All Forum Posts by: Kirkland Kearse

I inherited properties in SC that I am trying to stabilize. Learning what I can though it has been difficult. The goal is to figure out how to access the equity to upgrade all of the properties rented.

Yes thanks. I have a resolution I don't want to use but I will have to bank myself and get out of this hole so I can achieve balance and attempt to scale. 

Hi, after the answers on my previous post, reevaluated the properties in inherited. Estimated value $1 million in assets. After watching so many videos, one thing is not true, I cannot find asset based lenders who will work with me because our debt to income and low credit score. These properties are owned free and clear. I thought based on all of the videos I can used that equity to get the other 6 properties repaired so they can be rented and improve our situation. It seems most videos and writings do not stress the personal credit aspect especially for new businesses. 

Are there lenders that will lend based on the assets and the potential revenue gained, or do I need to find a way to pay down debt to raise my credit score? 

Thanks for the reply. I just got the Probate closure notice two weeks go. I was wondering but I did not know if I could sell them with no capitol gains. @Bill Brandt I will need to research that more. What attorneys presented to the Court was a total value in excess of $750K but that included three lots, and they did not do an appraisal, they just used the county assed value. The most expensive house it the house the house i grew up in which is a large ranch. But because of the proximity to he hospital and interstate, I am planning to fix it up and lease to traveling nurses. There are a couple in some spots I think I want to get rid of to pay off most of our stupid debt between my wife and I because our W2 puts us over $200k. The the ones that do not have tenants I want to fix and rent. Since i am not inheriting mortgages I could stand to sell a couple. Thanks Mr. Postell. Now that probate is done, i will spending a little more time here with calculators especially ARV, and looking for a CPA versed in real estate investing.

Looks like you may need to google or search youtube. I am thinking about doing that as well.

One probate ends I will inherit 10 rental properties i was not involved with (2 are just land) in a small SC town and all are paid for. Since I am just starting myself, should I just group them all under one LLC (Under a Holding) and try to get a secure loan for the value all together (Last appraised 2019 $550K) if there is such a thing? Will Just need to get an equity loan on each property? Most need anywhere from $10-$20K put into them to upgrade and raise the rent. My dad was the type to tell these tenants to fix stuff nd he would take it out of their rent, and you can guess they never fixed anything. I live in South Florida, and my first property (townhouse) I do rent, but because my wife and I generate a large combined income (over $200K that' why I think I need the LLCs to keep down the taxes. I got off track. :) my general questions is about an equity loan, since they are paid off, I don't see that I need to refi at this point.