All Forum Posts by: Cara Lonsdale

You can Quit Deed a property from your name into an LLC as soon as the ink dries on the purchase of the new property.

Be aware that the lender may have terms that prevent this, or give them cause to call the note due if it is done.  I have not seen this exercised without other issues like delinquency, but they have the ability to do it.  So you need to be aware.  It's a simple fix to Quit deed it back into your name.  You will most likely need to do this in order to refinance it as well.

If you are looking for temporary financing, many hard money lenders will allow you to purchase as an LLC as they qualify the property, not you. FYI.

Hope that helps!  And Welcome To The BP Family!

The two are separate are separate issues, but yes.  Lenders can use established rental income to help you qualify for the property.  Typically that is about 75% of the income, although they have a process for coming to that figure.

Regarding down payment, usually you can find a lender who will do 20% down on a 1-4 unit for your first 4 properties.  Once you have 4 loans out there, then the lender usually will require 25% down for properties 5-10.

Can I just tell you that I found the most easy CRM JUST the other day (literally, just on Monday).

It is called lessannoyingcrm.com and YES, that is REALLY the name of the CRM.  They give you a 30 day trial, then it's just $10 per month, but it has the COOLEST features!  You can customize fields, you can import easily.  They even assign you an email address FOR your CRM, so that if you are communicating with a contact, you can BCC your CRM email, and it automatically place the email in the notes for that contact.  COOLEST. Feature. Ever.

Anyway.  Check it out.  I am not affiliated with them in any way.  I just discovered them this week, and have been exploring their features ever since.

I have.  I meet wholesalers all the time when I go to trustee sales.  They will send me properties as they come in, and usually I just browse through the email before deleting.  Every once and a while, it will be something that meets the criteria of one of my investors.  So, I will present it.

I have had to add my commission on top of the price, to be paid by the investor Buyer, bu sometimes, the wholesaler will split it.  It just depends on the deal, and what room they have on the price.

Wholesalers can be an asset, especially if you have investors looking for off market deals.  You will have to sift through alot of garbage, and irrelevant deals to find a gem, but it will be worth the very little effort to establish a relationship with them.

Old Republic Home Protection. They are the best I have experienced at paying out for repairs, and getting contractors out as soon as possible.

What site is it?  Usually Zillow connects to auction.com, which is free. (at least that is the site for foreclosures in AZ).

I can't speak to the exact site, but I do know that here in AZ, many trustee sales are facilitated through a company called auction.com.  If you go to zillow to serach these properties, it will give a link to auction.com where you can look at title reports, and sales details.

You are going to be hard pressed to find any lender who will give you an investment loan for under 20% down.

Have you considered house-hacking a 1-4 unit with your VA? If you buy a 4-plex with your VA (for example), live in 1 unit, and rent out the other 3. That would be totally doable.

Plus, if the other units are already rented, the lender will be able to use up to 75% of the rental income to help you qualify for the purchase.

Hope that helps.

Welcome Evard, and Thank You for your service.  Truly.

As a vet, you have access to some of the best resources around for clients.  The vet groups would be a great networking opportunity to mingle with homeowners being transferred out and needing to sell, or transferred in, and needing to buy.  I would start there.

This really depends on how you have each of these accounts and LLCs structured. The whole idea of establishing an LLC is to protect. So, it will be important that you don't co-mingle funds from one account the another improperly. I would contact the attorney that set up your LLCs and ask them.

If you are talking about syndication, you are also going to have to account for any SEC issues, and getting set up for that.  You mentioned accredited investors, and you are right.  There is a whole process for qualifying people, taking funds, where the funds can be held, who can access them, etc.

Glad to hear you are going to an attorney.  This will cost you thousands of $$ to set up to do it right.