a rental before, but I want to build an empire!!! I am focused on multiple unit apartment buildings I can have professionally managed, so it will not eat up all of my time.
Carl

skygod

Todd, thanks for the good info!

Dean Ferry

105_38_2003
Just sent you a PM,
Thanks,
Dean

olysan

I'm nearing completion of my first single family home rehab, which I hope to flip for a tidy profit. It's been a learning experience, but I know that there is money to be made. I found an aggressive bank where I had a personal connection. They funded the project completely so that I had no out of pocket cost. The loan was setup as a business loan, and I signed a "personal guarantee".

Bad HTM - I'd love to learn more about buying foreclosures. I went to a couple of the court house steps sales, just to see how it worked, and I felt like there might be some opportunity. It looked like the minimum bid was generally the outstanding principle amount of the foreclosed loan. Anything lower than that and the bank would just bid it up through their lawyer.

Dean Ferry

olysan,
Did you do any of the Rehab work yourself, or did you sub it out?
Do you think "flipping" is more $$ than landlord, aside, from the Landlord headaches!
MD