All Forum Posts by: Brett Peters

@Timothy Duggan I would eat the loss, and just bake in a rental increase into the lease agreement.

Hey Jeremiah, all good questions. 1.) You will have to pay transfer tax from both sides of the transaction. For example if the transfer tax is 5% of value that amount would normally be prorated 2.5% and 2.5% buyer and seller, but you would pay the entire amount because you are both! You are also going to be seeking a commercial loan once it's in LLC which would lower your refinance amount by typically 10% vs a personal refinance. 2.) LLC aren't complete safe havens, you should look at it more as a shell Corp that will place walls between assets. 3.) Selling below market is not wise. Due to the fact your next loan will be based upon the appraisal value of the property which will take into account what it sold for! In other words you are skipping over a dollar to pick up a nickel...take the hit. 4.) I would suggest a HELOC instead of an investment loan. The HELOC can be taken multiple times and can be done at closing. An investment loan will lead to the lender assessing the business itself which will be new and have no real track record. In other words if they dont see 2 years of business tax returns they will most likely tell you to kick rocks. (My best advice is consult a local mortgage broker) Best wishes...Brett

*Pleasure lol

My pleased @Angela Sobol

1.) In my experience it is best to go to a local mortgage broker. They are hungry and will go the extra mile to get you the best deal. Also loan officers in a bank do not need an "MLO:license and most of them don't! ( Fun fact )

2.) It should be as close as possible  but it does not need to be exact.

3.) You don't have to use that same lender. In fact, you should shop to create a bidding war for them to earn your business.

*Advice- Start the process as early as possible. Preferably 6 months before purchase...Hope this helps

Hi Garette, it's so exciting to connect with an investor from the same town! The talk of your struggle to find an agent investor definitely resonated with me. I am an active buy and hold investor myself and specifically work with investors of all types including residential and commercial. My goal is to provide you with all the resources needed during the transaction. From contractors, counseling, due diligence, investor analysis, title, mortgage broker etc. I would love to discuss your goals as an investor. Welcome to Real Estate!

Hi Renee, I have a complete landlord package with a complete set of usable documents. Do you have an email I can send it to? No spam intended!

My apologies I mean "fix and hold".

Well I'm not sure how long distance that you are willing to go but here in south central Pa in cities like Reading and York. You can buy a fix and flip for that price in solid rental markets with taxes as low as $1400 per month. You could even skip the rehab and buy a 2 or 3 unit for about 80k.

If it's an off market listing always find a way to compliment the property. If it is in disrepair say it has "potential". Give them a free cma or report on what the property is worth. Always leave them with something valuable even if they don't want to sell.