All Forum Posts by: Peter WIlder

If you own the property free and clear then this wouldnt be a refinance, because there is no existing loan. Just get a Home Equity loan.

@Joe Delia Thanks for the welcome. I always like hearing about fellow USAF comrades. Your brother is lucky I have heard good things about Guam.

@Jeremy D. I would love to talk with you about REI in GR. I am interested in learning your story. My main focus is in the Heritage Hill, Eastown, Gaslight,and Medical Mile areas. Mainly a box downtown north of Wealthy St., South of 196, East of 131, and West of the East Beltline. I would like to also learn your insight/opinion on property taxes and GR city compliance. In my opinion a lot of homes on the market are overvalued and it is hard to find good investments. Any strategies on finding my next property? feel free to inbox me.

Thanks for the warm welcome everyone!!

@Ali Boone and @Aaron Yates thanks for the insight on target market. I will probably focus on both states for the next 2 years, but I am in the military and home sick so Michigan is the long term market for me.

Thanks for sharing your story Aaron. I know a lot of people that were affected by the auto industry crash. I am focusing on my home town of Grand Rapids, which seems to be rebounding quite well from the recession. It is also a large college town and there are always college students to rent too. Not the best renters, but pretty much guarantee low vacancy rates.

Those who have hit the mark like @Brandon Turner & @Mike H. did you manage your own properties or use a management company?

Hello my name is Peter Wilder and I am from Grand Rapids MI. I am currently in the Air Force and stationed in San Antonio TX. That is why I included both cities. I am working on a degree in accounting, and am hoping to get my real estate license in the next 6 months. I am somewhat new to the REI world. I currently only own 1 rental property in Grand Rapids. I am hoping to do more investing in the Grand Rapids area. For right now just Buy-and-Hold, preferably multi-unit properties, but I have a single family right now. In 2 years when I get out of the Air Force I am hoping to do fix and flips. The plan is to move back to Grand Rapids, but I am not against investing here in Texas if the right deals come along.

I am glad I found this site, because it seems to be a wealth of knowledge. I am looking forward to learning more and connecting with the rest of you.

I currently own a rental property with my father. There is no lien on the property and we both have 50% equity in it. The deed is under my LLC and then my fathers name. I am trying to purchase my father's half of the property from him. The two questions I have are what is the best and cheapest way to transfer this property to my LLC or my name, and then what would be the best way to finance the purchase?

Finance: I am working with a local CU and they offer both a personal HELOC or a commercial HELOC. I am hoping to make future investments so in my opinion the HELOC is my best option, because it will supply me with future finances. I know that keeping the property under the LLC is probably the best option, but in order to do this I would need to hire a CPA each year to complete financial statements for the CU. Since I am an accounting major I always do my own bookkeeping. Is it worth it to keep the property under my LLC?

Deed: What is the best way to take my fathers name off of the deed. We used a Quit Claim to put his name on because the title company didn't add it when we made the original purchase. Can we do the same thing to take his name off? Also if I decide to put it under my personal name, what would be the best way to do that?

Thanks in advance for your help, and feel free to ask if more details are needed.