All Forum Posts by: Account Closed

Quote from @Russell Brazil:

Once the lender receives the new insurance policy to properly insure the new owner, that is what triggers thr due on sale clause. The reason lenders do not typically call the note due, is because the insurance is never updated to properly reflect the new owner of the property. So 90% of people who are moving the property into an entity are for all intents and purposes, uninsured. 

Can someone expand on this comment? How is the buyer to ensure their investment is properly insured if insuring the property in the buyers name/LLC may trigger the DOS?

Hey Mike, 

Thanks for the screenshots. Can you share the actual YouTube links? I'm sure there's additional context. From what I can tell, with Pace he's shared how he's dealt with those due on sale clause ones. 

Mike have you been in Subto?

Newbie here with one LTR. My friend has multiple STR's in Pigeon Forge /Sevierville area. 1br/2bth mostly. She told me recently that she might put 2 of them up for sale this spring. She retired and looking to slow down. I told her to let me know. She's Real estate savvy so I don't think she'll leave money on the table. Most likely in the 499k. If all the due diligence checks out, what are some creative financing options I can present to her? I wouldn't mind acquiring an STR, if it makes sense.

Not that the box doesnt need replaced but it probably not going to be solved by moving up to 200 amps.

As mentioned have an electrician look at.
Look on the box and see what is connected to each breaker.   Also ask the tenants what they have turned on when the breaker blows and which breaker.  
. 
You probably have several large draws on the same breaker.  Should have all of these going to different breakers.  Oven, frig, freezer, washer, dryer, heating, cooling, dishwasher, etc.  Number of plugins per.

If you have several of these wired together you will still blow breakers with 200 amp.  

Hi all!

Just a quick question today! I'm planning on buying my first rental property in the next 6 months (see my previous posts for more info on this), and in the meantime I'm looking for ways to boost my credit. I currently only have one credit card in my name that I pay off in full each month. Firstly, I receive mixed opinions on whether or not getting additional credit cards going will help/hurt my credit, so I'd love any feedback with that. Secondly, what are other ways I can build up my credit? To give a little context, I'm 22 and finishing up my degree at the University of Utah. I don't have any current debt. If there's more information that would help answer my questions please let me know! Otherwise, I'm looking forward to hearing all of your thoughts. 

Ryan

I have been retired for 7 years. My current financial advisor deals well with my stocks, 401K, Roth IRA, and Annuity but I also need help figuring out the most tax efficient way to get out of the small multi-families I own across 2 companies and a partnership with small multi-families. I don't want to leave a burden for my wife when I pass so I need to work with someone who can look at all my assets and provide me my most tax efficient way to structure an exit plan.

I own some properties outright and am open to selling some to loosen up equity with a strategy of owner financing others to provide a steady stream of income over the next 15 to 30 years but this needs to fit into an overall plan including all my existing income streams ( social security, a fairly large annuity, substantial 401K, substantial non-401K investments, and a real estate portfolio worth a couple million).

I can find financial advisors that deal with investments other than real-estate, but I have not been successful finding someone that is willing to deal with the complicated overall financial picture I have including real estate.

Any help would be very much appreciated

I have one remote STR. The biggest challenge in furnishing it was getting the furniture there. We bought a few things where it is located, ordered things through Minoan to be delivered directly, or stacked furniture in my garage, rented a U-Haul and took it down. Unfortunately, Minoan (at least when we used them for this property) doesn't always have the most accurate delivery info from the vendors. I found that out when I had bunk beds delivered to the property and I was not there to receive them. That made for an interesting day! Once that happened, I had the remaining furniture sent to my house and used the U-Haul.

That is the same as the "control prong" in banking beneficial owners. I work in banking AML compliance. 

I am not sure where to find or what the title of who I am looking for is called. Looking for someone to analyze my real estate holdings and determine best /worst ROI for each property. I have alot of properties and want someone who is very good at this and experienced to help me figure out which properties I should sell because the returns are not good

Quote from @Account Closed:

Quote from @Paul Cataldo:

Hey BP folks!  

I bought a single in 2020 for 175k (almost doubled in value since) and a condo a year later (50k equity built).  

I'm self employed, my DTI is gonna scare away any bank and my liquid capital is minimal. Where do you go from here? Is it time to scale? Cashflow is good on the single (1200/mo) and ok on the condo (400/mo).

Was thinking of building an arbitrage portfolio and putting all profits in a side account to pursue DSCR loans on semi rehab properties but its such a long game.

Am I missing the obvious?  Scale into commercial?  Hold and be happy with where I’m at?? 

We need to know what your goals are to best direct you. Then a lot depends on your total picture. How much capital you have to work with, how much you have to work with on a yearly basis, if you are willing to look at creative finance, what markets you want to invest in and so on. We can help you sort that out, but that's where it begins.

I think I am after the golden 10k/mo net income from real estate.  I’m not at all in the “passove income” pipedream.  I like managing amd being hands on.  

The initial plan was to build the portfolios equity until I could sell off the whole thing and get i to a 12 unit or bigger in the Tampa Bay area.  

Liquid capital is minimal right now and my income is from live music so not much to show.   Creative financing my way into another single or condo would be great.  Maybe a big move, cashing out 150k selling a couple places?? 

Thanks for the pointers!