All Forum Posts by: Marques J.

@Brent M.   I love Columbus. I love west medford, I live there among all my properties. Guess perspective is the key. Closed on a Columbus house today ironically.  Better than 1 percent. 90k purchase price Owner carry at 5.5%, no points or fees, 8k down payment. P/I is 427 a month, insurance 280 a year, taxes 1300.  Rents 1100+  7k to rehab rent ready.  Also between 30 and 40k in equity at purchase once the property is stabilized.  Still wouldn't touch it? :)   I mean obviously this isn't a typical deal.    I spent many years in Roseburg.  I know that area. Stay away from ANYTHING post and pier on those black mud hills.  Even rocky point I would stay away from. Green area is a entry level home and rental mecca but everything in the Burg is lower then Southern ORegon....      

  Regading LLC. I ditched the LLC after I found it very expensive long run. Higher insurance to be named in a LLC. Cannot close conventional in LLC. Up until Dec 2017 title held in LLC did not count toword seasoning to get your Cashout and execute BRRR.     I chose to do a umbrella liability policy and put everything in my name. LLC liability protection can be rendered invalid by a variety of mistakes one could do.     All my commercial loans go into my LLC though. They require it or DOD FRANK kicks in and that is not an option.

I have a rental out in KFALLS.  It has worked out great so far. I do not believe people in Kfalls feel unsafe like the numbers posted show. I have lived in Southern Oregon my whole life.  Just like "West Medford" is the dump of medford.  I have around 8 properties in West Medford and appreciation and rents have been outstanding.  Kfalls is also appreciating, you just have to get a good deal on purchase.     I don't think Kfalls is the land of milk and Honey but it's a lower entry point to play ball then other area's of Oregon. Kfalls is growing, The medical centers, OIT is a very respected technical college also. 

To answer your questions.   A bank counting income to help you qualify for the loan usually takes some experience in being a landlord. Not always so never give up.  She can sell it with a tenant in it (I only know Oregon and Ohio laws). In my experience banks require them to be rented or it goes against your income and Debt coverage as a second house.

 Have you ran the numbers? What are your lending options? Owner carry? Credit Union? Grand ma? 

What is rent? Taxes? Maintenance (Age and quality). What is vacancy factor in your area? In mine it is 1% to 2% vacancy so it is irrelevant. Any rehab necessary? How will that be paid for if so?  If purchase price is below market what is the After repair value?    With these numbers I think you will see if its a deal or not.    There are countless other factors but since it's your neighbor I assume you know the local market.    

I talked with Bob Green in May 2016 or so. He was brokering for a large private lender, might still do that. He took info and got loan into the process with the lender. It fell apart there but not due to Bob.

So I did work with Bob and he did his part. Nothing ended up coming out of it but Bob seemed legit from my side.

Hello Kaylyn, 

I have a passion for computers, real estate and investing. I have had some good success and I am willing to share some info if you like.  

You can share internet connections to all those in the building or complex without issue. You might need a business account to do that.  Problem is you will be responsible for the wiring, wireless, switching, routing just like a business would be. They will most likely just provide a single link to your firewall and thats where they end. You would need to manage the firewall. 

Is it gonna be open communication or are you going to vlan/segregate each unit?  This would be similar to a hotel IMO.  I am a Sr network Engineer and I would be cautious about providing internet due to the calls it would generate.  I have thought about this as well. 

With that said maybe there are Hotel internet provisioning systems that make this easy? I am not sure about that. Still going to cost though.

@Chris Martin

Thanks for the info but not what I was referring too nor relevant to the changes I am talking about.    Also like Nghi mentioned your post was inaccurate as that is not what changed nor was it what we were talking about.  So take some time to read before being condescending.

@Chris Martin

Not sure if you read my post. What changed was title held in LLC now count towards the 6 month cash out refinance requirement. So that is what changed on the 19th and it was perfect timing for me.

Well in my case I was only going to be able to do a Limited cashout refinance and getting 2k max back. The rule changed and now I can get 54k. 

So yes your seasoning prior to effective date counts. I am not a mortgage officer though I am just an investor riding this roller coaster. 

@Donald S.

You would be able to cashout refi into your personal name but into the LLC I would say not gonna happen most likely, except rare cases which I am trying to identify what those are.