All Forum Posts by: Joe Pitrolo

wholesaleing might be a great option because you can try to flip the property to investors, but aren't obligated to buy and pay expenses on property if it is landlocked or not marketable.  You could probably also research the zoning and right aways at court house and be able to market better that way.

You might look at Hampshire County , Capon Bridge is very beautiful , country , mountainous, close to Winchester.   Tucker County has a few great ski resorts and their is a moratorium currently on AirBnb taking over, so you may want to see if that gets resolved favorably, sounds like it will. Berkeley County is close to the interstate , Hedgesville and Berkeley Springs are neat places. I would get a few realtors in the area to start sending properties. You might also find some deals on auction.com, but you are buying as is and would need a crew to renovate, but you would have more equity.

I’m in a similar boat with a renter who destroyed a home in Kanawha Co. I may be in 5 to 10 k to get back to rent and then I may sell or rent.  The market is good now for selling if you don’t like being a distant landlord. If you need some help with maintenance or contacts, send me a pm.  Good luck. I always say that 5% of renters cause 95% of problems, so you are getting your renter from hell experience out of the way and learning from it.

https://www.wvhdf.com/programs...

What location? and questions do you have?

This is with MidWest Corporate Credit and is based on my retirement account, IRAs. It loans like a HML, 10 % down and so much on rehab up to 75 or 80% of ARV, appraisal needed, 10% monthly interest for 1 year and must be refinanced by then. Advantage is that I don't have 1 million equity and apparently in won't report to my individual credit. They also specialize in Business Corporate Credit. The disadvantage is that you need an appraisal for each property, which may slow things down. Are your lines of credit business credit of Helocs?

    I think its a great time to refinance and the market is strong; however, working from home and social isolation may slow things down and people may be in a holding pattern to see what will happen.     I'll check your podcast out, you have had some great success in what I've been pursuing.

@Jay Hinrichs. Experts say 100 minus your age is the amount your should have in Stocks and the rest in bonds. Having a good real estate portfolio gives us more protection. I’m too invested only in stocks in my 401 and quite frankly have been a bit frozen by l this mess. I do need to liquidate some to cash soon as the market has gone up a bit.

Motley Fool is a good publication and has made me a lot of gains , particularly with FAANG. Facebook , apple , Amazon , Netflix and Google. Costco is a good stock also , Disney.

I have been finding SFH at auction in WV for 25 to 50k with approximately 25 to 50k or more equity that also rent for $800 or more. These easily meet and exceed the 1 % rule. I have been able to refinance, rent and start over; however, the process takes time per home, approximately 3 to 5 months. It would be nice to have financing in place to by multiple homes at one time.

   I have been looking at the possibility of using refinance proceeds as down payments and going to PML for new purchases, so I can stretch my refinance Dollars further.  Selling off some of your portfolio is also an option, as is partnering with other investors.

    I have found a company that offers a blanket 1.5 million line of credit for $7,500 fee; however, they only finance for 1 year and want an appraisal and loan similar to a PML, apparently their line of credit does not show up on your credit score and would help to continue to refinance with local banks.

Any thoughts on leveraging the BRRR system?

1031 exchange may also be an option, where you can defer your capital gains. Condos also have more variables with HOAs being not as predictable, changing rules, possibly not permitting rentals, but if the vacation rental is a good bet and the HOA is on board, seems like your return is double and you could continue to pay down the mortgage and invest the difference.

I would talk with a CPA or accountant. I don’t think this is very complicated. She is allowed to gift up to 10 or 11 k per year and you can receive gifts and defer those a long time, so you are only looking at short term capital gains on the 10k plus income taxes on interest earned over the course of the loan. But I would speak with your accountant.