All Forum Posts by: Lee G.

@J W. - Haven't really explored limits with them. We really aren't resi investors anymore but I do know they portfolio most of their loans so it would be worth a conversation with them.

ICCU is one of the most aggressive lenders in Boise. They'll do 15% down for a 1-2 family and 20% for 3-4 NON-OWNER OCC! The caveat is that you need a pretty vanilla deal for them to play along. 

@Chris Kane - sure, give me a buzz next time you are in town. We'll buy your project if you want to sell it... 

We do this and in Boise. We have a project that we are doing downtown that are condos. HOA and CC&Rs are no big deal... Where's your project?

LMG

Jon Steinquist at Moffatt-Thomas. He's in Idaho Falls. We extensively use them... They won't let me post a phone number... just google it. 

@Jonna Weber - maybe the three of us could grab coffee sometime? @Kourtney Post - Welcome! I have a flip in Nampa as well as a long term hold in the north end (Boise) that are looking for homes. I'm mostly a developer and commercial investor though I started with SFRs. Jonna knows the SFR market better in Boise though (and she's a great agent!).

What are the interest rates on your loans? 

We've worked with KKOS. Send me a colleague request and I'll give you the skinny. 

Also, see my post here: 

https://www.biggerpockets.com/forums/92/topics/244732-anderson-business-advisors?page=1#p1607657

Ken - I haven't hired those guys but I'd argue a couple things: 

1) Too many attorneys in the REI space $ell fear that you need this or that structure in order to protect your assets.

2) Too many investors get scared off by what appears to be something complex -- forming a holding company (whether LLC, LLP, C or S-corp). It's not that complex.

3) Too many investors are under-insured and fail to frequently review their insurance policies. 

Bottom line is this: 

1) Find a competent attorney that will give you the holding company structure of your choice (talk to your CPA, not your attorney about what is best for you) documents in a word format. It's all broiler plate anyway. You should be able to reuse your docs for each deal you do without having to go back to the attorney for a new op agreement etc. 

2) Forming a LLC etc is easy. Don't get scared by the legalese or the crazy attorneys trying to sell something. A LLC is just a bucket for carrying something around. In our case, it's a piece of property. At the same time, USE your holding companies. Make sure you shift an asset into it. I'm frequently shocked by the number of people who maintain rentals in their personal name. Don't forget to run separate books and bank accounts for your holding companies and have an annual meeting.

3) Review your insurance policies frequently. Make sure you have enough insurance personally (umbrella plus good underlying liability in relationship to your net worth) and corporately (same thing - umbrella plus underlying coverage). This is your first line of defense. Your Wyoming/Nevada/Delaware LLC won't do crap for you if a tenant slips and falls. It just hides the fact that you are the owner.

Anyway, final disclaimer: I'm not an attorney or a CPA. I don't pretend to be one even on the internet. This is my advice based on what's worked for me. Don't get scared off by some attorney. Get out there, write offers and do deals. 

Hi @Richard Chang - We are primarily developers and value add investors so that Starbucks or low cap deal isn't us. My current project load includes 2 subdivisions, an apartment complex and a condo project. The value add has gotten really hard in the intermountain west, where we primarily invest. 

My question was more along the lines of who is buying these deals and why are they buying them? I've spoken to a couple buyers of these deals and it doesn't make sense to me.