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re: Information for my fellow Real Estate Investors
Posted on 5/19/16 at 9:32 am to Fat Bastard
Posted on 5/19/16 at 9:32 am to Fat Bastard
Seems like property management is the way to go. Especially when I read it's a tax write off.
Do you normally buy a property and then place it into your LLC? I've read that some banks will not give you a conventional loan if you intend on placing the property directly into an LLC.
2
Posted on 5/19/16 at 9:43 am to TheOcean
We have bought 6 properties all in the name of our LLC. Bank needs some more info like taxes and our balance sheets but it has not been a problem for us.
Posted on 5/19/16 at 10:05 am to TheOcean
quote:
Do you normally buy a property and then place it into your LLC?
for residential loans they will not allow it. You would have to transfer title through a quit claim deed from your name to an LLC. Problem with that is if the bank finds out they can POSSIBLY call for your mortgage to be due in full right then and there.
to buy directly using your LLC you need commercial loans. They have lenders now who will do these loans.
This post was edited on 5/19/16 at 10:06 am
Posted on 5/19/16 at 10:13 am to Fat Bastard
quote:
to buy directly using your LLC you need commercial loans.
Missed this part. All of our loans have been commercial.
Posted on 5/19/16 at 10:22 am to Fat Bastard
Do you only deal with commercial loans then?
Posted on 5/19/16 at 10:35 am to TheOcean
quote:
Do you only deal with commercial loans then?
no
Posted on 5/19/16 at 10:36 am to Fat Bastard
Then you don't roll your residential loan property into an LCC?
Posted on 5/19/16 at 10:41 am to TheOcean
an LLC is not the only way to get extra protection contrary to popular belief.
Posted on 5/19/16 at 10:45 am to Fat Bastard
Sure, but I have to believe LLC would be the preferred method in most situations. Umbrella insurance?
Posted on 6/8/16 at 10:29 am to TheOcean
quote:
Sure, but I have to believe LLC would be the preferred method in most situations. Umbrella insurance?
sorry for late reply. I missed it. Yes, correct. SOme do LLC;s and some just umbrella with extra coverage as outlined below. Some do both. Up to landlord. Here is a link that should help out. I already have loss of rents and theft and vanadalism coverage in my landlord insurance/dwelling policy (all risks provision). My next step is getting the commercial umbrella liability coverage. I can put all my automobiles on it as well. Extra layer of protection for everything but of course it is primarily used for the properties.
LINK
LINK
i may buy some properties with an LLC once i get a commercial loan. problem is my loans are all residential not commercial so i could not buy using a LLC. I already have an S-corp. people who quit claim the deed to an LLC risk the due on sale clause. It's happened to other investors before.
This post was edited on 6/8/16 at 11:05 am
Posted on 6/9/16 at 3:03 pm to stevengtiger
Holy shite. I'm waiting on a call right now. I'm looking at a duplex with a 35% COC return annually not counting vacancies and maintenance. already leased. May have to pounce on it. Let me check everything out first and do my due diligence.
Not in the hood either. I didn't say it was a great area either.
Not in the hood either. I didn't say it was a great area either.
Posted on 6/9/16 at 4:09 pm to Fat Bastard
Unless the place is an absolute wreck or falling in on itself, you better make a move.
Posted on 6/10/16 at 10:12 am to stevengtiger
Great thread. Lots of opportunities in Dallas right now I would think, wish I had the capital to look into this. Maybe in a few years..
Posted on 6/28/16 at 8:11 am to leoj
quote:
Be aware of opportunities outside your comfort zone And these may not be opportunities that you’ll tap into immediately, but I want to highlight them and put them on your radar. As you read about, meet and talk to successful real estate investors, you are going to find that just about all of them at some point in their investing careers have ventured out well outside their community, city, or even their state. You’ll find that many of the large-scale, highly profitable, highly successful, tenured real estate investors are buying properties not just in their own neighborhoods but also throughout their metropolitan areas, or their state, or even in different areas across the United States. It all comes back to this point: it’s not necessarily where you buy, but rather, it’s what you buy. Meaning, don’t limit yourself to buying only in a certain area, geography, neighborhood, community. Take the blinders off and look for good investments further afield, even if that is outside your comfort zone. So let’s talk a little bit about my own experience that has led me to think this is such a relevant aspect to your investing. I started out as a real estate investor over 10 years ago by buying a duplex that was located very close to my personal residence. And I still own that duplex today. It has been a wonderful investment as a rental property—and it’s within 15 minutes of my own front door. Over time, as I transitioned from part-time investor to full-time investor and business owner, I found myself venturing further and further out from my own personal home with respect to the rental homes that I bought and continue to buy today.
quote:
But keep in mind there is a very limited pool of resources if you’re confining yourself to a geography close to home. And there are many untapped, profitable opportunities out there beyond your own “comfort zone.” Plus, by buying properties in different areas you are able to diversify your portfolio. And diversification is always good.
LINK
good read
Posted on 7/2/16 at 9:09 am to Fat Bastard
Why the ‘Fast Nickel’ is Better than the ‘Slow Dime’
quote:
And here’s a bonus: profitability. Focus on velocity to enable your volume, and it’s going to result in profitability when you approach your investing in this sequence. Efficiency, productivity on a lot of deals will ultimately unlock a lot of volume and that in turn will enable a lot of profit. So here are some key points to take away: Don’t always be impressed with the high volume. Instead, be impressed with an efficient, productive investment machine that is running at a high velocity. When your investment machine is running well and can handle the demands of high volume as a result of your high velocity, you’re going to generate profits. Focus on your velocity—your ability to do deals accurately, efficiently and with high productivity—and you’re going to unlock your potential for high volume. When you combine that volume with velocity, it’s going to unlock the profits that you are ultimately seeking.
Posted on 7/12/16 at 12:27 pm to Fat Bastard
That Bargain-Priced Mobile Home Just Could be Your Big-Time Investment
quote:
Don’t you love getting a good deal? When shopping for real estate, nobody wants to pay full price. As buyers looking for a bargain, we start with distressed properties, hoping to flip the property for a good profit spread. Seeing a substantial profit made over the original cost of the property gives you a feeling of satisfaction on such a smart decision. Now add to that feeling of success the knowledge that you are helping out a seller who would lose everything if you didn’t act quickly. You’re also providing a future buyer a newly improved home, even though that person doesn’t make a substantial income. Let’s talk about my area of specialty in real estate: mobile homes. When I first started investing in mobile homes on leased land more than 10 years ago, I learned that many owners of mobile homes (or manufactured homes) who are leasing land in a mobile home community or private land are motivated to sell for a variety of different reasons. Take a look at the following reasons why they would be motivated to sell cheaply and for a substantial discount:
Posted on 7/12/16 at 1:03 pm to Fat Bastard
Just closed on our second flip today. We had $86,400 all in on property and rehab. After closing cost and fees, our check was for $107,800. Going to repay our LOC from previous purchases and get that back to $0 and start working on our next one.
Made an offer two days ago on a foreclosure. 1700 sqft, 3 bed/2bath in a great area. VA was asking for $80K and we sent our best offer in at $73,500. Needs around $35K for rehab but should sell for around $145,000 when done. Fingers crossed on this one. Could be a home run.
After buying 4 rentals and two flips since I posted my thread in Feb. 2015, this has been a great resource for information. The flips have been great and I have had 0 problems with tenants so far (knocks on wood).
Thanks to Fat Bastard for keeping this thread going!
Made an offer two days ago on a foreclosure. 1700 sqft, 3 bed/2bath in a great area. VA was asking for $80K and we sent our best offer in at $73,500. Needs around $35K for rehab but should sell for around $145,000 when done. Fingers crossed on this one. Could be a home run.
After buying 4 rentals and two flips since I posted my thread in Feb. 2015, this has been a great resource for information. The flips have been great and I have had 0 problems with tenants so far (knocks on wood).
Thanks to Fat Bastard for keeping this thread going!
Posted on 7/12/16 at 1:22 pm to stevengtiger
quote:
Just closed on our second flip today. We had $86,400 all in on property and rehab. After closing cost and fees, our check was for $107,800. Going to repay our LOC from previous purchases and get that back to $0 and start working on our next one.
Made an offer two days ago on a foreclosure. 1700 sqft, 3 bed/2bath in a great area. VA was asking for $80K and we sent our best offer in at $73,500. Needs around $35K for rehab but should sell for around $145,000 when done. Fingers crossed on this one. Could be a home run.
After buying 4 rentals and two flips since I posted my thread in Feb. 2015, this has been a great resource for information. The flips have been great and I have had 0 problems with tenants so far (knocks on wood).
Thanks to Fat Bastard for keeping this thread going!
absolutely fabulous!
keep it going! Keep us updated.
Posted on 7/12/16 at 1:52 pm to Fat Bastard
quote:
absolutely fabulous!
Thanks man!
I would like to get in on a few more rentals but the money from these flips is hard to turn down. I will have the 4 rentals we have paid off in 10 years or less and I want to keep acquiring more. We have been able to add an extra $250 to principle on each loan per month with cash flow and still be able to have a good supply of cash on hand.
Posted on 7/13/16 at 7:49 pm to stevengtiger
Just keep using flip money to buy quality rentals as you deem necessary.
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