All Forum Posts by: Greg Cook

Quote from @Jack Mawer:

I would not say this is common, there are many lenders out there who can lend to an individual borrower - is there a specific type of loan you are looking to obtain with a private lender? 

 No specific loan type. We are just consuming as much information as possible to be ready and prepared when the right deal comes our way. 

After talking with a private money lender they only lend to LLCs. Is this common or can we just as easily find a lender using our personal information?

We wanted to make sure our accounts are safe and secure online. What has everyone done to make sure this happens? I've heard the "lifelock" and those things are pretty much useless. We received a call about me shopping for car insurance that definitely is not happening. 

Thanks!

My partner (also my fiance) have been vetting CPAs for the last month. After getting many proposals we are not sure the money we spend on them will be worth the money they will save us this year due to such a small portfolio. We have 2 properties, both out-of-state and in separate states. One does not receive income due to her mother living in it and the other rents for $1400/month. We will also have to file our foreign income, as we have a rental property in Portugal. We plan to have at least one more property by the end of the year bringing us to 4 total (3 Stateside, 1 Portugal). Are we naive to think we can do this with a little research?

Quote from @Jack Mawer:

Are you against a construction or hard money loan?

We are not. We just wanted to vet out all options.

My partner and I currently have 4 LTR and are wanting to do our first BRRRR to raise some more capital. We have $35,000 cash on hand and wanted to explore our lending options. Would we be better off buying a distressed home with that cash, then getting a construction loan, or finance the home with a loan through a local bank and use the cash for the rehab? We also understand we may need a bit more capital for the rehab so would we be able to add more to the home loan? We understand it's difficult to receive a conventional loan on such a small purchase price. Are there options other than hard money?

If we bought a house as a vacation rental with the 10% down and then later decided to change it to a LTR, how would that affect our loan and what would we need to do so to not unintentionally create a mortgage fraud?

Hey guys,

Has anyone, buying older properties, chose to get a home warranty on top of their homeowners insurance for a year or two to cover any large ticket items? Just wanted to see what everyone's thoughts were. Thanks!

Has anyone utilized one LLC with properties in multiple states? Would a Series LLC be the move or start moving them into separate Trusts? Any CPAs, tax professionals or lawyers available for feedback?

Quote from @Andrew Freed:

@Greg Cook - You should find a local insurance agent that serves your out of state market. Each market is different with the type of construction, age of homes, known issues in that market etc so its good to have someone who knows that area and what companies serve it best. Also, you tend to get deals when you bundle so it's in your benefit to have one agent handle all of your out of state properties together.

In addition, typically I've seen people get umbrella policies for a mil or two but it does depend on the size of your portfolio. I currently have an umbrella policy for $1mil combined with a $1 mil on the homeowners insurance policy on each property (which you should be doing if you are not currently).

Lastly, what area are your out of state properties in? I'm sure BP might have some good recommendations for insurance agents that cover that market. 

We live in Colorado but the property is in Illinois. It will be our first property but aiming for 3 total by end of 2022. The plan is to get landlord insurance then add an umbrella policy on top of that. Once we begin to scale we're hoping we can use that same umbrella on multiple properties/markets while utilizing different landlord insurance companies.