All Forum Posts by: Kevin Kelliher

We signed a Contract a year ago to build, financing was not involved. 

We have enough money to put down. Financing is not secured until 30 days prior to closing to lock in our rate....which is why I have not formally reached out to lenders yet.

Thanks - we have not secured financing yet....right now we're trying to figure out if we should secure on our own (wife and I) or secure through the LLC.

Our worry is closing on this home and then losing the ability to purchase a home where we move (or the interest rate becoming jacked up due to that potentially being a "2nd home" in the lenders eyes.)

Hi Everyone,

I already have 1 rental within an LLC, and am scheduled to close on a personal single family home with my wife in ~ 2 months. However, during the 1 year build process we have decided to move however we plan to keep the home as an investment. 

I am receiving conflicting information in regards to if we close personally, and then swap the home into the LLC shortly after closing. Conflicting info being whether or not this would affect my wife and I in regards to purchasing another personal home.

Does converting the home into the LLC absolve us from any liability and/or from the Mortgage note or are we still on the hook?

Thanks,

I am 1 of 3 members within a Series LLC and we purchased our first rental a month ago. Having issues finding a bank which will allow us to open a business checking account without each member showing up in person at the bank. I'm in Austin, TX, 2nd member is in Northern VA, 3rd member is in London.

Any recommendations on Banks who do not require in person verification? Thus far I've tried Comerica and Chase and have been turned away.

Purchase price + Build + Architect Cost = Ballpark of just over $1Mill. Current Market value of the new build is somewhere in the range of $1.15 - $1.3. This lot is already zoned to build a Duplex. This gives instant return if I want to flip. Also could hold as rental with projected $27K in annual NOI. This piece of land is directly adjacent to downtown and has been appreciating rapidly and most everyone agrees that this land will certainly hold value and likely increase.

@David Ferrette

Existing building is a 1 level single family home. The lot size exceeds the minimum SF to build a Duplex and it's already zoned appropriately for my build.

Goal is to buy and hold - math works out to roughly $35K in annual NOI after the build.

I've been told that from time to time you can post a home for free online for someone to come pickup and re-locate. Is there any truth to that or how common is it? Would love to cut out demo costs if possible.

I have an idea for a new Duplex build in Austin, TX but I am getting multiple responses when asking for typical psf new build costs on the area. I know this varies, but would somewhere in the range of 130-150 psf be a solid ballpark number for an open contemporary high end finish product? Where do I start for resources/contractors to ask? Thanks! 

Thank you both!

I am considering doing my first deal via the BRRRR model, however instead of rehab I want to build new (Duplex). $500K asking price with $275K land value & $203K home value (will be torn down). It's a hot area with home and land values quickly on the rise and I want to get in while I can.

My main question is, for my first deal is a Realtor necessary if I plan to tear down the structure? Other than Market advice (which I could get for free via preliminary discussion) what would their potential use be other than negotiating the price down? I know the Seller "pays" the commission but coming to the table without a 3% commish from my end could achieve some savings on my purchase price if the seller is willing. 

What other obstacles should I be concerned about going in without a Realtor if this is my first home purchase?

Thanks!!