All Forum Posts by: Mark Spivey

Hello Ryan Sweeney, welcome to BP! My wife and I are are starting out with fix and flips in the Phoenix area as well. I love meeting new members, so feel free to connect with me.

Hello Lenna Mau! Welcome to BP! Great to hear from another new(ish) investor in the north Phoenix Area! My wife is currently taking classes to get her RE agent license to lower some of the evaluation barriers when driving for dollars as well as easier access to MLS data. We are always looking to improve our market knowledge, we would love to hear of any advice or potential deals you might & we are willing to share all that we know as well. Let me know if you would like to chat sometime! Mark

Hi Jessica, I would recommend calling some of them that lend in your area to get their requirements. I am still looking for my first deal and have spoken to a few HMLs. The ones in my area expect to see the deal, before they determine the loan specifics (you will likely need to come up with at least 10% though). My plan is to get the deal under contract and secure the financing during the due diligence period. If anyone has other advice, or critique for mine, I would love to hear it as well. Mark Spivey

Can anyone recommend a good/low cost cabinet refinishing company in the phoenix area?

Thanks in advance!

Originally posted by @Jon Holdman:

I believe 1st Bank here in CO will lend in Phoenix.  I know they do portfolio investor RE loans.  https://www.efirstbank.com/

 Thanks Jon! Ill check them out

Can anyone recommend a portfolio lender in the phoenix area and/or an investor friendly lender?

This would be for 2-4 unit multifamily buy and hold.

Thanks!

I'm looking at multifamily deals now and had a few questions...

I cant use conventional financing if I buy a property > 4 units right?  This requires a commercial loan?

If I buy a four-plex as a two duplex deal (each with different address), can it be structured under a single conventional loan? or would the bank require two mortgages?

Thanks in advance!

Originally posted by @Jerry W.:

@Mark Spivey Wyoming does have great laws for LLCs. Unfortunately you really will not have any benefit to your company by filing it in Wyoming. No offense but you are not big enough to worry about golden parachute laws and things like that. Your paperwork will be much easier if you file in the state you live in or own in. You will have to register your LLC in AZ in order to do business there, and AZ laws will be applied to any disputes there. Good Luck

 No offense taken.  Thank you for the information.  I've never set up an entity before & I wasn't really sure which would be best, but everything I read seemed to agree that Delaware, Nevada, and Wyoming were the best states for privacy concerns and favorable tax consideration.  In the end I chose Wyoming, because  it was cheap.

Would I still need to register it in AZ if it is only managing a bank account?  I am not placing property in it and the bank will be an online bank.

Do you think I shouldn't use an LLC to manage the bills & rents?

Thanks

Thank you for the advice everyone.

I am getting an umbrella policy for primary asset protection & set up a Wyoming LLC to manage the finances./banking At some point down the road, I may move my properties into the entity or set up another one, but for now I'm comfortable with an insurance only liability protection.

Yes, as much as I intend to eventually acquire larger properties, I think starting with 2-4 units make the most sense.