All Forum Posts by: Khari F.

I have done only 1 seller financing deal and it was out of state. Like most of other memebers, less workaround, easy transaction, no bank dealings, etc. I am thinking of doing a refinance but even if I don't, I'm happy with the terms/rate I have with the SF deal.

@Raymond Y. for mortgage pulls I would maybe find a broker in your area that can take the one report they pull and transfer it to the lenders they use.  The credit card pulls will pull down your scores.

Hello,

I own a house in Long Island NY that I paid off in full last year. I want to put the house in an LLC to keep it separate from me but I'm worried since the LLC is brand new I won't be able to pull money out ...? I want to pull enough for 1 or maybe 2 properties but now sure if I can use my personal credit to do so?

Also, would it matter if the LLC is in a trust?

If you are a lender and have experience feel free to reach out to me. Thank you! 

I been reading And staying on BP for about a year now. I been wanting to start in this but financial reason I feel are holding me back I work 40+ hours weeks and genuinely be so tired and I have bills to pay so it’s like I can never win I didn’t have a car I just bought one cause it was needed. I didn’t have a way to get to any seminars or any investors. which are majority in Denver co, and I’m in the CO springs I am wanting a duplex with a fha so I can start my journey in building wealth but even the 3.5% can be 10-15k this is really stressing me because I been living with family for a year now and feel like I haven’t gotten anywhere I need a place to lay my head securely I can’t rent because I have a bad background over 3 years ago and nobody will rent to me so I can try to stack there but that’s another bill I’m lost idk where to start but I know I have to try to start anywhere. I want my niche to be multi family and house hacking any suggestions.

Recently I completed an entire rehab on our long term rental and converted into a short term rental. I'm 2 months into running my short term rental and we have been breaking even (thankfully).

The dilemma:

We used some cash and put the rest on personal credit cards to fund the rehab. I currently have about 20k on a interest credit card (18%) and about 40k on 0% interest credit cards. This brought my credit score significantly down and so I'm now feeling stuck on how to get creative with my financing. I did all this under my personal and I don't have an LLC.

This investment house had about 150k equity prior to the rehab, but my credit score will not allow me to HELOC or refi. How would you all recommend me moving forward to get back on track so I can continue to invest in more real estate. Any advice and mentorship would be greatly appreciated!!

@Dan Heuschele difference here is that the property actually received a notice from the city regarding lead, so “may” is deceiving. I would hope there is another “known defects or pending actions” section too.

@Philip Hernandez a demand letter is a letter from a lawyer identifying the problem and requesting the party solve it. In this case, you are asking them to reimburse you for the expenses caused by the failure to disclose the citation.

It’s not a threat, but it is pretty clear to anyone who gets one of these that it’s the first step to a lawsuit

Eleanor:

I"ve had over a dozen single family properties run by property managers over many years.  I've never felt a need to break the chain of command.  With that in mind, I have to believe your friend is part of the problem.  She should first look to her own behaviors and see if she is creating a situation that encourages owns to talk directly with the tenants and contractors.

If I were her, I would ask myself these questions:

 - Is my communication prompt, thorough, and concise?  If the owners don't feel like they know what is going on, they will protect their investment.

- Am I sharing too much information?  Frankly, my property managers never told me the names of my tenants, let alone their phone numbers.  I'm sure I could find a way to get in touch if I wanted, but they never made it easy.

- Am I over-charging for some services?  I love when my property manager handles minor repairs without my involvement.  Charging me a few bucks for that doesn't bother me in the least.  On those occasions where it was clear the property manager was paying way too much, I found my own contractor and put them in touch with my property manager to coordinate repairs

- Have I cultivated the right clients?  Most remote landlords I know hire property managers because they don't want to be involved.   If she is taking on clients that previously self-managed, there is probably a part of them that likes to be involved with residents.   If that is the case, she should see if there is some balance that let's them scratch that itch without interfering with her business

Appreciate any help! I am going to try and answer your questions.

The seller only financed the purchase price of $33,750

I have a loan that I got for the down payment $4,000 (they also agree to match my down payment) and rehab estimate $25,000.

Purchase price $33,750

Down Payment $4000 plus match equals $8000

Loan Amount $25,750

12% interest over 96 months

total monthly payment $521.64 (principal and interest$418.51, monthly property taxes$83.13, monthly loan service fee$20)

I figured the ARV to be about $70,000 based on immediate surrounding home prices for same type of house 800 sqft, 2 bed, 1 bath

I want to get out of this and my loan as soon as possible. Just don't know really what direction to take after renting it out later.