All Forum Posts by: Account Closed

I find it unwise of myself to jump into purchasing a home with only 2 months of educating myself in the ways of real estate. 
PS. There are ways to be helpful without being rude. Not really a moot point. Thanks! 

Hello BP! 
If I purchase the note against my personal home using my LLC, then subject too the title to the LLC, forgive the note against the house and transfer it back onto my personal name would I be able to take that value as a loss on my llc while avoiding taking the forgiven amount In as personal income. thoughts/counsel?

Ps. This did not sound as shady in my head as it does after I typed it out. But I can’t know until I know, you know? 

Hello BP!

I have a question about using an LLC. Seeing as it is more difficult to get financing for rentals using an LLC when starting out, would it be an option to purchase a property in my personal name, then sell that property to the LLC I own using the ‘subject too' method, keeping the mortgage in my personal name? Would this be a legal way to limit personal liability when it comes to rentals while still being able to take advantage of tax benefits on my personal income?

Hello BP! If I do a complete BRRRR, and retain equity after the refi, then decide to sell before the 1 year mark, will I be subject to short term capital gains tax? If so, is there a way to navigate around that?

Hello BP! I have a question about home equity. 
I am under contract to build my personal residence. The land was purchased and paid off $55k. The down payment and closing on the construction loan was $42k with no closing cost to bring it into a mortgage due to it being the same lender, making a total of $97k invested already. 
The note of the build is $350k with the estimated value of the new home to be $455k.

My question is if I should establish an equity line of credit up to $80k to use for purchasing rental properties out-right then refi on the rentals, or just refi the new house to have that liquid cash for the same purchasing power? 

@Brandon Goldsmith 

Should have been more specific in my initial post, thanks!

I am looking into buy and hold small multi family houses, also looking into whole sale opportunities. But my primary focus will be small multi family, not opposed to doing some minor rehabs. 

Hello BP! I am looking around at markets near my area and was wondering if I could have input on the markets in Columbus, Ohio, The Greater Cleveland Ohio area and Akron-Canton. Pros and cons of each from those experienced in this area. 

I am seeking different ways than typical to raise capitol. I am considering attaining a permanent or whole life insurance policy to borrow against it for the lower than average interest rates and lackadaisical repayment required. Has anyone here on BP had success in this area of financing? Also, is it possible to borrow against it immediately after purchase of the policy, or is there  required wait period before being able to borrow against it? 
 Those who have experience in this area, what would be any unexpected downfalls of this method that a new investor would not typically be prepared to confront?

@Chris Seveney

Thank you for your time and insight!

I have a question that is related to buying non performing notes. I am looking into becoming an MLO and want to also own mortgage notes. Would it be possible (sensible, profitable, and legal) to offer a borrower to refinance a note I own, through myself, with the intention to either collect on the cash flow or sell the note while it is new and current? ( ps. I am very new to this and I am asking this question with the limited understanding that an MLO is one who has the legal right to create mortgage agreements.)