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All Forum Posts by: Lauren Perry

Lauren Perry has started 6 posts and replied 55 times.

Post: Advice on Renting my Property or Selling it? Pros and Cons

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

I suppose it depends on your goals. My priority is cash flow right now so I would probably sell if I was losing money each month. Eugene and Redmond have both seen good appreciation in recent years but I don’t necessarily expect that rate of growth to continue so I’d be tempted to sell while the market is still hot. 

Post: Looking for REI savvy CPA around Eugene, OR

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

@Daniel Hyman I’m open to working with the right person, wherever they are. I’ve spoken to a few but they don’t seem as well versed in real estate strategy as I would hope so I’d like to keep looking until I find a good fit.

Post: Looking for REI savvy CPA around Eugene, OR

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

I’m looking for recommendations on a CPA in the Eugene area (or surrounding areas) to consult with regarding tax strategies for both our personal income and our rental properties (in and out of Oregon).

Over the past year, my husband and I have transitioned from having 2 W-2 jobs and 1 SFH rental, to having 1 W-2 job, a successful S-Corp business, and 2 additional multi family rentals out of state. We'd like to scale our real estate investing substantially over the next few years and are looking for someone with expertise in this area to help us strategize how to go about doing this, while minimizing the tax bill on our different income streams. All good problems to have, just wish we'd spoken with someone a little earlier to make sure we're on track.

All recommendations appreciated!

Post: Borrowing from LLC to sidestep seasoning requirements?

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

I’m not familiar with how that would work. Where would it be listed on the settlement statement? 

Post: Borrowing from LLC to sidestep seasoning requirements?

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

@Lee Ripma yes that’s correct. In cases where we buy a property with cash, I was hoping this technique would allow us to refinance both acquisition and rehab costs as opposed to delayed financing which only allow the acquisition costs.

Post: Borrowing from LLC to sidestep seasoning requirements?

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

My understanding is that most cash-out refi's require a seasoning period (usually 6 mos) before you're eligible to refinance the property and tap in to any additional equity gained through the rehab process.  We'd like to refinance sooner than 6 months if we can, so I am looking for strategies that allow us to do that.

Post: Borrowing from LLC to sidestep seasoning requirements?

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

Has anyone here had experience with loaning yourself money from an LLC in order to get around seasoning requirements for your refinance?

We are planning to use the BRRRR strategy, but trying to refinance as soon as possible. I read a BP post that spoke about creating an LLC to "borrow" from to finance the initial purchase. As long as that LLC loan is secured and recorded, you can (supposedly) do a rate & term refinance and avoid the seasoning requirements of traditional cash out refis. I spoke to a lender who thought it might work, but wanted to check with his underwriters before he would commit to taking it further. Just curious if anyone here has experience doing that, and whether there were any downsides to using that strategy.

Thanks in advance!

Post: FIRST BRRR Complete! Details + Pictures!

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

@James Gates congrats! Sounds like the perfect BRRRR. That has to be a great confidence builder to do more. Good work!

Post: Do you own rentals in Eugene, OR? I have a tenant looking ...

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

I’ll be putting my rental on the market around that time if they’re interested in buying. 

Post: First Fix and Flip Property

Lauren PerryPosted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 58
  • Votes 26

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $158,000
Cash invested: $10,000
Sale price: $230,000

3 bed, 1.5 bath home in need of major cosmetic updates. Would have "flipped" this one faster if we weren't working 2 full-time jobs, raising 2 boys and pregnant with another one. Still a healthy profit though!

What made you interested in investing in this type of deal?

Wanted to try our hand at a fix/flip. This one was listed on the MLS but not highly visible so there wasn't much competition for it in a hot seller's market.

How did you find this deal and how did you negotiate it?

Craigslist originally, hard to find on the MLS due to listing errors.

How did you finance this deal?

Local hard money lender and private rehab funds

How did you add value to the deal?

Complete cosmetic rehab, husband acted as general contractor

What was the outcome?

Sold "by owner"

Lessons learned? Challenges?

We sold to the first couple who made an offer. Originally their offer was $240,000 but we had challenges with the appraisal due to them being FHA buyers. Since we were selling the home without an agent, we didn't understand the challenges that could bring. In the future, we'll probably find an agent and have better luck marketing our property to a wider range of qualified buyers.