All Forum Posts by: Brandon Redfern

I agree with @Sara Eastler. I moved here a year and a half ago and had thought I wanted to flip. This month I am closing on my 5th and 6th property since moving here, all rentals.  This rental market is so strong with GE, Michelin, BMW, Fluor, etc. Lots of people that make good money that are only coming for a few years and don't want to deal with the hassle of buying and selling a few years later or managing property from afar.  Only downside is the property tax is much much higher in Greenville county for investors. So house hacking is a good idea as well.  Good luck!

@Thomas Franklin I don't think we are on the same page here. Maybe it's my lack of experience. I understand that I should do my research and I plan to. But I thought that one of this site's purposes is to do just that, learn and research.  I will consult with an attorney but I'm hoping to learn from you guys the right questions to ask or places to look.  You keep bring up the acceleration, I fully understand that it's in the contract, I brought it up in my OP.

On a side note I do understand what a Professional Tenant is and that they can come after your other properties. If you properly insure yourself with a PLUP and or CLUP then you will have protection. I think an LLC helps everything go smoother and the fight would be shorter. Which is why I've never once considered keeping them in just our names. You are preaching to the choir, however I do believe in Umbrella policies and know they provide adequate protection for MOST scenarios.

All that said, I would love to hear from anyone else on how they've done this in the past. 

Thank you @Jerry W., I had not heard of using a Warranty Deed over a quit claim. So if I go that route I can put our LLC on title and have no other issues other than the acceleration clause?

@Stan Sugarman so the warranty deed keeps everything the same, we just can transfer ownership of the property to the LLC? Sorry if that's a dumb question, just trying to figure this out.

Thanks!

@Thomas Franklin I'm not sure I understand what you are trying to say with the liability, even though I'm in insurance and have never seen an ambulance chaser go around or go over the umbrella, I thought I had made it clear that I want to change to a LLC. I'll take the added protection.

How common is the acceleration clause called? From what I've read on here it seems like almost never. But that may just be a few experiences that I happen to read. 

As to your third paragraph, I have already purchased these. Moving forward I plan on buying them in the LLC. But since this is how we've done it is there a better thing to do than Quit Claim deed or do a warranty deed? And is there a specific time that we need to (or should) wait to bring it over to the LLC?

I have recently purchased a few rental properties with a partner. One property is in his name and the other two in my name. We just submitted the paperwork for our LLC. I've read on here and have been told the best thing to do is a Quit Claim Deed. Any issues other than the mortgage company calling the mortgage? What's the easiest/least expensive way to do a Quit Claim Deed?

@DeAnna Fraser like Wayne said they are just Fannie Mae REO's. I have 3 contracts on HomePath properties right now. I've found that you can fins some pretty good deals on there. We just got a contract on a 3100 sqft 5 bdrm home built in 2010 where our mortgage will be about $1250 and should be able to rent it out for close to $2500. Doesn't happen everyday but it is my preferred place to find homes.

Was able to figure out my DTI issues. The bank wasn't using all of the income that I actually get and was putting me above the 45%. I'm able to squeeze this last one in and might have room for a small one but after that it's onto Commerical loans :(

Yep that looks about right @Ron T.  Thanks for sharing that, though I wish it weren't true.  Well I guess it can be a good thing.  I have a friend that is looking for a house to rent and can't find a dang thing!  These taxes are pricing out some potential investors, which I guess helps those of us that are in it to be able to get things rented quickly.  I just put up a property we are about to close on and have been getting calls all day!

So I might have gotten a little in over my head. I've bought 3 rental properties in the last 6 years and I have 3 accepted offers on different rental homes just in the past 30 days! This last house, which is the best deal I've found since I started, puts me over the 45% DTI. The other 2 that I'm closing on are fine. I have a few potential partners and know I could do it under their credit but am just wondering if you guys know of a way around 45% DTI or other avenues. It's a higher end rental (Should rent between $1900-$2500) and I think I could cash flow close to $1k a month. These homes are all in the Greenville, Simpsonville, upstate area in SC.

Thanks!

@Quinn Hamilton 

Thanks! No he hasn't done any work for me yet. I have 2 contractors that I'm comfortable with. So far I've just used the MLS. I'm sure there are better ways out there but I haven't been able to find any yet. BUT I see you're in Greenville and there are deals here on the MLS. This market is growing but I've found some strange nuances here that not everyone sees. But I think the best thing about this market is the rental market and opportunity.

@Ben W. Love it! This is why I'm here. I'm not afraid of risk or reaching out of my comfort zone.  I happen to LOVE my job and hope to do it for a long time BUT I want to (at least) match my income in the next 10-15 years in case the govt keeps trying to put it's hands in the insurance and financial services industry (this latest DOL rule is an atrocity but I digress).  So I WANT to step out but since I have the means I don't feel like it's now or never, so I'm trying to be somewhat smart in the beginning and not make TOO many mistakes.  I love Robert Kiyosaki's quote "most people never win because they are more afraid of losing". I'm 34 and I like my timeline but I do hope to be a little more aggressive moving forward.  Right now I'm looking at a lower end property that would require quite a bit of fixing up.  But I hope to be able to find and connect with people (like you) that have done it or are doing it.  And I think I'm in a GREAT market to set myself up for great success.