All Forum Posts by: Isiah Ferguson

@Joe Villeneuve Great insight. "mirocmarket" ? And also of course you base your ARV off of the comps recently sold in the area. How do you make sure you get your appraisal to match the ARV ? So when you refniance, you will get a certain percentage of the ARV # ?

@Dan Bryskin I've heard this in a seminar once before. I will not violate the due on sale clause. Currently, my property i have free and clear is under an LLC and also just filed my taxes through the same LLC with an CPA. I couldn't get no advisement with the CPA because he is not familiar with Real estate investors. I still stayed with him because things was kinda last minute. As far as I know i did the basic taxes under a LLC and wrote off as much as I can. I spoke to a few banks and mortgage companies, they mentioned to me to transfer the property into my own name and that's the only way their able the refinance my property. WHY is that ? Once I free up my cash and move forward with the BRRRR, you think i should puchase and rehab all properties under my personal name ?

@Kyle McCorkel Okay, I get it. It'll definitely make more sense to work with a CPA that has experience working with investors.  

@Curtis Harvey Thanks. I already have a LLC but I'm interested in puttting my properties into a trust. I want to make an S corp, put the Trust into the S corp, and make myself the benficiary of the Trust. Are you familiar with that setup ? Also should i have the inspector walk through with the GC ?

@Dan Bryskin Thanks for your words of advice. Having a great realtor who knows the game is key. When you mention Accounting, would that be the same person as a Financial Advisor ?

I rather move forward instead of waiting until I have the "Perfect Team" in place. What's an ideal team and what components' should I consider to have in place before I start searching for deals' to move forward with the BRRRR strategy ? CPA, Electrician, plumbing, or a GC ? Where should I start ?

@Brian Garrett You're on the right path but I suggest you educate yourself a little more as I'm doing. Books, podcast, & local REI seminars. You don't have to do partnerships' with people but just to get the information so you can understand the terms etc and leverage yourself for more options before you make a move like I didn't do.

@Brian Garrett They will give you a interest rate between 6%-8% based off your credit score. The high your credit score, the better rate you will get.

@Brian Garrett Now that's forward thinking from both you guys. I didn't think that but good points. Ill analyze it from a numbers stand point as far as cash flow and ROI. If it make sense ill weight my option and mybe refi quicker than I expected. Thank you.

I'm currently almost in the same siuation as you. I had the funds save up from playing professional sports only for 1 year and released. Initially I was going to banks and trying to get a loan. No bank would give me the loan because l only played for 1 year and I only had 1 year of W2. Most banks reqiure 2 years of W2. I went ahead an cashed out on a duplex for 100k. Probably wasn't the smartest decision but I'm determind to get the ball rolling. I'm looking to refinance to get my cash back out and to start the BRRRR strategy to expand my protfolio. Now, I'm collecting monthly rent for about 7 months up to date and also I started a full time job which is a little above minimum wage, which I've been working for 4 months. Hopefully after 1 year instead of 2 years of working and collecting rent I can refinance, get my cash back at 75% or 80% LTV and start to expand my portfolio. The only other option I knew of was Lima One Captial bank. They will lend to lenders based on their assets they have. Lima One will do a 30Y/F but their interest rates are at 8% in which I asked the BP family and people responded saying that was too high of a rate.