All Forum Posts by: Lance Neighbors

@Lynnette E. Thank you for your reply! It seems like a Trust is the way to go.

@Justin Schreibeis Thank you! I think speaking with an attorney would be beneficial.

Hey guys! I hope you all are doing well! I have a huge question that I hope you all can help me answer. I have a financial plan to purchase a duplex each for my children when they turn 5 years old, hopefully have the property paid off when they turn 20, and dispense all Cashflow from the properties into their personal accounts monthly. With that being said, I know there are a lot of legal hoops I would need to jump through in order to do that successfully and I was wondering exactly how would I transfer the property over to them. Any help is appreciated!

@Hud Floyd I've been a Police Officer for the city of Danville Virginia for over 3 years now. I recently fell in love with Real Estate investing and my wife and I now own a Real Estate investment business, Neighborly Estates LLC. We currently own 3 SFH and are looking to expand tremendously. I have a great respect for ALL first responders and thank each and every one of you for your service!

@Kathy Henley Thank you for your feedback! I definitely plan to speak with more professionals. To me it seems as if the water is coming from the cracks in the concrete flooring, but the professional couldn’t really give me a straight answer.

Hey guys, I need your help! I have a currently unoccupied rental property that has a water issue in the basement. I was given a quote of $6,200 to wrap the area where the wall meets the floor and install two sump pumps. We are not exactly sure where the water is coming from and so my question is whether or not I should try to just to Drylok the walls and then seal the cracks in the basement floor with hydraulic cement before paying that price? Thanks for your help!

@Joseph Hammel Thank you for your reply!

@Matt DeBoth Thanks for your reply! I feel a little more at ease knowing that someone else is taking a similar approach to BRRRR investing.

Hey guys, I need your help clarifying something. Every time I listen or read something that relates to BRRRR, I see where it essentially says that it can't be accomplished if the original financing is a conventional loan. With that being said, my situation is a little different. Whereas I do have a 20 year loan with a credit union, I didn't have to put anything down and was able to get enough for the rehab as well. I spoke with the lender and was advised that I could refinance the property in a year. With all the details I've given, does it seem as if I can execute BRRRR effectively by doing it this way?

Crime is not a terrible issue in the down town area. Lots of lofts and apartment complexes with quality tenants. I personally do not own an investment property near downtown Danville but I believe the fair price range for a two bed 1 bath is between $400-$500. As you know, the rent will vary depending on your exact location and the quality of the property itself. Do you have a particular street?