All Forum Posts by: Yinan Q.

A deal was presented to me and my partner by a wholesaler. A LLC was created just for this deal and he will assign the LLC to us. We will become 50:50 owner of the LLC that controls the property. He has done this many times before with other buyers and I have no reason to doubt him or this approach.

What I am trying to figure out is what it means to me and my partner when we sell the property. Our goal is to fix and flip it. Do we sell the LLC to the end buyer? Or can we just sell the property? I think an ordinary buyer will not like the idea of purchasing a LLC.

Welcome to BP!

I would call insurance agents to get ball park insurance costs. Most agents should be able to give you an estimate if you provide them with an address.

Welcome to BP! You will find lots of useful information and helpful people here.

Putting larger down payment will limit your ability to expand your portfolio. It sounds sexy to use OPM to make money, but on the other hand, you have to realize the risk associated with it and make sure you don't over leverage yourself.

Welcome to BP! Not exactly sure what do you mean by "ARV type of loan". Did you mean loan value based on ARV? I am sure you will find a lot of useful information by just searching on the forum.

Good luck.

6.0 House Rented in 10 Days!

So I posted the for rent ad online on February 1 and had the leased signed on February 10th. Rent is slightly higher than what I thought previously.

I love data and statistics so here are some numbers for this rental. Hope this helps to put it in perspective.

Total ad views: approximately 2k

Total inquiries: approximately 100

Showing: 1 open house, 20 to 25 groups showed up

Applications received: 4

It has been awhile since my last update. I have been busy with a newborn and a 3-yr old at home. 

5.0 Rehab

As I mentioned previously, this house doesn’t need a lot work to make it ready to rent. My contractor started the second week of January and completed by the end of January. He missed a few little things here than there but was able to fix them pretty quickly.

Our second son was born at the same time so I only showed up twice to the job site during the rehab. The contactor is pretty good at communication and has a good sense of what he needs to ask and what he can just make a decision himself.

I budgeted 14k for the rehab but total came up about 16.5k. Considering I didn’t include a new garage door opener and some yard work in my original budget, my estimate was not too far off. Here some before and after pictures.

 I would do it every year if I could save a few hundred dollars per property. My point is that if you shopped around and found a great insurance company, it is unlikely that you will be able to save a few hundred dollars per property next year by switching to another insurance company, unless there is a huge hike in your premium, say 10% or more. 

Are you talking about lenders that would lend you cash for the purchase or refinance after the purchase? Conventional lenders will do rehab loans upfront or refinance afterwards. 

Good to know that you are able to save $$$$ with a phone call. It's a good habit to shop around for insurance, just like you would do with other things. 

Get new insurance quotes every year might be too much especially as your portfolio grows. I tend to stay with the same insurance company as long as the annual premium increase is reasonable, say 5%.