All Forum Posts by: Gabe G.

Welcome to Bigger Pockets! Great post first post @Sam Tewes. Looks like you have the makings of a book in there....Keep crushing it! 

Hello @Leon Blyacher,

I've had great luck with JT and Son Construction as well NuVision Homes. You can find their contact info with a simple Google search in the Pittsburgh market.

All the best,

Gabe

Hi @Jeremy Wilson Medina. I may be able to help. Shoot me a message and we can jump on a call.

Hello @Jared Ashbaugh,

If you sell your home, where will you live? 

If you willing to sell your home, it might be worth thinking about selling and moving into a multi-unit to start building your cashflow. If you can build up your cashflow, that will allow you to save money faster for future rentals.

Before you sell your primary residence, however, make sure you and your wife are in complete agreement. I see kids in your profile pic, so you obviously have some little ones to consider as well.

When my wife and I were engaged we were trying to decide between buying a SFH or to purchase a multifamily unit. I knew if we moved into a MFH we would have immediate positive cashflow which we could apply to our next rental. However, we decided to buy a SFH instead, because we felt like it would be the healthiest for our marriage.

A couple years later, we moved out of our starter home and rented it out with a positive $800/month cashflow. Granted, we didn't have the immediate cashflow while living in the house, but we had many great memories and had started off our marriage in a place that was healthiest for us.

I'm not saying don't sell your house to buy rental units. I'm just saying there are reasons more important than making lots of money NOW, and making sure your family is in a healthy spot is one of them.

Great job @Michael Van Brunt! 

Hello @Patrick K.,

In the U.S. there are many national and regional lenders who are lending on SFH portfolios - the key is to find the ones who are. I'm not familiar with Canandian lending. It may be worth a call to Lima One Capital or Lending One (a subsidiary of Blackstone Capital) to get a lead on a lender in Canada doing the same type of financing.

All the best!

Gabe

Hello @Tia Wilson

Very good question. Houston is a huge market, so you likely are not making a bad name for yourself, (unless you are your own agent) but you may be wasting your time. Once a deal hits the MLS in this market, it is likely getting bid up by investors who are NOT looking to Brrr the property. Focus your attention on building as many relationships with wholesalers as you possibly can. These properties are still competitive, but you will likely have a much greater chance of having an offer accepted.

Good luck!

Hello @Katelyn Andrews

I agree with you! I am tired of the fear-mongering...

There will most certainly be a crash! What goes up has to come down, but there is no use trying to time it. If you look throughout history, every market has a cycle. In any market cycle there are good deals to be had, that's what we as investors need to focus our attention on, not worrying about the crash. If we worry about the crash, we'll miss all the good deals!

Hello @Jacob James

Be very careful how you proceed. I'm not an attorney, so this is not legal advice, but you need to think about your LLC as it's own person or entity - completely separate from yourself. You would never buy a property and then give it to another person without paying taxes and completing the legal paperwork to transfer the ownership. In addition to the transfer tax implications of changing ownership, bank mortgages have a due on sale clause which the bank may exercise if they so choose. This means, if you sell the property (or transfer ownership) to another person or entity, the bank wants the entire mortgage paid immediately. You don't want this to happen.

Think of it this way, the bank performed their underwriting on you as a person, and then made you sign documents that said you guarantee the loan, and if you do not perform on paying the mortgage the bank may come after your personal assets. The bank may not underwrite the LLC, and unless they do, they don't want the LLC owning the property.

Regarding your statement about it being "pretty much impossible" to get a loan through an LLC, that is not the case. You will likely need to come up with a bigger down payment, but if you can buy a house in your personal name, there's a good chance you can get get a commercial loan.

Good luck,

Gabe

Hello @Jennifer Jo McCallon,

Check out bnbbreeze.co. I heard Landon (the owner) present at an investor meetup and his pitch was compelling for owners. Good luck!