All Forum Posts by: Daniel Mendez

Sorry, were you warned TO invest in north side or NOT to invest in North Side? I think you are referring to 35810, 35811 and 35816. They all will have opportunity under $110K and definitely wouldn't qualify as B grade neighborhood. However, there are plenty of pockets that are good rentals with workforce type tenants.

If I can't do the inspection myself (usually because it's far away and also because I'm trying to focus on scaling the biz), I hire an "investor" inspection. Costs less and leaves out the dumb stuff like painted over outlets.

takes some time to find a good inspector that does this type of thing.

and I do this on rentals and flips.

@Daniel Mendez It depends.  If I'm refinancing to a conventional loan, I refi to my personal name and they will work to move title after close (talk to your lawyer and lender before doing this! **not a lawyer or CPA**).  You have to understand the risks of doing this and be above board with everyone.

If I'm refinancing to a commercial loan, I generally keep it in the entity that I purchased it in so I'm not having to establish yet another entity with the lender. 

The question will always be on the refi... do you really need an entity?  An entity takes money and time to maintain and there are 4 ways of protecting you and your assets you should do BEFORE an entity.  Also, you have to understand your tax implications.  I see many new investors start entities with the wrong members in place, as an S-corp when they are doing buy and hold, in the wrong states, etc... so we spend quite a bit of time unravelling the entity to get it set up correctly from a tax standpoint.

@Daniel Mendez they are.  Huntsville is seeing growth now like Birmingham was a few years ago.  Montgomery would be my next choice.

@Daniel Mendez, at first we bought in our personal names, and got an umbrella insurance policy. Later we bought in an LLC and our own names do not go on title. Just LLC for ownership and commercial insurance policy.

Hi Daniel! IF your financing through fannie mae/freddie mac it is against their regulations to lend to an LLC. You will have to refi on your personal name, and then you can do a quit claim deed back to your LLC with no issues (just let the lender know what you plan on doing). Unless you are pulling portfolio/commercial loans you can not refi strictly under your LLC. Hope this helps!