All Forum Posts by: Donald S.

I saw a post yesterday where a guy used a conventional loan to do the purchase half and refi half of the BRRRR strategy. I'm wondering the pros and cons of this vs using private/hard money loans?

For cons I can only think of the time it takes to close a conventional, maybe the impact to your credit score? 

I'm getting ready to make offers on some potential deals and want to see if I should go the conventional route for both parts also. 

Thoughts? 

Thanks for the share, I hadn't even considered doing a conventional loan as the purchase 1/2 of BRRRR. Makes perfect sense if you can swing it.

@Kyle Eckert I understand, just talking to the 3 I did was not what I'd call fun. I've also considered buying it in my personal name and then having the LLC rent the house from me. My CPA suggested that for S corp entities, but currently I'm just a Sole Prop. I'll have to find a RE Lawyer and see if doing it that why will give me the added protection I'm looking for, or if I just have to risk it and hope my insurance policy covers me.

Hi Everyone, 

I'm going to be making offers on my first properties in the next 2 days or so and was wondering if anyone knew of good banks/Credit unions in the St. Louis area that have good rates and terms on cash out refi for LLC's and/or good terms on conventional loans for LLC's. I've only talked with 1 bank/2 CU's so far, but neither had anything good, 65/35 15yr fixed starting ~4.5% and with no cash out option, or just flat out don't do loans to LLC's.

I've considered doing the loan in my personal name to start also, but would like to keep it in the company as added protection. Anyone in the StL are got suggestions? 

p.s. Anyone know a good RE Lawyer they can recommend in St. Louis, I want to have one I can talk to just in case. 

Sounds interesting, but pretty demanding. I'd like to learn more. Hopefully someone on here has experience in this type of loan. 

Any recommended pm in StL?

Thanks @Kyle Eckert I'll look into all of those options. 

I'm looking at a deal that is 3 bed/2 bath but that includes a main house w/ 2&1 and a carriage house with 1&1, the property also has a 2 car detached garage. I understand using the BP calculators to help with determining numbers, just need some help on figuring out some of the inputs. 

My question is when determining comps and rent comps should I look at SFH that are 2/1 and SFH that are 1/1 and just combine the 2? I can tell rent is the area for a normal 2/1 SFH is ~850 a month for the house size and the quality it will be after I fix it. And rent for a 1/1 is ~ 400-500/month, so would I just combine the 2 and estimate 1250-1350, or go conservative at 1150, etc...? Anyone have experience renting a property like this?

Also when determine comps for ARV how should I determine comps if this is the only home in the area (and a large area) that has this type of setup? just find an 1100 sq ft house and 700 sq ft house and do some conservative combining again?

Any help would be greatly appreciated. 

Thanks, Donald

Hi everyone! I'm starting off in the real estate world after a long time stock market investing and w-2 work. Still doing the W-2 so I can keep steady income. 

I'm hoping to find and close on my first deal before the end of the year on a BRRRR house.

Looking to connect and build business relationships with lenders, other landlord investors, wholesales, and pretty much anyone else. Been doing a ton of learning and reading and running numbers, so soon I'll be able to put that into practice. 

Question for landlords, how did you come up with your first lease? copy from someone else in the same area, hire a lawyer, PM company, type one up yourself? 

I'm new to the site and the REI scene, but look forward to coming to my 1st meet up. Hopefully I'll be able to make it out.