All Forum Posts by: Cindy Veit

I ended up doing a cash out re-finance in my LLC. There was no seasoning and the bank did it off of the appraised value. It was very easy. It took some searching, but I was able to find a national bank to do it - it was First Citizens. If you want the contact person, feel free to message me (I don't think I can post it)

It has been 10+ years since I have bought a rental property. We currently have 7 loans in our personal name. I was looking for a bank to do a cash-out refinance in our LLC. One banker asked, "why don't you put it in your personal name? Fees and terms are better in your personal name and since you are the sole owner of the LLC, what's the difference?" I said for liability purposes. Then he said... "the property has insurance" (and we also have a personal liability umbrella). Would love to get some input. Thanks.

@Matt Nusbaum it took about 7 weeks. It took longer that most properties do. I bought this property in November - right after all of the hurricanes. My roofer was booked 2-3 months out. 

Here are the before and after pictures of a house I sold in January in Fayetteville, NC. It sold in a day. I am always looking to network with more investors in the Fayetteville, NC area. 

https://www.dropbox.com/s/n41pvy5spnzjkkx/5595%20L...

@Brian Gerardi

Something to thing about:  

Example: Investor #1 puts in $10K, Investor #2 puts in $50K, Investor #3 puts in $30K on a deal.  They are just the lenders on the deal.  Some rehabber is doing the flip.  When you set up the loan, who is in 1st position?  Let's say the deal goes belly up and you need to foreclose.  Who does the foreclosure?   The person that put in the most?  The person that put the deal together?  

In the past, when I have co-lended with someone, we have had an attorney set up a "lending trust" that puts the "trust" in 1st position.  Therefore, it avoids the example above.   

@Matt Faircloth I will plan to be there.  I am an active investor in both the Fayetteville area and the Raleigh area.  I look forward to networking. 

Looking for landlords that buy in Fayetteville, NC that are willing to buy a 3/1 or smaller or rent to section 8.  I am primarily fix and flip in Fayetteville.  My marketing is bringing in these leads.  I would be looking to assign the contract.  Please message me.  Thanks

Will Brownlee is a great Landlord attorney.  They are out of Raleigh but may be able to handle Cumberland county.  

Brownlee Whitlow Praet & File, PLLC - just google it.  Not sure if I can put their website or phone #

Here is a rehab I sold a few months ago in Fayetteville, NC.  I GOT THIS DEAL ON BIGGER POCKETS!!!! Here is how:

I posted a video on bigger pockets of one of my rehabs.  Someone brand new to bigger pockets responded that her mom owned a very similar house and that the tenants were moving out and she didn't want her mom to deal with the aggravation of fixing it up - it was really dated.  At first her mom wanted to fix it up long distance.  I kept in touch with her and she decided it was too much for her.  I bought this house and never met the owner nor the daughter.  We just communicated via phone and email.  I sold this house before the counter tops were on because my contractor was able to show them the pictures of the "same" house I did a few months earlier.  Key Point:  You have got to let people know what you do for a living!!  Thank you Bigger Pockets!!!

Single family home near downtown Smithfield. Walking distance to downtown. 2BR/1BA over 1803 sf. Built in 1925. Rocking chair front porch, metal roof, large living area, high ceilings. Electrical has been redone. House does not have central HVAC.

https://www.dropbox.com/sh/17kik0penw56bk2/AACksyn...

Comps:
510 E. Davis - 3BR/1.5BA, Built 1930, 2084sf, sold 5/2017 $133,000 
212 E Rose - 3BR/1BA, Built 1947, 1706sf, sold 5/2017 $129,900

510 E. Davis photos: https://www.zillow.com/homes/510-E-Davis-St,-Smith...
212 E. Rose photos: https://www.zillow.com/homes/212-E-Rose-St,-Smithfield,-NC-27577_rb/

Z: $118,000
TV: $95,000

Rent: 2BR/2BA townhomes at 1100 sf are renting for $700/mo just down the street

Cash buyers only. Must have proof of funds. 

Please do your own due diligence.