All Forum Posts by: Mike Dorneman

@Daniel Quinn Hey Daniel- I live and invest about 13 minutes outside of WB. I've got a great agent who understands the needs of investors V home buyers. Direct message me and i'll be happy to share her contact info with you. 

As for investing in WB, it can be tricky. You have a few universities and a small hospital, however that's about it. The neighborhoods vary fairly significantly from C+ / B- to a block over and it's a D with high crime. 

You'll find very inexpensive deals (under 25K) however the location and type of tenant drives those low prices.

Good luck.

@Martez Bynum Any and all Banks will BRRR. However they aren’t going to call it that, nor will they likely know the acronym. All banks would be happy to refinance a property that has equity in it. What you need to find is a bank that offers the LTV you are looking for and allows you to refi within the seasonality timeline that you are currently in. Best option is to attend a local RE meetup and ask around. Try to search on Facebook and you should find one. If not, start one.

@Stephanie Soltero I’ve bought 11 in the past 18 months. The very first one was off the MLS, all others I’ve found. I’ve sent some direct marketing letters, but majority have been through word of mouth. The waitress at the dinner, the mailman, the cashier at the water company and for sale by owner signs. My job is to make sure everyone knows I buy houses, I focus on this and deals just become available.

@Ethan Mckuhen So a few things to address here. You can transfer the properties from your name into an LLC. You will need to pay a transfer tax. The loans however can not be transferred. Most likely the loans have a “right to call “ clause, which means technically the bank can require you to immediately pay off the loans when you transfer ownership. However, it is very rare that a bank will call on you to pay it off. I’ve done it a few times and know many investors that have done it over and over and never had a loan called. Bottom line is yes, you can do it. However be aware of the potential risks. Your other option is to refi the 2 loans into commercial loans under your LLC, and transfer the titles accordingly. Moving forward, buy your next right through the LLC.

@Jeremy England Yes, I do everything on 20 yr commercial loans. I’m still cash flowing between $200-400 per door and I like knowing I’ll have all these free and clear if I want to when I’m in my early 50’s. 😁

@Nicholas Kentner Try searching Facebook for local Real Estate meet ups in your area. Once here, I’m sure you’ll be able to find many referrals for RE attorneys to contractors and lenders.

@Yuepheng Vang Yes, get a job. You’ll need a W2 to obtain loans needed to build your portfolio.

@Jess White Right around $500/year for that price point house. (I’m in NE PA)

@Brian Douglas Bottom line sounds like without his money you’ve got now deal. So, part of a good deal is better than no deal, right?? Also, think about the experience and knowledge you’ll gain, plus you can then use your profit to fund your own deal next time.

@Nelson Stokes listsource.com