All Forum Posts by: Joshua Brucher

Looking for some startup recommendations. I own a single family home approx 1,600 square feet. I inherited this property from family, own it free and clear and it is in my personal name. The property is in an undesirable area that is going downhill quick. The home is worth roughly $60,000 and is occupied for $800/mo (no utilities included). I have invested in real estate in the past and have done one flip. After researching and preparing for over a year I would like to leverage this property and begin to establish a portfolio. My main goal is long term rentals (single/multi whatever). I am looking for some insight on what to do with this property. In an undesirable area imo it makes the most sense to sell the property, form an LLC and deposit this money to the new company bank account. In the mean time, look for ways to buy real estate below market value, add value, establish equity, pick the best exit strategy and so on. As an investor, this $60,000 in my pocket is more appealing and beneficial to me for a real clean start in the investing world. Rather than have a depreciating asset in an undesirable area?

Another option is to leverage this property with the bank. Use my 100 percent ownership to borrow money toward a new deal. With an expected value of $60,000 and $800/mo income before taxes etc there isn’t much room for leverage.

Thoughts?

All,

Newbie investor looking for some input and knowledge. I currently have an LLC formed with a partner and him and I have done one fix and flip deal that we magically profited on. Since then we have gained some knowledge by reading, attended seminars with fortune builders and other guru's (i didn't pay $50,000) etc. My business partner and i plan to raise capital fix and flipping and wholesaling to invest in long term buy and hold MFR homes. Lets cut to the chase here!

The following paragraph has nothing to do with my previously mentioned LLC. Im looking to invest this into long term rentals on my own-any info helps

I have basically been given a free and clear single family residential home worth approximately $90,000(will have it appraised in two weeks)that only brings in $600/month at given time (subject to change now that I will be managing property). Currently in the process of getting the property in my personal name (entity and structure to protect long term investment properties will follow). Any savy investor knows that having an investment property free and clear is rather pointless. I will not be taking over any mortgage etc so therefore i hold 100% equity in the property. The property is not in the best location and it is single family. Looking for different routes to use the equity in this home?...or sell this home, use the cash to pick up as many multi family homes in preferred areas, producing as much cash on cash return as possible. Is it a cash out refinance without an existing mortgage? Finance options on new rentals i pick up? Trying to figure out best way to go about the current situation that I am in! Im crazy lucky to have this opportunity and want to be strategic about investing.