All Forum Posts by: Chivas Miho

Hi BP, I'm an out of state investor and have had trouble getting a spatial sense of properties through still images and short video clips my realtor has been providing. Has anyone tried using a 360 camera like the Samsung Gear 360 or Ricoh cameras and found success? I'm considering investing in one and sending it to my realtor to provide 360 photos instead of stills. Any thoughts or suggestions? Thanks! -Chivas

@Andrew Robitaille - I agree with the others to find a boots on the ground team. I'm in a similar situation but had no Contractor contacts, so I started with the property manager first who had all the right contacts. I built up a level of trust after working through 1 property that had one major repair item and several minimal repairs. Now I'm about to start rehabbing another duplex with her acting more as a Project Manager and overseeing the Contractor since I cannot be there to make sure the work is being done in a quality manner and on time. We structured a deal where she takes an additional fee for managing the process. This is just an idea to help you carry out your own out of state rehab strategy. Good luck!

@Emily Huo - not sure about Ohio but I've closed remotely on two cash offers in Michigan recently and did not have to notarize any of the documents. I think you should be safe. The title company emailed me the closing docs and had a UPS packing slip attached, I just had to print, sign and drop it back off at UPS to be returned.

@Tom Gimer - thanks for the response!  If the bank requires that both owners will need to execute the security interest, would that mean the single property counts against both of us on the 10 maximum mortgage limit?

@Joseph ODonovan - It's currently in our LLC name but I've had quite a few challenges with obtaining a commercial loan on another separate property I own that is in a different LLC name. To open up lending options on the current property, my partner and I plan to Quit Claim Deed into both our personal names. Thanks!

Thanks @Jonathan Holmes and @Andrew Postell!  This definitely makes me feel at ease knowing there's experienced professionals willing to help out newbies like me.    

Hi BP,

Still a newbie here, and forgive me if this question has been answered in the past. I have an LLC with a 50/50 partner where we have bought an OOS duplex, and about to start the rehab portion of the BRRRR strategy in a couple of weeks after the existing tenants vacate the property. Looking forward, we are planning for the refinance portion.

My question is:  If we keep both our names on the deed, will a lender force us to have both names on the refinance?  Or are we able to have just 1 partner on the refinance and continue to have both partners listed on the deed?  We're ultimately trying to split the number of mortgages so we can max out at 10 mortgages in each of our names.  

Thanks guys,

-Chivas  

Whoa seriously?!  Both @Brandon Turner AND @Scott Trench in Hawaii?!  I'll be there!  

Thanks @Logan Ho!  That's awesome you were able to pick up a couple SFRs out there.  Every once in a while I glace over at different markets and came across Kansas a couple of times but haven't studied enough about it.  My bank is actually based in Kansas (Small Business Bank), online based bank with only a physical location in Kansas.  That's good that you haven't hit any major repair costs, I figure every property won't hit a bump this bad, but opens my eyes to the possibility of 5 figure expenses.  

The time zone is difficult especially with Michigan 5 hours ahead.  What has worked well for me is email communication with the real estate agent and the property manager, they have been very responsive this way.  I usually respond by email first thing when I wake up and if I need to hop on a call with new contacts like a lender, I'll do it before my work day starts between 7 am and 8 am.  The rest happens during my lunch break or if I can sneak a call in here and there.  

Hopping on the same question with @Kevin Yi - did you happen to use a Turnkey provider or did all the work yourself?  I actually didn't even know there was such a thing as turnkey providers until just recently.  

@Bill F. - The extension is genius!  Thanks for the great tip!  I'll have to make sure to include this especially so that there's an expectation going forward that there may be an extension request.  

@Tim Joyce - I agree, this particular investor falls into the same category - is willing to lend but wants certainty. I'm worried if we form a partnership LLC and things go south on the first deal, he'll be too nervous to do another deal and go back to the stock market. If things go well on the first deal then I'll revisit the conversation with him again on potential partnership for longer term investing.

Thanks for the great advice guys!