All Forum Posts by: Andy Eakes

I got a great one from Lowes. It was like $400-500. A ton of space. I actually use it for their washer dryer plus a little storage. 

@Loren Sloan An attorney is going to be the best person to answer these questions. What I do know though is that it will depend on your state/city. That's why it's important to seek out a lawyer with a good sense of Covid regulations in your state/city, and then you can go from there. 

@Vincent Salazar Hey Vincent. The law questions are best left answered by lawyers, but I can provide a suggestion on the rehab side that you can take or ignore. All of the rehab cost splits should be agreed upon by each of you before hand. If the partnership is split 50/50, then the same for rehab costs seem reasonable. In my own experience in San Diego, I have set up a bank account for my LLC and each member can deposit equal funds into the account at the same time, and then the pot is used for rehab. That way everything stays within the business, and you don't have to awkwardly hold someone accountable for an unpaid bill (should that situation arise).

@Jesse Whitacre

It will depend on your goals and strategy of choice. And while we can make assumptions and analyze data, there is no way to actually predict the future of the market. Anytime you try and predict the market to invest, rarely does it work out. I live in San Diego which has been one of America's hottest markets. We haven't seen any down turn at all for years until this last month. Is that a sign of something? No one knows. We do know though that the Fed is keeping rates low, and the inventory (at least in my market) remains low in comparison to the demand. This is why I always think it's best to hunt down good deals in any market. Don't get swooped up by the noise.  

@Sue Zikria That is going to be a market/neighborhood specific question. It's all going to depend on your goals and the long term outlook of the neighborhood you invest in. Think about which will appreciate more, which one will be easier to raise rents on, which one will be least costly as far as repairs go, is one of the options in a neighborhood that is about to break out? Start thinking about all of it and more, analyze the data, and you should have a clearer picture. Unfortunately, you won't truly know which is the BEST deal until time proves it so. 

@Joshua Bowers

It's going to depend. If your plan is to invest, then I'd say go for it depending on the loan. Owner occupied loans usually require one year of living in the home. Investment loans are obviously a little different. But start to build your team now so that when you have to leave, you do not need to be there because there are already people in place to take care of everything. Don't try and do the team building and moving all at once. 

To sum up, you should never pass on good deals, but wait if you plan to buy your forever home. 

@Greyden Piechnick I use Cozy (which is now run through apartments.com) and I love it. It's free, easy to use. And allows you to run your entire business almost from their platform. The one downside is that when you get paid rent, it takes about 5 days to hit your account. But there are no fees! Hard to beat that. 

@Kevin Davis

This is going to be a tough question for people on here I am assuming. Sounds like the recovery program will be your best contact throughout the entire experience. You may just want to be in regular communication anyway if this is a step in their recovery. There may be certain requirements and things they expect from you too. I would just treat them like any other tenant and hold them to their lease contract. 

I'm not sure any outside person can tell you which is most effective for your case. It will all depend on how you feel you can best leverage the most money. The whole idea of the BRRRR is to use the previous deal's money so I would start there. There are also construction loans and other ways of financing renovations/new-builds. I would be careful with any large lines of credit. Wells Fargo recently ended all personal lines of credit. They allowed some people to keep theirs after some backlash, but not all. And it shows the darker side of the risk involved with using lines of credit to invest in deals.

Hopefully that helps!

Yes, but you would have to declare it an investment property, not your primary residence.