All Forum Posts by: Jesse Imes

Hi!

Thank you guys for setting this up in Buffalo. Excited to meet more BP members! I'll be there.

Jesse

After the deal goes through, you can transfer ownership into your LLC. In your mortgage contract they say you would have to repay the loan immediately if you transfer ownership, but no bank in their right mind would do that as long as you are making payments. Attorneys will tell you not to, but every investor I've spoke with recommends it. Not sure if anyone else has any insight into this?

Good luck Jeff. Let me know if you have any more questions? Bought my first two rentals this year! 

Thank you everyone!

Hello! My buddy in Buffalo, NY is doing a 1031 exchange and may run into a potential issue which could happen to myself in the future as well. The house he sold was paid off and in his LLC. The current deal is for a 4plex and he cannot get a mortgage in his LLC. He has to get one in his name. So my question is can you still do a 1031 exchange if the house you sold is in your LLC and the house you are buying is in your name?

Thank you!

Jesse

Love the idea of always making income in retirement as your no exit strategy. I have two properties in Buffalo, NY and I know I will make a 25% + COC return on the first year and it may decrease over time, but my end goal is to have income in retirement. Or for my kids to take over and use the income to help with college, etc.

Brian, do you invest in Buffalo? I know you mentioned the city above. I'm looking to link up and help finance some projects in Buffalo with trusted and seasoned investors if you have any recommendations?

Thanks!

James,

No immediate repairs are needed. I also have a really good friend who does inspections who will let me know otherwise.

The only thing that scares me a little is that school starts at the end of August and most of the grad students will have places to live by the time I close.

Does anyone have experience with college rentals? I have connections to the pharmacy school and the football team. Not trying to rent to party animals either :)!

Thanks!

Thank you! Looking at it tomorrow. Would really like to get a multifamily. Still looking for a great deal, but no luck.

I am fairly new to real estate and I'm looking to purchase my first rental property using a home equity line or down payment of my own money. Below are the details of the potential of this property.

3 Bedroom with 1 bath 1,160 square feet

Located right next to a University with 20,000+ students

Cost 99,900. I could probably offer 90,000.

Mortgage with 5% down with taxes, insurance: ~650

Rental potential 1,250-1,500

Any thoughts? I know this is very vague, but I think I could potentially get 10K per year from this rental.