All Forum Posts by: Glenn English

Simple question. I live in the northeast, currently do not have a regular income so hard money loans are most likely..Have about $200k and looking to invest. BRRR, flip or ??

Thanks for the input. I agree to spend $500 isn't breaking the bank..but unfortunately, his price has gone way up after he realized I wasn't going to use him for the whole project and was going to do some work myself. It made me realize that getting my construction supervisor's license may be a good idea if I'm going to continue to do rehabs. One of many lessons learned on this particular project...

I purchased a single family home in the suburbs just north of Boston- approximately 1300 sq ft/ 3BR,1BA and I'm in the process of gutting it. I went to get a building permit from the town as the "home owner" and they said that since I purchased the home under my LLC, they want me to sign an affidavit stating that I intend to live in the home once the project is complete. They said that if I'm not going to live there, then a contractor must pull the permit. I'm pretty much subbing everything out but it will cost me another $500+ for a contractor to pull the permit. What if I just say I changed my mind and decided to sell it? Has anyone else ever run into this?

I got all hyped up about investing and decided to form an LLC. I probably jumped the gun because I went on LegalZoom and set up my LLC, and now I'm learning maybe I didn't need to do that as I also have an umbrella policy on my personal insurance coverage and there are other entities such as Trusts which I should have looked into. So now I am in the process of buying a 2 family home in Massachusetts and I'm not putting it under my LLC. Am I foolish not to do so? It seems to complicate matters when it comes to financing. At some point I do want to own property under the LLC and I also thought when I re-finance this new one, I could always transfer over. What are your thoughts?

 Thanks Steve!

 Thanks Michael!

I will check them out - thanks Enis!

Thanks Jim - I agree, I just need to focus on one thing and stick to it. working on it..

Thanks very much!...looking forward to building a life of financial freedom!

Hey Everyone! I'm from the northshore of Massachusetts and recently upgraded to Pro. I am a bit of a newbie. I did one flip about 5 years ago (2013) and haven't done anything since. I learned a ton from that flip and have always wanted to get back to doing another. After many years of tele-sales, I became a licensed realtor last fall. I decided to quit my tele-sales job (which I hated) and work on selling my own house and get into real estate investing. I was able to sell my house for a nice profit and I have currently been renting for the last 6 months. I have 3 kids so during my time off, I've pretty much been taking care of them- school drop offs/pick ups, sports, etc. At the same time, trying to get up and running with a career as a real estate agent, however it has been very challenging. I love the bigger pockets podcasts and checking out the forums.

My situation is that I have cash from selling my own house, but I do not have income at the moment so I can't get a conventional bank loan. I don't have so much cash that I can buy and rehab a home with all that I've got. I've looked into hard money lending, but the upfront costs are very high as are the interest rates. I don't have friends and family that are going to spot me thousands of dollars either.

I know I probably have a lot of excuses already, but on top of it, the market in my area is tough. But I'd still prefer to do a deal in my area as opposed to a long distance deal - at least for my first one in awhile..

Here's what I'm thinking of doing:

1) get a regular income producing 9-5 job and be miserable for awhile. However this will allow me to fund my investments through conventional bank loans. After a couple of years I'll hopefully have enough properties where I can leave my miserable job. :)

2) Get a hard money loan and buy a property. I'm looking at either holding multi-families or fix and flips. 

3) well...what would you do?