All Forum Posts by: Andrew Ferris

@Eric Bilderback

Have had to evict one after not paying for 5 months. Couldn’t evict sooner do to hold on evictions. Have had one stop paying 1 month before moving out. Have two more who started partial payments in August. Starting to see the effects of the unemployed more now. Hoping it doesn’t get worse.

Obviously I don't have all the details, but is there a reason you can't refinance after the improvements are made. If the ARV it truly $160k you should be able to pull a big chinch the that $51k back out. If you refinance with a commercial loan you won't have to wait for any set amount of time before refinancing. Now some commercial loans require 70% Loan to value, but that should still allow you to pull out $18k. Just some thoughts.

@Mark Rocka

You have to refi in your name then transfer into thee LLC. Just let your lender know your plan and it shouldn't be a problem. I have done this a few times.

Alternatively you can refi with a commercial loan and it is not a problem. I think it depends how many BRRRRs you plan on doing. I started with conventional loans and moving them into the LLC, but many lenders won't give you more than 5-10 conventional loans. I have since moved to commercial loans for two reasons.

First, no restrictions on how long you have to hold the house before you refi. Typically it’s six months for a conventional loan. Secondly, no limit on the number of commercial loans you have.

Hope this helps

Andrew

@Dennis M.

Agree with Rich Dad Poor Dad, Richest Man in Babylon, and How to win friends and influence people are must read, but would add Cashflow Quadrant and The Millionaire next door are musts as well.

Bought a 5-plex 6 months ago. Previous owner lived in one unit and chain smoked for 30 years. I have rehabbed all the units, but can’t get the cigarette smoke out of that unit.

I’ve redone the floors, painted the walls, ceilings and cabinets, changed all the light fixtures, replaced HVAC unit, ran an ozone machine for 2 months, and had Servpro come in a use Chlorine dioxide.

Still reeks of cigarettes. I don’t know what to try next. I’ve rented the other four units quickly, but no one is going to rent this unit. Does anyone have an idea on how the get 30 years of cigarette smoke out of this unit.

Thanks,

Andrew

@Drew Eldridge I’m an Ortho near Charlotte. Started investing in Real estate 2 yrs ago. Want to build passive income so I can retire early. I have 5 sfh and just closed on a 5 -plex. I’ve been focusing on educating my patterns on the value of using real estate to diversify there retirement. Doctors tend to be very conservative with there money.