All Forum Posts by: Brandon Fuhrman

@Allan Bishop Jr.

Hey Allan, do you guys still do local meet ups for the Fort Knox area? Thanks!

I went to my small local bank and opened a business account after receiving my EIN. I told the lender I am interested in applying for a business credit card using the EIN. Filled out the application and was approved. Turns out, it was approved under my personal name and not under the business. My goal was to start building business credit, not to have another credit card under my name.

What can I do? I called the bank and explained the situation and they said we can close that account but I don’t want to risk my credit taking a hit. Any thoughts/feedback is appreciated...thanks!!

Hello BP!!

I am curious to see what is everyone’s’ favorite/most effective way to find off market deals! How do you find those deals and why is it your favorite method.

Thanks for the feedback!

@Randy Mbouge some things to consider with multi family in terms of cash flow:

1. Usually a higher tenant turn over. Be prepared to spend couple thousand for repair/vacancy when tenant leaves. (Usually a year lease)

2. Utilities (water, sewer, trash) usually paid by the owner. As well as lawn maintenance and snow removal.

So while you may be receiving ‘extra cash flow' , some of those funds may go right back into the property as opposed to SFH because usually tenants stay longer and pay all utilities, as well as responsible for repairs. May be worth using FHA for single family and live there for a year then rent out and repeat while continuing to save funds.

Nonetheless, congrats for thinking about your financial independence and learning more about RE and best of luck!

@Aaron K. Thanks Aaron, yes my home was built in 2011 so I do expect it to be valued less but I wonder how much less.

If these newer homes sold for average of 200k, would mine be closer to 190k for example?

Hello BP!

In 2018 I purchased my home for 160K in a newer development. It is a 3bed 2 bath 1500 sq ft with an acre of land.

I am planning on using a HELCO for my first rental property and had it appraised about 2 months ago and it was valued at 171K.

Since then, they are about a dozen of new construction homes being built in the neighborhood, all of which are 3bed 2 bath and acre of land (same as mine with the same builder and same

Lay out) and those homes are listed anywhere from 200-215k.

Would my home appraise close to what these new homes are going for? Would it be worth it to wait a few months until the new homes sell? I don’t mind waiting, but fearful my home wouldn’t value close because they are new and I lose out on a deal while I am waiting.

Thank you for your insight!

You got any multi family units in Louisville?

@Greg Scott thank you for your response and suggestions, Greg.

@Ashish Acharya thank you for your response, I reached out to a couple local CPA’s in my area to get a more in depth understanding.

@Sean Morrison thanks for the information, Sean. The Deed to the house and mortgage will both be in our names, but my goal would be to get the title transferred to the LLC.

Unless the lender doesn't require both our names on the LLC, I would prefer it to be just under mine and act as a sole. Unless it is more beneficial for us to act as a partnership. I will definitely do more research and due diligence regarding this.