All Forum Posts by: Derek Loveland

Thanks @Tim Roberts, a better understanding of the lenders perspective would be quite helpful.

Thanks for hosting this evening @Jamie Rose, weather and the view from the deck were awesome! Enjoyed meeting everyone.

Thanks @Mike S., great information.

@Terrell Garren thanks for your reply. I like your rule of thumb, it's simple to understand. 

One of the main reasons I've been considering the LLC is to keep the investing and personal finances separate. My wife is very reluctant to take on additional debt in order to invest in real estate and holding the properties in an LLC is one way is one way of making the thought of investing more tolerable for her. I'm sure there are other ways to, I just haven't learned them yet.

@Account Closed thanks for your reply and the additional considerations to take into account. I was aware an LLC could make finding bank financing more difficult, but hadn't thought too much about the tax side. Definitely a lot more to learn.

As I begin seriously investing in real estate, I'm considering starting an LLC to both apply for business credit and hold properties as I build my portfolio. I've had some thoughts on how to get started and am looking for some feedback to help me see my blind spots.

My wife and I currently own a 3/2 SFR that we've been renting out since 2013. We paid it off a couple of years ago and took out a HELOC last year with an 80K line. At the time the house appraised at 126,000. We used some HELOC funds to replace windows and the roof on our primary residence and now owe 30K.

I would like to use the house to help establish the LLC and am looking at two approaches: 1) start the LLC, apply for a BLOC, use BLOC funds to purchase the house for the LLC, or 2) refinance the house and use the funds to pay off the HELOC, establish the LLC, and provide an initial operational reserve. I'm leaning toward option 2, figuring there's a way to move the house under the LLC once nothing is owed against it.

Any thoughts/advice is appreciated!

@Wayne Crabtree I hear you. I haven't been local for about 17 years and I'm going with someone my tenant suggested. Her prior suggestions have worked out well, hopefully this one does too.

Hi Wayne,

I have a guy doing some concrete work for me at our house in Pocatello. If you're interested, I'll let you know how it goes. I contacted his reference and he spoke highly of him. His response time when trying to communicate with him has been a bit slow though.

Derek

@Benjamin Sutton

Wholesalers in Anchorage is a question I've heard a few times but never seen it answered.  Jamie Rose and Keenan Fitzpatrick are a couple of agents I've interacted with and would trust. They're both here on BP.

Goodluck with the move!

@William Gillette one of the people I asked yesterday has a 4 bed 3.5 bath property available. Sent her contact info in a PM earlier today.

Derek