All Forum Posts by: Brian Gilbert

I typical use Squarespace to set up my websites when credit hacking new companies, but will Squarespace work for creating a direct booking website and possibly an LTR Property Management site?

Yes, you can. I'd always carry proof of solvency though when making entry into the US. It's not that it would be considered passive, it would be considered investment money. Even in an STR. It's like receiving dividends from a stock you invest in. Not going to be removed for that.

I'm attempting to help my wife set up her MTR company with zero start up capital. Listening to one of the BP REI Podcast hosts Jessie Vasquez suggested MTR Arbitrage by renting apartments with corporate leases, and then marketing to traveling nurses. Luckily, the area around the hospital is up and coming and trendy. Does any one have experience in MTR arbitrage? Should I start with one unit and go from there, or do the 5 to become a "preferred" company in the eyes of the nurse staffing company. Any help would be great.

I have a single rental property that is under an LLC; this was purchase and formed AFTER my Divorce.

Recently, I reopened the case in order to request 1 extra day with my children since my work schedule has changed. Well, she took me to court and her attorney has been obsessed with the finances of the LLC. Per Florida Law, I have to disclose the finances of any LLC, Trust, etc that I am a Member, Owner, or someone is operating said LLC in my name. I received $2100 in rent, $1100 goes to the mortgage. I place $300 into a Business Savings account for Cap/Exp/Vac and $700 goes to pay off the HELOC I have on the property.

The attorney is hyper focused on the savings account, as she sees it as "cash available to me."  To avoid her trying to use it as spare income on my behalf, I thought that I could create an operating agreement that states 30% of the revenue must be set aside each month for Cap/Exp/Vac.  This would require me to have that pot of money there, and would specify that what it can and cannot be used for.  My Family Law Attorney agrees, but she isn't a Real Estate or Business Attorney.  

Does anyone see an issue with this?  Anyone have a better or alternative suggestion?  As a side note, does anyone have an idea how I protect future revenue from this vulture?  

@Lawrence Potts correct, and I was in it for a year before I decided to remodel, HELOC and rent it out, so the 4 month timeline is based on basically when I figured out that REI was a thing. I had originally planed on slowly remodeling and then selling to get a bigger property, but then I found BP and REI

@Kerry Baird I used Space Coast Credit Union. I've been a member since 2007 so it was pretty painless.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $8,000

Purchased a distressed property post divorce as a primary residence. Made it habitable for the myself and kids, and then remodeled significantly to HELOC and rent out. Currently have a long term renter in place and home reappraised at over 300k.

What made you interested in investing in this type of deal?

I needed a place to live. While looking up videos on DIY projects, REI videos started to pop up and I became interested in becoming FI. I realized that I could remodel the home that I had purchased at a bottom price because of it's condition and either cash out refi or pull a HELOC. Due to the sudden increase in rates, I pulled a HELOC out that my tenant now pays back for me.

How did you find this deal and how did you negotiate it?

My real estate agent found it, knowing that I needed more for less. It was in bad condition, with the exception of the roof/AC/Septic pump that had all been replaced the year before. The home was an investment that became bad for the wife of the investor after he died.

How did you finance this deal?

FHA. I only had to put $8k down.

How did you add value to the deal?

I repaired walls, remodeled the kitchen and two bathrooms, repainted and refloored the entire house.

What was the outcome?

I was able to get a renter in place at market rent which is double my mortgage on the house. I then pulled a HELOC out that I intend to use on the next deal. The property cash flows at $1100 a month currently.

Lessons learned? Challenges?

Always have a back up. My first contractor flaked and had I had a back up contractor, I could have refinanced the property and taken cash out, had the project not been delayed.

Hey all,

Looking for an REI Rockstar group that meets up in the Seminole County, Florida area. I split time between Seminole and Brevard and I've had luck in Brevard, but no such luck in Seminole.

What makes a "deal" in a turn key property?