All Forum Posts by: Calvin Thomas

We own and self manage three rental properties. Two of them are in Kentucky and one in Florida. We would only plan to manage our own properties.

Would there be any tax advantages, or any other benefits, to starting our own property management company?

Hello,  I'm just introducing myself ton the Bigger Pockets community. I look forward to learning everything there is to gaining financial freedom and becoming an investor. 

I've been on this site for ten years, providing honest feedback to people, and today, for the first time that I am aware of, some moderator removed my posts in a forum where the OP was calling me names in every one of her responses. I said nothing rude, no name-calling, no slights, just feedback on a relatively nothing post about wholesaling.

When our posts are censored because people have hurt feelings, and their posts are left there with blatant insults, something is wrong under the hood. This is participation trophy culture and reverse trolling at its finest.

I guess from now on, you can only give back pats, hold people's hands on their journey, and encourage them, and not tell them the truth about their questions, investment ideas, or future plans. On the flip side, they can insult you repeatedly, and moderators will leave that there.

Super.

Hello BP Community,

I'm thinking of taking on a business partner to do out of state investing. The idea would be to have some boots on the ground in the area I'm interested in investing.

For those of you who have formed partnerships...

1. What was that experience like? Did it make real estate investing more easy or hard?

2. How did you meet your business partner?

3. How did you vet your business partner?

4. Any general tips or advice on forming partnerships with out of state investors?

Hey Calvin - I get what you're saying, but DSCR loans can actually be a great option depending on the situation. Yes, they can have higher rates and fees, but they come with some major advantages too—like not needing personal income verification or DTI requirements, which can be a game-changer if you're looking to scale quickly. It's also easier to keep the property in your LLC from the start, which avoids the hassle of transferring ownership and potential issues with the loan being called due to the change.

Commercial loans can work, but they often have shorter terms, balloon payments, or stricter underwriting. DSCR loans offer more flexibility with long-term fixed rates and less red tape. So, while it might not work for everyone, for many investors, especially those looking to scale, DSCR loans are worth considering.

I just completed my first rehab on a distressed property I have bought. I just completed a cash out refinance on the property but now the bank tells me that I am not able to put the property into an LLC. Are there any work arounds to this? I don't really want to rent this property without having an LLC just in case anything does happen. What should I do?

This is more common for commercial (5+ units, often lenders in this category want the owner/operator to have experience self managing or hire professional management), and not very common 4 units and under, IME.