All Forum Posts by: Brian Mcmenamin

@Travis Weese why do you need to transfer it to your LLC's name? I would cash out refi in your personal name unless you own over 10 properties. You'll get a better rate and potentially a higher LTV if you want to maximize your cash out refi. If you do transfer it after from personal name to LLC, your bank could potentially call the loan. More than likely they won't do it as long as you keep paying them. Banks want their money. Good Luck

@Jon K. I can't answer specific to Maryland, but I did this in Virginia. It is risky because your bank could call the loan during the transfer. I'm guessing you are doing the transfer to drop your interest rate? I don't think you will pay taxes but if they do consider it a sale you would pay tax on the increased value depending on how much it has appreciated would determine the amount of tax. I hope that helps

@Angie Gould Biggest recommendation would be to find some reliable people on the ground. I invested in Virginia when I was living in Hawaii, so its possible but you need to build a great team. Biggest long term contacts would be property managers. They will be the long term members of your team. Finding a great contractor and/or handyman will definitely save you money in the near term. Real estate agents are valuable as well, but there are tons of agents out there. I recommend going straight to the listing agent of the property that you are interested in. Last recommendation would be to stick to your numbers, do not settle for just an average deal to stay busy. Find a great deal, and wait until you find it. PM me if you have any other questions or want to discuss further. Good Luck

@Steven Morris I'm always cautious about locations that have a small population it really limits your options. I think you are on the right track to potentially rezone as apartments, or maybe get a coffee shop in the business space. Best of Luck

@Rebecca Ramos I would use pictures of places that you already wholesaled to draw potential investors. Once you have developed relationships with cash buyers you can use mail chimp to send them a link to a dropbox with all your pictures and videos. Good Luck

@Myra Vogt I use Quest. I have some products on SDIRAs shoot me a PM with your email and I can forward it over. 

@Alex Gordon I'd get a mold remediation expert in there and get a quote. Mold does not get better with time. Usually they will have to cut out all the mold contaminated area, locate and seal the leak is. more than likely a roof replacement will have to happen. I'd say at least $12K probably closer to $15K. Good Luck

@Peter Jaglom I have been investing down in Norfolk for past 3 years. They are some great opportunities down there. The market is having a little bit of a lull, but there are still opportunities out there. Shoot me a message if you want to talk more specifics. Best of Luck

@Julie Fullmer I have to second what @Levi Rudder has to say. One of the best vehicles for 401Ks are performing notes. I would recommend joint venturing at first and getting as much education on the topic as possible. It can be somewhat complex starting out, but once you understand the environment you can get the cash flow you are looking for. The best part is holding it in a Self-Directed 401k allows for you to hold these investments for a longer periods (10+years) which plays well into the note space. Best of Luck.

@Cesar Chin You can only get a HELOC for 90% of LTV if you are owner occupied and 65-70% LTV for non-owner occupied. For sake of numbers if you have $50K left on your mortgage and your house is worth $100K you could potentially $15K (65% LTV) for rehab if you are not living in the property and $40K (90%LTV) for rehab if you are living there. I hope that clears it up.