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All Forum Posts by: Eric Mayer

Eric Mayer has started 6 posts and replied 188 times.

Post: what defines a commercial property

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

@Mandi Lambert Commercial is anything over 4 units. I would avoid properties with exactly 5 units because they can be difficult to resell (most won’t qualify for the financing.) I made the jump from 4 unit properties to an 8 unit recently.

Post: Just put a deposit on a sports car. Am I a complete dummy here?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

Hello! I’m a fellow car nut and have had many very fast cars. I have a twin turbo Z06 right now. Fun, but not overly expensive like a Lambo. I will get an exotic eventually, but don’t want to hinder my apartment goals. I assumed dentists made a bit more even without owning a practice? My pharmacist wife makes about that much. I gross way more than that with 24 apartments. I would say go for it if it makes you happy and won’t delay your business opening in any way. 

Post: Buy Renovate Rent Refinance Repeat

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

@Shedrick Archangel You will still have to wait six months if you want to use a new appraised value for a conventional loan. If you need money sooner, you can do what’s called delayed financing, but the amount financed will be based off the purchase price. 

You can get around this somewhat the next time around if you add the rehab costs to the hud statement. You will have to disperse that money in full at closing though. This way when you immediately do delayed financing, it will be based off the purchase and renovation costs. 

Post: Buy Renovate Rent Refinance Repeat

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

You have to wait at least 6 months if you want to use a new appraisal to refi. 

Post: Issue with a tenants kid

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

This is the downside to house hacking. I don’t think they are doing anything out of the normal for a family of 4 with young ones. Try to get a family without kids next time around.

Post: Help Us Name Our Son!

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

Bumpity bump. We are leaning towards Cash. Any creative middle names? 

Post: How to remove a mortgage from under my name to an llc

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

I believe your lender (if they found out) would then be able to call the note due. Not worth the risk imo.

Post: Umbrella policy vs. multiple LLCs

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

As @Ned Carey said, everyone should have both at some point. Umbrella is the best option in the beginning as you aren't worth a lot yet, it's cheaper, and you will get better financing in your personal name. I just upped my umbrella to $2M which I know will protect me. LLC without a partner and it might as well be in your personal name. You can definitely still get sued.

Post: If you've done the work just make the offer...

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

Amen! Those that wait on the sideline for the perfect deal or a recession are losing!

Post: Help Us Name Our Son!

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

@Brandon Roof Some good ones! I have a nephew named Franklin. 

Let’s hear some more!