All Forum Posts by: Chris Thomas

I currently have an LLC with a partner and we fix up multifamily homes and keep them long term. We are looking to bring someone with money to fund our deals, but don't want them to have a percentage in the existing LLC. Is there a way to merge our existing LLC with this new partner just for acouple of deals or would it just make more sense to create a new LLC with all 3 of us?

I am looking to expand my portfolio, but am short on funds and want to start using other peoples money. Where/who can I go to for down payment and reserves to qualify for hard money and DSCR loans. And once financing is secured how are contracts written or are LLCs created for each partnership with % ownership. Just trying to learn how involving partners is done.

Is there anyway to search online through county records or other means to find the addresses of every multi family zones property in an area? Im trying to find every single address of multi family properties not just ones for sale or recently sold. 

As the title says, I'm just curious how to go about purchasing deals and securing funding under an LLC as to not have investment properties in my personal name. Any and all information is appreciated!

I’m trying to understand how to go about purchasing properties that need rehabs with hard money then converting to a dscr loan after the rehab and new appraisal have been completed. If anyone could layout some basic steps on how to do this it would be much appreciated thanks!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $220,000
Cash invested: $10,000

Deal was brought to me by a family friend who is also a partner on this deal as they brought it to me but couldn’t finance it. He is a very good contractor and helped remodel the entire place with no labor costs as he has equity in the deal.

What made you interested in investing in this type of deal?

I have been interested in investing in multi family since 2018 when I started college and wanted to figure out how to make money outside of a 9-5 job. This property was the perfect start in my eyes

How did you finance this deal?

This deal was financed with an FHA 203k loan which was a nightmare to go through with but after 8 months of set back after set back we finally closed April 2023

How did you add value to the deal?

We completely remodeled a unit that had plumbing issues which caused the concrete floor to sink.

Lessons learned? Challenges?

FHA 203k loans are horribly complex to go through with and mountains of paperwork that never ends. The only way this was possible is that my partner on the deal is a licensed contractor and was able to do all the paperwork. Any regular contractor would 100% not have kept up with all the paperwork needed and stipulations necessary to get this loan.