All Forum Posts by: Josh C.

Interested in SF and MF properties 12-units or less that need rehabbed.  

Hi everyone,

I am looking for properties in the Columbus, Ohio area that need improving.  Nothing turn-key/recently renovated.  I am looking to be all-in at $150k or less (financed or cash).

Thank you!

Josh

John, I have heard first merit will do it... 

I bought a HUD property and financed the mortgage and repairs with a 203k loan. The lender told me that I had to wait a year before I could refinance and get rid of PMI. From everything I have learned on BP, I believe he lied or that he meant I had to wait a year to refinance if staying with his lending company. Does anyone know? Could I have refinanced immediately after the repairs were complete if I went to a different lender?

Ok, I see what you mean - thank you for the clarification... yes @Wayne Brooks, the liabilities of being sued for injuries. Hence, she wants to transfer the home to an LLC. Any recommendations/advice?

There is no lien, the property owner is still paying... the property is simply worth less than the note. I just wanted to see if anyone knew if that came into play when trying to form an LLC to transfer title? She rents the house out now and does not want the liability on herself anymore.

There is a property in NJ that is underwater and the note and title are in my friend's name... can she easily transfer these to an LLC? What is the process to do when a property is upside down?

A couple of suggestions:

1. A must add would be a section for the calculators

2. A section for ebooks that can be recommended, purchased, and read in the app

3. Podcasts, it would be great to access the podcasts on the app that link to the show notes

4. A suggestion for both the app and the website would be to improve the marketplace (if this is a goal of BP as a company).  Instead of just having forum posts, it could serve more as a listing service with an integrated map, property price, details, etc. (include filters).

5. Local calendar - a local calendar where BP members can post meetup times, locations, etc. would be great for networking

@Mark Gallagher - the strategy that you described is exactly what we have happening. The only possible change is that we may do some 203k's where eligable so the private money lender would not have to front that money. The problem I am facing is that I do not want to rely on him for pretty much anything other than capital. Meaning, I do not want to rely on him to have to find a bank, secure a loan, scheduling closing, do all of the necessary paperwork. He prefers to be hands-off. It sounds like to only ways to do this are to take the loan/title in my name or to form a partnership/LLC. Could we also open a joint bank account and both be on the note and title?

@Josh Eitingon - I am definitely interested in hearing more about the managing LLC structure. I have read a little bit about the series LLC but it seemed to be more of a headache than anything at this point of my business endeavors.

This is all great stuff - thank you for the information everyone.  And @Rob Beland, no hard feelings at all.  You are correct, I would not call one flip a business either.  Let's revisit that topic in a year or two and see where I stand.  Hopefully I have nice little logo on my signature :).