All Forum Posts by: Dillon Seal

Hello everyone! My name is Dillon Seal, and I’m excited to join this vibrant community as a new real estate investor. I am keen to learn from the experiences of seasoned professionals and collaborate with fellow investors who share a passion for real estate. My interests lie in all areas of real estate, and I am eager to explore potential opportunities and gain insights into effective strategies. I look forward to engaging with all of you and contributing to our shared journey in the real estate market. Thank you for having me!

I have invested in real estate casually in the last several years, and am looking to step up my game by learning from those willing to help, and succeeding with real estate. 

Just renovated our first property (our first home).

Property currently has main house, mil suite, and duplex on one title. In the process of subdividing duplex and land into separate title. Plan is to refinance on main property and pick up duplex for free.

Original Loan amount 121.5k

Overall equity gain about 175k

70k on new duplex value

105k on house value

Will have mortgage on main house. Currently both properties under my LLC (hard money) going to get traditional mortgage in my personal name.

How can I use both equity from house and duplex most efficient to reinvest? Should I take out max mortgage and reinvest or take out heloc or combination?

Trying to get a HML to fix and then refinance and then move in. What determines if we can refinance the property besides our income/tax information and the appraisal value?

Note- Property is unique due to large size in lower income area of nice town. Great school systems, low crime. Property has 1 2000ft house, 1 600ft mother in law suite, 1 1000 ft house, 2 acres- 3 separate buildings on one property. All brick, new roofs. Dont want to run into purchasing with hard money and not being able to refinance due to bank not being able to find comps to affix value. I figure the appraisal will help with this before we purchase it.

Note- I am a business owner, and have been getting my income for two years inline so I can get mortgage in early 2018. My mortgage guy says I am on track to be approved. My partner is starting a job in 2 weeks bringing in 5k before taxes. No other substatial debt. Thanks!

Getting a HML on a piece of property. Should I start an LLC or S corp to do this? Tax implications for both? Florida. Thanks!

Also, please clarify:

As I understand it, I have to start a separate company that is what the HML is actually loaning the money to. Then I can sell it from that company to someone else. So would that be a normal mortgage, and we are buying it from my company?

We are planning on qualifying for a refinance early next year for these two reasons: and please correct me if I am wrong

1. I am self employed, and will claim 60k/year for 2017 and 2018 with no debt. I cant file for a mortgage until early next year since self employed

2. Partner is getting a job in a month (already accepted position) and she has great credit

Do you see us having any issues with getting refinanced? Is there any way to see if it is possible before I begin? Thanks!

So, can I sell it to myself, through the company that I create to get hard money loan?

Found a badass property that has a lot of potential. It needs about 30k of work, can probably make at least 50k on the back end (not including interest from loan) so lets say 25-35k with minimal work. Has to be cash due to repair work. Already tried 40k down and owner financing, they didnt go for it. My options are

1. Make offer stipulation I can get financing
2. Wait and hope it doesn't sell and remake 40k offer with owner financing
3. Obtain private loan (already tried family and friends, all too risk averse and uneducated) make low cash offer

Friend of a friend put me in touch with some bigwig hard money lender with a legit company. He was explaining to me that he can't loan money to me personally, but since I am a business owner, he can loan it to my company, or i can create company for this purpose. However, the fed regulations say something like the loan can only be for a flip, not an owner-occupied. We want to live in this home for some amount of time. He said the company can lease the home to someone (me) legally.

I was thinking maybe we can use the hard money lender, fix it before we move in, then sell it to ourselves somehow? We are not married... is there any way to do this legally?

This has all happened really fast, and I am trying to make this deal work because its a good one. It is also my first deal, so I am learning a lot, but my realtor is also a BP member as is helping a lot. IF nothing else, I am getting a ton of experience.

Please give me some advice on how to make this work, legally, or other option I may have. And correct any points that I made that are inaccurate. Thanks!

Location- Florida

We want to use a hard money lender to fix a house, but we want to live in it. Is there any way to do this legally? Can we sell it to ourselves once we fix it and then move in? Also, we are not married, so can my girlfriend legally buy it?

I have a question about this hard money business:

I reached out to a lender, he can give me plenty of money, but we want to live in the house. He explained that it is only for fixing and selling, no owner occupied. Can I sell the house to a friend? Or a better question is, who can i NOT sell it to once fixed?