All Forum Posts by: Bradley Britt

Ever get any insight on this?  I have similar questions

My partner and I want to purchase buy and hold properties together. The houses are in the 130-150k range, all pretty much turnkey. His main concern is having them purchased through an LLC because he has a lot of assets and wants to protect his personal wealth. He already has a connection with the bank to loan us what we need at 4.5%, so the houses will be cash deals, but we will pay off business loan. This apparently has been the advice of attorneys and CPAs because they say it offers more protection.

Could we do the Following: take say 50k business loan from the bank, and use that as a downpayment, but get a mortgage personally guaranteed in my name? The LLC still owns the property, but we could get a lower interest rate, and my partner wont have to worry as much about liability becasue i will personally back the mortgage, which from what i understand is that an LLC can have a mortgage but one of the individuals has to be personally liable on mortgage.

My thinking is we will concentrate on paying off the 4.5% loans with excess cash flow as fast as possible, then once we only have the mortgage we should have a really solid cash flow at almost half interest rate.

Thoughts?

Edit: My partner already has his business loan connection at bank and has bought 5 houses following the business loan model. 4.5%.  He has really deep pockets and excellent credit
 

Wow. Thanks Joseph.  What kind of investing do you do in Warner Robins?  I feel like we have a hidden gem here in this city.  Great economy because of the base

Also, I looked up Mr. Giddons and on the site it says hes a commercial lender?

Awesome advice. I'm definitely going to talk to a lender and CPA and try and get my finances adjusted when i file my 2020 year.  

 So youre telling me someone will finance the deal without looking at my tax returns?  Is this similar to a portfolio lender (i think thats the right term).?  They only look at the deal itself?

I did a quick search of seller financing.  Do sellers advertise this, or is this just something I can ask their agent?

Hey yall! My name is Cole and I'm from middle Georgia. I own two small businesses and currently 1 rental property. The rental property I have is our first home which was an FHA loan and cash flows 425 per month.

My Background: I'm 35, with a wife and 2 kids. I have a law degree (never used it technically) and am now about to take the real estate exam. I'm taking the exam so I can put my own offers in and have access to MLS. Also, I feel like it may put me in position to meet people and a good way to learn. My other two business are still my main priority as I build this on the side.

Plan:  I want to stick with buy and hold.  I want to find houses that cash flow at least 300 a month and my range is 80k - 150k.  

Issues:  Being a small business owner of businesses that have alot of expenses, it is easy for me to keep my taxable income down, and by down i mean WAY down.  My wife and I jointly are at about 30,000.00 per year.  Next year I will probably buy less equipment and try to keep it at around 50k to help with buying.   Whats our best strategy for buying houses?  Id love to buy 1 a year.  We have some money saved up and early 2021 we could put 20-35k down on our next rental.  My wifes credit is excellent and mine is good.  Our issue is with the low income.  Does anyone have ideas or suggestions?

currently our only debt is our two mortgages, 1050 and 720 (but this one is rented for cashflow of 425)