All Forum Posts by: Clayton Silva

I use ZenBusiness for all my LLC filings. UI is great, dashboard is clean and I pay extra for the concierge service so they do my annual filings for me and I don't have to worry about it. As for financing, just to be clear, a line of credit and a 203k loan are two very different things. So a 203k loan is a form of an FHA loan which would not allow you to close in an LLC as it has to be a primary residence. You also have to have the intention of living in it for 12 months. On the other hand a line of credit might work for the down payment, but you will likely want to look for a private or hard money lender for the fix and flip portion and as a beginner, I would expect to put between 20-25% down and likely a bit more for closing costs and reserves. Feel free to shoot me a DM if you have questions about financing and I'd be happy to help in anyway I can!

I have been investing out of state since 2019 and have had some success on and off with PM's.  I know there are good ones out there, but I have gotten so sick of trying to find them, that I started self managing through Turbotenant and I have never looked back.  I don't get paid by Turbotenant, but I should start charging them an advertising fee haha! The software and UI are super easy, great for screening tenants and keeping track of everything.  I tried it with just one property to start and am now phasing all my properties to it as their leases expire this year and my contracts with my PMs run out.

Hey David! We have some cool products for people that want to finance construction and own the land (or if they want to purchase the land and develop).  Lot of different financing options depending on what you're trying to build! Would be more than happy to connect and either help myself or try to point you in the right direction!  I have helped a few different clients build homes and then sell them or build to rent/keep them and it can be a really fun and exciting process if done correctly!

Absolutely! We have DSCR loans with no seasoning requirements! However, it has to be a rental for it to work as a DSCR loan and you cannot be living in it or using it for personal use in any capacity as a DSCR loan is for business purposes only. There may be other ways to get it done, and I'd be happy to connect!

Hey Ton, would love to connect in a DM! That is exactly how I started my real estate journey and now I get to work full time in real estate! It's a phenomenal way to start and the VA loan is the most powerful tool for real estate investing in my opinion. I could definitely help you out.

Most of my costs are incurred when I have turnover, if you have a tenant that has been there for 20 years, I would not rock the boat much. I would do 5% (ish) increases year over year until I got to the desired rate.  Try to keep the tenant for 20 more years would be my advice personally.

@Alan Santini we do! Feel free to DM me

@Erin Spradlin appreciate the tips! We've done all of that and have had no success.  Some markets are too saturated and the price is already near the long term rent price so we just listed it for long term rent.  We are not hurting financially if we hold on and eat some losses, (it's great for tax season) so we aren't looking to drop prices any further.  Appreciate it though!

I think you would have to speak to a title agent and to the owner's current lender.  But you may be able to take over the mortgage payment from him.  Only issue with this is that if owner needs money, you'll likely have to come up with the difference between the loan balance and the value of the home as a down payment.  I would be happy to chat more about it so I can understand the whole picture better and see if there is any loan product that fits!

Starting with "I am not a CPA", however it is my understanding that typically inheriting the property after passing is the best way to avoid taxes due to the grantees stepped up basis.  It might be worthwhile to keep son and daughter off title and just have them mange them and run the business.  In order to grow and scale, you'd likely need father to cash out refinance or get HELOCs or some other form of leverage in order to scale.  Can always transfer title and then sell and 1031 but that could have long term tax consequences down the road as well.  Best recommendation would be talking to a real estate attorney and a real estate savvy CPA.