All Forum Posts by: Matthew Harrison

I was advised to have a separate LLC for each rental. However then that idea was questioned by someone else who thought that separate LLCs were not nesc. in order to protect the properties from each other and maybe using a DBA(s) accomplish this?

Hello BP, I am comparing insurance policies for my most recent rental and the policy that I believe I am going to go with carries $300k in liability coverage. My question is: do I need liability coverage if I am going to transfer title to our LLC immediately? Isn't the whole purpose of the LLC to protect me against liability? Does the LLC protect my personal assets but I would carry liability insurance to protect the rental property? Rental is in Redford, Mi if that adds to anyones opinion. Thanks!

@Account Closed

this connection was made through biggerpockets....is there anything that I should be doing to notify someone of the scam?

thank you.  Wanted to confirm my gut feeling.  Appreciate the responses

hello BP...I jus received an email stating that my loan request has been granted for 40k at 4.8%.  I have been looking for financing and this should be great news, but this seems just a little too good to be true.  The application was very short, and came through quickly without points, or scary high interest rate.  I have copied a section of the email that talks about a "loan insurance deposit" of 1%.  I have never heard of this (granted I am very new, this will be my first loan). But it makes me nervous that I am required to send money to the lender to start the process, feels kind of like a scam? Any feed back from those with more experience would be great.  Thanks! Here is the paragraph from the email...

The complete loan amount you seek will be granted to you and as fast as
you want it delivered, for the loan amount you seek you will be required
to make a one time refundable payment of 1% the requested amount ($400)
as your loan insurance deposit so that we can proceed in the preparation
of your loan paper works, note the said fee will be added to your loan
funds and will be transferred to you the same time with the loan
capital, check below for your loan installment...

@George P. that is a great point, and probably sums it up. Unfortunately I am quitting the restaurant next week, but otherwise that sounds like a great idea and I wish I would have pulled that off earlier. I am actually finishing my RealEstate license classes next week, but was still unsure if I was going to put up the money and actually get the license. Lastly, yes, I fairly recently realized that the deals I am looking for are going to be rare and hard fought on the MLS. I put out a post looking for wholesalers and inadvertently broke a BP rule and it was deleted. I plan on getting in touch with a few local wholesalers and start going to the clubs and meetings. As of next week I'm committing myself full time. So its going to happen. Thanks again

Hello BP, my experience with real estate agents ( 4 different ones) has been anything but impressive. They send me listings that fit a set of requirements I pick, get the lock box codes to get me into the door, and of course make an offer for me when I'm lucky enough to want to put one in.  That's it.  Am I expecting too much to want more out of an agent?? Are there buyers agents out there that will provide properties that they have deemed good investments as opposed to just send every listing in the county that has 3bd 2bth? Where are the agents that can give experienced opinions on flipping options, amount of rehab needed? Don't get me wrong, I'm not looking for someone to do my job for me, I actually enjoy looking through listings. But it just seems like maybe I can do better as far as my agent and find one that is more geared towards an investor. I am in Livonia Michigan and have been focused on my surrounding cities/townships especially Redford.  Thank you for any feed back! 

well that is very encouraging @Dan Vleck what year was that purchase in?

I will def pm you @Sonya Hansell. thank you.

Hello BP, I am looking forward to my 3rd home purchase and am entertaining using some HardMoney to make it happen.  My question is how should the order of operations go? Since I need to provide proof of funds for making a cash offer it seems that I need to get the HardMoney loan before I even offer on a property.  However, the lenders would like to know how much money I need and how long I need it, both of these questions need to be answered once I have an accepted offer and have rehab estimates under control.  Do HardMoney lenders provide some sort of letter of proof that I can use as my proof of funds to make offers?? Thank you to all that reply!