All Forum Posts by: Matthew Wright

@Ben McMahon Thats the best investing advice I've heard yet!

Thanks everyone, for the input relating to taxes and market opportunity in your area.

Thanks guys, that helps. TN is totally an option also. Can anyone provide feedback for Atlanta market?

My wife and I are strongly considering moving away to a warmer, more tax friendly and most importantly, more opportunity driven market.  This is no small decision, considering we have two young children and I have established myself here in Maine. I'm 29 and I've lived in the same town since birth.  However we ask ourselves why stay? Taxes are unreasonable, heat expenses are thru the roof, the snow is a pain in the butt and I'm looking for more opportunity.  When I move I'm looking to start developing my team and furthering my rental property investing, right away. I'm currently a RE agent/wholesaler/landlord investor. 

I'm going to rely heavily on feedback from anybody on here that has feedback to give about market growth, opportunity, landlord friendly state, tax friendly etc.... We are thinking either the Carolinas or Texas. Thoughts anyone? Feedback greatly appreciated.

Thanks @Harjeet Bhatti! Do you know if when doing conventional, both borrowers are rquired to have equally strong balance sheets FICO etc.? Or is buying conventional with a partner similar to buying commercial with partner, when it comes to one guarantor/partner being able to have mediocre/poor balance sheet, DTI, and FICO, while the other guarantor/partner can have the strong balance sheet, FICO, DTI, etc.?

Is there any way to partner with someone to purchase a rental using conventional financing? I want to bring in a partner to help support the deal (balance sheet credentials). If I'm looking to buy a single family, duplex, tri, or quad and don't want to go commercial route but want an LLC in place, is this an option?

I have a seller that wants to list, but we cant put her house on the market because her brother has 8 junk cars in the yard and stuff throughout the house. Any know what the best course of action would be in this case? I'm sure she can call the cops etc. But I'm wondering if there are any agents out there that have dealt with removal of person in a situation like this. Can you evict a free loading relative that doesn't have a lease?

Worst part is, if she doesn't sell soon shell be going into foreclosure. there's just enough equity in her property right now for her to sell pay closing costs and wash her hands of it. Its a nice house too, it would sell quick if it weren't for the nightmare sibling.

When wholesaling a property that cant be assigned, whats the best way to get it under contract with end buyer? Just another P&S? I'm used to the simple assignment contract. I've yet to wholesale a property without assigning it.

@Chris Presnell My local bank provides commercial loans with 20 year amortizations and 10 year balloon. I couldnt imagine it would work that well with terms that are any shorter. 

I too am curious how the LLC and conventional loan scenario is supposed to work in a streamlined fashion for BRRRR...

@Deren Huang Yeah thats what I was thinking, granted the few drawbacks, I really like the flexibility and the way commercial works. The pros seem to out weight the cons. Most all of my local portfolio lenders I've talked to have made it clear that its almost impossible to do more than one BRRRR per year, and I've called several.

If I choose to stick with conventional, whats the best way to get my properties into an LLC, Im told that switching form personally owned to LLC after acquisition, the bank could call mortgage due. Im guessing people do it all the time and likelihood of bank calling due is minimal. I have a handful of rental properties right now but own them in my personal name, and just have a good umbrella policy. I haven't held a rental in an LLC...