All Forum Posts by: Chris Wenchell

@Thomas Enright thanks for the response.

I'm currently wholesaling but I'm moving towards owning a duplexes then onto a four-plex. The thing is I fly back home enough that I wanted to continue there as well..

I am looking at forming an entity to protect myself from liabilities, at least that's what I've been told, but I'm having some trouble getting it started because I can't have my apartment listed as a business otherwise I'd get evicted.

Has anyone here formed an LLC out of state? I am looking to do deals in two states one in CA where I live and in another state where I have family. I spoke with Zoom and they say CA needs a physical address to form an LLC. Does anyone know if you use an apartment address will it then be considered your business? If so is there any other address in CA to use like a PO box? I know to be protective you would need some form of entity, but are deals done around the country without forming an entity?

I am looking to refi my personal residence in Colorado. Is there a best time of year to do this? Navy Federal tells me end of October and early November is best for great deals. Does it make sense to refi if a potential recession is down the road? And if I hire someone to assess my home, will they look at the inside?

@Kenny DahillBut what about a refi? With FHA's you can stay in it for a year and move out. So I would do that after taking out a 201k to do some rehab on the units. And after the year, I'd refinance with a conventional mortgage, get my down payment back and have all of the units rented out, now leaving me with an apartment building. I'm not looking to just flip, I want to own. But in your experience what kind of set back did you come up against with 1031 exchanges?

I have been using the rental calculator for a few weeks now, and I know it's best to have at least a $200/unit cashflow on 2-3-4plexes, with at least a 12% return on investment...but when I changed the down payment from 20% to 3.5% my cash flow went down to just above $500 and my return went way up to above 34%. Would this be considered a good deal?

What is the best way to find property information in LA. I usually can go to the county website in other states and find the purchase price, square fee, number of bed/baths... but LA's county site doesn't offer that. Any advice would be greatly appreciated.