All Forum Posts by: Martin Neal

@Diana Johnson In my opinion, the 4 arrest means one thing, she is not a stranger to being arrested. None of the arrest seem major. Being arrested for weed and traffic 6 years ago simply could mean she had a suspended license and a small amount of weed. In most states, 6 years ago it was a misdemeanor to possess even a gram of marijuana. The damage to property is a concern. It could have been an ex-boyfriend or argument with a enemy. Either way, if you are really considering her, ask her about it. All arrest are public record. Take the time to go to the local police department and view the arrest reports. That way, you are get a full picture. Otherwise, keep looking and cut your losses.

@Calvin Basemore Typically what an appraiser will do, they will compare it to duplexes and four-plexes with adjustments to the price base on the fact it has one more or less unit.

@Femi Ibrahim It all depends... He may already have expectations of what he wants. Some people go 50/50, 60/40, 70/30. Who is putting up the money?? You, him, both?? He definitely is already getting something out of the deal by being the property manager on the properties so that’s something too. Each situation is unique and ultimately you should evaluate what’s an acceptable return for you considering you are out of state.

@Matt Strawn This is a tricky subject because you have to evaluate the seriousness of potential mold you can’t see. If it really bothers you, then you will have to get it all pulled up and repaired. Otherwise, you can’t fix what you don’t know is broken...

@Trent Roberts it's good practice to have a LLC prior to acquiring the renal property. When closing on the property, you can put it in the name of the LLC. I've done it where I've gotten the property first and put it in the LLC second but requires you to have it in your name at some point, leaving you vulnerable to civil action during that time. There's no set rule but good business practice to protect yourself and your assets.

@Noor Gill well, I’m guessing you can’t find cash flow in the Bay Area so you definitely want to listen to the most recent podcast and invest a little farther out. Leveraging will help you grow faster. If you’re looking for a true education then listen to every podcast and read all the books by BiggerPockets. Hopes this advice helps, good luck!

Love your story @Jennifer B. BRRRR investing is really a powerful strategy and it will help a lot of people out to hear your story. Keep up the great work!

@Donald Bryant Haven’t done it yet so I’m not sure. I believe it’s as simple as signing the appropriate forms and paying the filing fees.

@Donald Bryant I'm not certain if you need to have an LLC to borrow from a hard money lender but it is a good business practice to cover yourself.

Most traditional banks make you wait 1yr but you can find smaller banks that do 6 months. If you take advantage of the delayed financing program you can do it quicker than that.

Most banks will make you transfer out of the LLC into your personal name. Some banks will have the form for you at closing or make you do it yourself.

@Dolores Gonzalez This is a common issue when investing in real estate. Understand that the lender "could" call the loan due but it is low Probability. They want to make money off of the amortization of the loan. Calling the loan due will cost them money because you would likely need to refi with someone else to get them there money. They ultimately lose. Most banks understand this so it's not in their best interest to do so. Many investors talk about the Due on Sale Clause on BP as well as the podcasts. Most investors say if they call you out on it, just put it back and all is well. Going forward, to avoid this problem you will have to find a Lender that works with real Estate investors. They do charge higher rates but they allow you to keep the property in your LLC.