All Forum Posts by: Brian Garrett

@Brian Garrett

Conventional investment loans are totally "square peg, square hole" stuff still. They don't like to lend to LLCs and if they would lend to the LLC at a bank, they may have you qualify the income from the LLC (through two years taxes). This typically is a problem for most, so many conventional lenders have you pull the property out of your LLC to qualify personally (which you could not do without provable income). In your case, I think you will most likely have to work with private or hard-money lending until banks loosen their tight grip in this space.

Always use conventional financing if you can.  It's way cheaper and the terms are better.  If you are flipping homes, you probably won't hit the four property rule (some lenders have a 10 property rule anyway).  Only use hard money if you don't have the income (provable), credit (720 or above for investments), or the time (banks take a little longer than many HMLs).  Good luck Ryan!

@Brian Garrett your best option at this point might be to find someone to co-sign or a partnership to go in with. A lot of times you will see family co-sign first one or two places to help start the business. 

You likely won't be able to on a brand new LLC that doesn't already have any assets

The bank needs something to meet their lending requirements and because you filed for an LLC does't mean any thing really. You need to either be able to qualify yourself, or have a business with some worth behind it.

The Midwest in general would offer similar numbers.

Mailers and auction sites have been veery good to us.

Hubzu.com in particular.

I have 4 people in the office buying all day long so when you have that much man power, you tend to come across the "diamond deal".

Thanks

Thanks mate

Those profit margins are very rare.

We always shoot for 30%+ and tend to get it often.

Ohio is a "boring" market when it comes to growth.

But from a profit or cashflow perspective, it's freaking amazing.

I know many folks from the West Coast that brag about a $50,000 profit on a $500,000 investment lol

We can make a $50,000 profit here all day long on a $100,000 investment.

There are many great deals and home owners still have the capacity to purchase, meaning the exit strategy is solid.

Thanks again

Good one mate,

Can you reveal the numbers on any particular deal?

We are just finishing up an A Class flip that we should make 50-70% net.

Crazy numbers but they only come along a few times per year lol

Thanks