All Forum Posts by: Connor Mather

Lenders,

I am hoping to connect with a lender in NC who understands and also works with travel nurses. For those of you familiar/unfamiliar with how travel nurses are paid I will explain.

Travel nurses taxable hourly rate is usually lower (compared to national rates) between $30-$50/h. Sometimes it will be $30 for the first 8 hours and then $50 for the last 4 hours of the shift. Ultimately this is the pre tax taxable rate that underwriters and lenders care the most about.

The majority of what a travel nurse makes is in their stipend income which is untaxable however often not counted in DTI calculation. For example covid ICU travel nurse contracts have allowed for some nurses to take home 5k a week. However, 4k of that income is through stipends(housing, food, travel reimbursements) and only 1k is taxable w2 income. This makes it look like that nurse effectively makes 40k on a w2 a year when in-fact they might be taking home as much as someone who is making 300k a year in taxable income.

I have yet to find a lender who can help me with this but biggerpockets has never let me down.

Hi Everyone,

I am in the process of transitioning my 3 townhomes out of my name and into my LLC. I was wondering how everyone structured their long term buy and hold rental properties.

1. Do you keep all properties in one LLC or is each property its own LLC?

2. What insurance do you carry and what limits do you have? How can I screen insurance agents to make sure they are knowledgable on what I need for these properties and not have them over sell me on coverage I likely do not need yet?  

I am new to this and want to make sure I am doing it the right way. Thank you all in advance 

-Connor Mather

Hi Everyone,

I am in the process of furnishing my first room to room rental. I am wondering what online stores you all use to furnish your STR or pre-furnished housing options. I am obviously looking for the best quality for the best price that can be delivered to the home.

Thank you!

I am hoping someone can provide me with some examples regarding what kind of insurance coverage and business protection (specifically structure LLC, S-corp, C-Corp and the best combo for tax strategy) I should have for my two townhome rental properties now. And then as I expand how the structure and coverage will/should change.

They are both in an LLC's (separate). I am looking for someone or multiple people to educate me on how they insure and isolate their investments assets from each other as well as their personal assets. My goal is to protect what I have worked hard for while not over insuring myself to the point where insurance agents are selling me insane amounts of protection that I likely wouldn't need.

Thank you very much,

Connor

I am hoping someone can provide me with some examples regarding what kind of insurance coverage and business protection (specifically structure LLC, S-corp, C-Corp) I should have for my two townhome rental properties now. And then as I expand how the structure and coverage will/should change.

They are both in an LLC's (separate). I am looking for someone or multiple people to educate me on how they insure and isolate their investments assets from each other as well as their personal assets. My goal is to protect what I have worked hard for while not over insuring myself to the point where insurance agents are selling me insane amounts of protection that I likely wouldn't need.

Thank you very much,

Connor

Hi Everyone,

I am looking for ideas/ways I can continue the momentum I have to continue to grow my RE portfolio. 

About me: I am a ICU nurse in CA. I own two townhomes in NC and want to continue to grow there, I have a 775 credit score, and a strong DTI for properties under 500k. The main issue I am having are that I don't want to be putting 20-25% down on of my own money for each deal. The two properties I currently have I house hacked, and therefore don't have enough equity to utilize in them yet (less than 10% of current market value) for each of them. My preferred strategy is buy and hold, and I am willing and able to put money down on each deal but 20% kills scalability. I am looking for a lender to factor in my background, experience (not much but I am cash flowing over 50% more than what those unit would rent for on average because I rent room to room), and extremely stable job to build a relationship with as I grow my portfolio (hopefully into multifamily in 2021).

Do any members have any financing ideas that have worked for them in the past when they were starting out for buy and hold RE. I am going to attempt a BRRRR using hard/private money to conventional financing but wanted to see what other options I had for turn key properties, fixer uppers, multifamily, and vacation homes.

Thank you

-Connor Mather

@Whitney Hutten the property doesn’t need much tbh. The only value I could add is the equity I could negotiate. I am going to rent it out. I am hoping to get the property for 200-210k and it will appraise for 250-260 as the seller are motivated...I will be able to rent it for 2700/m. I don’t have much experience with how underwriting works. Do the numbers I gave you give you an idea or do you need more info?

Hi everyone,I am interested to know if this strategy would work. 

I have a turnkey property owner who is willing to sell me their property worth 250k for 200k meaning I have 20% built in equity. Can I use hard money/private money to fund the deal and then immediately refi into a traditional loan at a normal interest rate? I understand that most traditional banks require a 75% LTV meaning I would have to come up with 5% to leave in the deal. I am ok with this. I just need to know if this is something people have done/is possible.

Thank you

Hi Everyone,

I am trying to put together a business plan that includes packages when I am asking investors for money.

I would prefer to have people accept a guaranteed interest rate (what is a fair interest rate to offer family and friends?) over 3-5 years backed by the actual property as they would be a lien holder instead of equity, however I don't want to not capitalize on money for equity deals. 

What are some of the offers/deals you all have made with investors? And why do you choose to offer "deal a, b, or c" instead of other deals/offers? My goal is to keep these deals as clean as possible and have them be silent partners unless they truly have a skill set needed for REI.

Hi Everyone, 

I am attempting to narrow my search on which rental market across the country I want to break into. I am currently residing in CA and have two properties in NC. I am wanting to break into at least one other market. The research I have done so far has pointed me towards Houston, TX/Louisville, KY/Jacksonville, FL/Indianapolis, IN/ and Cleveland or Columbus/ OH. I know there are a lot of variables and ultimately it depends on my preferred market, however I am seeking advice as it related to the pro's and cons of the cities and states I have listed above.

Additionally, I am ready to buy and hoping to get into my first multifamily building or complete a BRRRR. If anyone is a realtor, lender, or property manger who is also invested in these areas it would be great to connect and do business.

Thank you for your time

-Connor