All Forum Posts by: Chad C.

Thanks for your reply, Dustin. That really helps. It is a house that is already built and it is not in 100 year flood plain. So I think it should be all good. 

dear all, 

I am interested in a new build in this lot. But it is right in front of the community detention pond, could that be a problem? It is about 100 ft to the fence of the pond from the back of the house. Right now there is no sign of flooding or anything, but just wondering if that is a positive thing or negative thing to the property? I put a GIS picture here: (The house is not displayed in this map, but it is already there and I just a notepad window to demonstrate where it is.)

Thanks you all. 

Thank you all for your wonderful advices. I think I got it now. 

Hi, all, 

I see in this forum many people are recommending form a LLC and use the LLC to hold rental for asset protection purpose. In doing so, one of the main step is keep all the funds separate from personal funds, which makes sense.

But how do I access the funds or profit of LLC for personals use without "commingle business and personal funds" and what the tax consequence is? For example, to pay medical bill or to retire on the profit of LLC?

Just write a check to myself? Since the LLC is a disregard entity, do I need to report anything for this check/draw?

Thanks.   

Thank you all for your response. That is very helpful. 

That is for30 years conventional financing on a rental. I was just asking for the best rate. My DTI or Credit should be not the problem.

With that rate, another question came to my head is, what about using HELOC off primary? It appears we can still find HELOC for amount 200k at around 7.625% without closing fee what so ever. (Or does it exist?) Assuming right now the interest rate overall is around top, would using HELOC be a better option?
 

Dear, BP fellows, 

I have been looking for investment property loan info for AL and recently get quoted with 30years interest rate 7.625% with 2.125 discount point. So for a property around 200k 20% down, right off the bat, there is a 5k+ loan discount fee, plus all other fees, that pushes the closing close to almost 10k. That doubled my initial thought. Why there is a discount point? Does it means in order to get rate of 7.625%, I have to pay 2.125% up-front? 

Also, if I compare different lenders, if we just compare rate, for the same rate, less point is better, right? which means you pay less in order to have the same rate. 

Thanks. 

Hi, there,

I am looking to invest in East or North Birmingham areas, like Oxford, Eastabogo, Lincoln, Pell City or Odenville, or similar areas. Are they good areas?

I am planning to buy single or multiple family units and hold for long term. So I would love to get recommendations and connections for property managers, house inspectors, contractors, agents, lenders, insurance agents etc. I am fairly new, So I would definitely need some guidance from you pros.

Thanks and looking forward to work with you all!
Chad.

Hi, there, 

I am looking to invest in East or North Birmingham areas, like Oxford, Eastabogo, Lincoln, Pell City or Odenville, or similar areas. I am planning to buy single or multiple family units and hold for long term. So I would love to get recommendations and connections for property managers, house inspectors, contractors, agents, lenders, insurance agents etc. I am fairly new,  So I would definitely need some guidance from you pros.  

Thanks and looking forward to work with you all!
Chad. 

That sounds a good plan. I have been looking that direction recently too, because I read news another day Honda has built a car-parts plant near Lincoln AL? I am sure that will attract some demands. 

Do you have any, or are there any investor friendly agent or property manager in North or East Alabama who can share some insights? I would love to get some connections in that region too, before I really head to that way. Haha.  Thanks everyone!

hi, Can you help me take a look my account too? Not sure what I did wrong, but it appears I am not able to start a post for questions, but looks like I can answer post fine.  Thanks!!