All Forum Posts by: Brian Garrett

@David Faulkner David when just starting out in REI do you suggest using a GC purely for the sake of being time efficient and keeping things streamlined? I feel I have the business savvy to manage my own renovations but since I have not purchased any properties yet I'm thinking I may want to utilize a GC for at least the first few properties until I'm more knowledgeable, experienced and comfortable with subbing out the jobs on my own. What are your thoughts on this?

@Simon Ghandil Understood I guess that's why there are so many different strategies in REI and everyone has to find what works best for them individually.

@Simon Ghandil Are you planning to cash out refinance or just let the money stay parked and collect the positive cash flow?  Wouldn't it be better to get your cash back out and still generate a positive cash flow so that you can use your originally invested cash to roll over into a new property and generate even more?

@Ben Parr Hey Ben congrats this deal sounds pretty solid.  So you are cash flowing roughly $500/month on the house right now?  That's a heck of a deal if so.  Do you mind me asking how you came across the deal?

@Jay Levy What part of Florida and what type of property? I'm also new to REI and based here in Palm Beach.

@Ali Boone Hey Ali are you knowledgeable on the South Florida market at all? I currently reside in Palm Beach and being a new REI this is where I would feel more comfortable with my investments rather than out of state at least until I'm more comfortable and experienced. Would love to hear your thoughts!

Would love to get some more input, advice, criticism or suggestions on my initial thoughts, strategy, etc.  Perhaps my post was too long and it's scaring some people away from reading the whole thing.  Just a new investor looking for some help and guidance.  Thanks!

I've read how people create an LLC for their REI adventures and secure commercial loans versus getting conventional loans under their personal names. To my understanding the commercial loans closer quicker and are an easier process overall with an average interest rate of about 5%. My question is can I set up a new LLC and still secure a commercial loan or does the LLC have to already have a proven track record and established credit history? It seems that I can't go the conventional loan route under my personal name because I have no W2 income since I was self employed for the last 10 years and I have been transitioning out of those business endeavors for the last 2 years therefore I have no real income to show. If I can't go the LLC and commercial loan route then what are my options? I guess it would have to be either cash buys, HML's or private money at that point? I appreciate your input and advice. Thanks in advance!

I've read how people create an LLC for their REI adventures and secure commercial loans versus getting conventional loans under their personal names. To my understanding the commercial loans closer quicker and are an easier process overall with an average interest rate of about 5%. My question is can I set up a new LLC and still secure a commercial loan or does the LLC have to already have a proven track record and established credit history? It seems that I can't go the conventional loan route under my personal name because I have no W2 income since I was self employed for the last 10 years and I have been transitioning out of those business endeavors for the last 2 years therefore I have no real income to show. If I can't go the LLC and commercial loan route then what are my options? I guess it would have to be either cash buys, HML's or private money at that point? I appreciate your input and advice. Thanks in advance!

I'm trying to decide the same thing. I'm fortunate enough to have saved up a decent amount of cash for my REI aspirations as well but I'm not sure if I should pay cash for a property and the rehab to cut back my initial costs and then cash out refinance to pull my money back out after or just try and mortgage it out from the beginning and create positive cash flow. I don't know what's best.