All Forum Posts by: Andres Manco

I don't think it is imposible, but very hard and unlikely. This websites get their data or must of it from the MLS. Meaning that must would be under contract. The ones that are not are for sale by Owner. Maybe you could try to convince the FSBO that you can sell their properties or come with some buyers, however if they are not under contract with you, the buyer could skip you, etc.

Is good to know that I can add all my properties into LLC.

Thank you for the reply.

Hi BP Community,

I own a duplex since 2020 and just bought (01/2023) a SFR to fix and flip. I have both properties under my personal name.

In the last few months I have been trying to get more active into investing, I am getting my Real State license next month, etc

I know there is a lot of benefits on having your properties under LLC for liabilities. But also I read online, that I can't use FHA or conventional loan sold to Fannie Mae and Freddie Mac with an LLC.

I already used my FHA with the duplex and I can still use conventional primary residence home to buy 1 property.

Is there a way to use all the available personal loans, FHA, conventional primary, vacational, etc and then add those into an LLC? or do I need to keep those separate from the LLC?

Should I just focus in the LLC and whatever loans are available for it?

What is your best recomendation to take advantage of all posible loans?

Hi BP community,

I own a duplex since 2020 and just bought (01/2023) a SFR to fix and flip. I have both properties under my personal name.

In the last few months I have been trying to get more active into investing, I am getting my Real State license next month, etc

I know there is a lot of benefits on having your properties under LLC for liabilities. But also I read online, that I can't use FHA or conventional loan sold to Fannie Mae and Freddie Mac with an LLC.

I already used my FHA with the duplex and I can still use conventional primary residence home to buy 1 property.

Is there a way to use all the available personal loans, FHA, conventional primary, vacational, etc and then add those into an LLC? or do I need to keep those separate from the LLC?

Should I just focus in the LLC and whatever loans are available for it?

What is your best recomendation to take advantage of all posible loans?

I am a new realstate investor, only have a duplex where I live and pay really cheap since the other unit pays most of mortgage and a fix and another house I am under contract right now for a fix a flip.

I also invest long term in the Stock market. 

I would recommend different options:

1- Selling the house since you dont get any profit monthly and find couple houses that you can rent and actually get some extra income there. Its something that you already know how to manage. Just look into better deals so you don't just break even.

2- buy one house and invest the rest in the Stock market, just not the S&P500. If you really want to make money just do a little more research and focus on a few companies that really feel confident of their growth.
"If I was to invest $145K in SP500 in 2013, I would have about $500K"
If you were to invest that in Teslta or Apple or many others in 2013, you would be multi millionaire.

I like option number two for now because of the current stock market.

Everything is really low and in couple years everything could/should be flying.

Wish you the best.

Great work!
Me and my fiance are moving back to Oahu, Hawaii next year around march.
We are excited to try to do business there.
 

Aloha

My wife and I are going to partner 50/50 with our friend in our first Fix and Flip deal.

We are financing the loan, so down payment and closing cost will come from our end.

Our friend is a contractor and is taking care of the rehab, work, materials, etc.

Need advice on how to deal with our partnership. Legal and tax wise
 

Our friend has his own LLC but we don't have any.

I will appreciate any advice even if it’s not on time for this deal. It might help for next deals or partnerships to come.

Thank you for your quick answer, We are not installing any carpets, we are replacing carpet with laminate flooring.

The 2% commission is not rare in Louisiana.

My brother in law is a contractor and he gave me the estimates on time from 2 to 3 weeks. And price around 20k-23k and I rounded up to 25k 

The closing cost I am also including both buying and selling the house. I calculated comparing it with another house that I am buying.

My biggest concern as you said is the changing market and rates

Me and my wife just found this house, which we are thinking of buying with a conventional loan with 5% down.

Cost:                                       $238000

ARV aprox: $310000

Rehab aprox:                              $25000

Closing cost aprox:                    $10000

Inspection:                                       $890

Appliances aprox:                        $2000

Appraisal:                                        $600

Buyers agent comision:               $6200

2 months of mortgage aprox:     $4140

Total Cost $287040

The rehab is mostly cosmetic: paint, remove carpets, change floors, vanities of 2 bathrooms.

With this numbers we could make $22960 

We were hoping to have the property ready in no longer than 3 weeks after closing and sell it in less than 2 months.

What we are most scare of is the changing market. Knowing that the interest should get higher. We might have to sell for lower.

Do you think we should go through with this deal or wait for another?

If you can be specific of why I would greatly appreciate it. 
Also point out any mistake on my calculations, etc.

Thank you in advance

Andres Manco