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All Forum Posts by: Greta Andrews

Greta Andrews has started 13 posts and replied 25 times.

Post: Why would someone put one property in 2 seperate LLCs

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Hello all,

I always run number on different properties, so I can understand my area better. I came across something interesting. One house, smack in the middle of 2 lots. Each lot is owned by a separate LLC. Both LLC's have the had the same business address at some point. However, one is now using a P.O. Box. I thought it was weird and maybe just a mistake. I was wondering if this setup could hold any value or if it's simply an error. One LLC has no more property in my county. The other has several SFH and a warehouse.

Post: Best books on real estate investing

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Hey all. I read a lot of book on financing, and understanding how people's brains work. But I would like to learn more about real estate investing. I currently have a triplex. I live in one unit. Another is rented. And the last one, I'm looking for the right tenant. Anyways, what are some great introductory books to real estate investing that helped you get started. And some more advanced books. Thanks in advance.

Post: Cheapest way to buy windows

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Maybe I'm naive, because I this is my first house. But I have gotten quotes to replace 2 windows, one small bathroom window and one very large living room window and quotes are between $3000 and $4600 from companies for windows and some require I have shutters installed as well since I'm in Florida. Are the cheaper places? I haven't had a quote from Lowe's or home Depot yet.

Post: Cash Value Life Insurance VS Self Directed IRA

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Cash Value Life Insurance VS Self Directed IRA

I know the two aren't usually talked about in the same breathe. Each would be compared to other products in the same wheelhouse. And they would be introduced by very different professionals. However, with my limited knowledge they seem like they could serve a similar purpose for me. Save money, pay less taxes, spend it on real estate and the stock market. I have wanted a self-directed IRA since I first learned of them about a year ago. The idea of Cash Value Life insurance is brand new to me, and was introduced by a financial advisor, but looks promising.

Some background on me:

I have a W-2 job and make about $80,000/year.  

I'm a real estate agent, and hope to make about $40,000 as an agent this year and intend to continue until I outgrow my W-2 job.

I will soon start renting out a triplex after April 1st.

My goal is to buy more small multifamily until my net worth is high enough to invest in someone else and sit back and collect the check Ie. apartment syndication.

Thought and comments are appreciated.

Post: Looking for a CPA Tampa Bay area

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Any suggestions for a CPA in the St Petersburg/ Tampa Bay area. Preferably one who owns small multifamily themselves.

Post: Real estate investor

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18
Quote from @Andrew Garcia:

Hi @Greta Andrews, are you saying that you are borrowing the down payment from a HML?

If so, it cannot be sent as a gift.

In order to not raise any red flags in underwriting, you would need to have the money in the account for two bank statements.

Hope this helps! Let me know if I can be of any assistance.


 That's what I thought. Thank you.

Post: Real estate investor

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Post: Real estate investor

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

Hello, I am trying to find a triplex in my home city. I need approximately 15,000 additional for a down payment. My question is when you borrow from a hard money lender, can it be sent as if it was a gift. I'm working with an FHA 203k renovation loan. And as you know FHA only allows gifts for your down payment and closing costs. Any other suggestions?

Post: Newbie doing an FHA 203K! HELP!

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18

I have just wasted a month and a half trying to make a 203k loan work. I'm probably going to run out of time in my contract due to slow bids. My lender and consultant pretending to know so much. But really no one I've met really does. And for the contractors and consonants they have much easier money that can be made. At the moment I am trying to raise money so that I can change my loan to conventional. Or possibly get a hard money loan.

Post: Attempting to raise money for a triplex that needs repairs

Greta AndrewsPosted
  • Rental Property Investor
  • Saint Petersburg, FL
  • Posts 25
  • Votes 18
Quote from @Josef Hardi:

Hi Greta, 

I'm a new investor as well. Kudos to you for finding this multi-unit, I think you are thinking in the right direction. First of all, I think you need to be okay to back out of this deal if the numbers no longer work. A couple of thoughts:

1. With the rising interest rate, will you be able to make the numbers work with the new rate?

2. Will this unit cash flow as-is? I don't believe there's rent control in FL, will the numbers work better if you increase the rent by a reasonable amount? 

3. Have you tried calling around for a competitive roofing rates? A lot of times contractors are willing to bundle up work and give a large discount.

4. How much ARV do you think this property will be worth? If you are getting this at a great price, then there will be a lot of equity from it. If so, you might be able to refinance to a conventional just by repairing things.

Again, if the numbers do not work, then don't feel pressured to remain in contract.

All the best, hang in there, you will figure this out.


1.  I ran the numbers again and they actually make more sense, since the payments are lower with the conventional loan, even if the interest rate increases.

2) the units are cash flowing as is, and I plan to increase rent in a fair, but immediate way.

3) The real problem lies in that I'm doing a renovation loan and I'm pretty sure no one involved really knows how to handle that, myself included. I'm being forced to do repairs that don't increase value. And they have to be done by a contractor, which means ridiculous costs.

4) The price is great. The after repair value is not a huge improvement.  It's pretty in line if not better than most I have evaluated.  I know others on buying for equity at this point. However, I won't be paying rent, so that's already a win for me. As I will be living in the property. 

Thanks for making me rethink. I was already questioning was it still with it. The answer is simple. Yes.