All Forum Posts by: Harold Gontz

@Alyson Anderson Yep, I BRRR'd it....Used a large bank. Won't do that again. lol

Investment Info:

Townhouse buy & hold investment.

Purchase price: $75,000
Cash invested: $50,000

Newly renovated 3/1 in Brooklyn Park, MD

What made you interested in investing in this type of deal?

It's in my target market

How did you find this deal and how did you negotiate it?

Talking to the neighbors during rehab of another property in the neighberhood.

How did you finance this deal?

Hard money

How did you add value to the deal?

Rehab

What was the outcome?

Buy&Hold that is performing well.

Hello, I'm up to 5 houses in my portfolio. I'm looking to sell a small piece of my single member LLC for two reasons: to fund the rehab of the next house and turn the single member LLC into a multi member (for many legal reasons. corporate veil, legitimacy of corporation in courts eyes..etc.)

How do I value my current holdings to determine how much 5, 10 or 20% of the company is worth?

Hi Jeremie. To be honest the rehab costs got away from me so it would have been a better deal had I managed it better. In that neighborhood ARV's are around $125k-$130k. The HML covered purchase price. It took a couple months to find a good tenant. Net is roughly $150-$200/mo.

Thanks Alyson! Yep, I'll refi out in a few months. 

Investment Info:

Townhouse buy & hold investment in Baltimore.

Purchase price: $75,000
Cash invested: $35,000

2/2 Row home, end of row in Baltimore, MD (Brooklyn neighborhood)

What made you interested in investing in this type of deal?

Cash flow, location, neighborhood is showing some appreciation.

How did you find this deal and how did you negotiate it?

Bought it from a wholesaler

How did you finance this deal?

Hard Money

How did you add value to the deal?

New plumbing, new deck, all around updating.

What was the outcome?

Rented to a happy young family. They love having the park across the street.

Lessons learned? Challenges?

Stay involved in your renovations. Don't just trust the guy to do the work.

We are looking for someone with experience in Bimini. We have a house under contract that will need a mortgage after the rehab is done. Has anyone gotten a mortgage in the Bahamas? Would you have a few minutes to talk about how that process was unique compared to the US?

Thank you for the feedback. I'll do some more research.

I created an S-Corp in PA in 2007. I used it for a couple years. All I've been doing for 3-4 years is filing the zero activity state and federal tax return. Is this entity still a legal entity in PA or do I need to start a new one?