All Forum Posts by: Nicholas Preston

Thanks guys, appreciate the knowledge.

I am about to finance my fourth rental property using the BRRR strategy and then my bank will not lend to me anymore, hitting the magical fourth loan. My loan officer suggested creating an LLC and buying houses under the company name and using me as the personal guarantor, thus allowing me to own/control four more. Does this sound legit, is this a real possibility? Haven't heard of this potential strategy before. Can anyone explain whether this is viable or not? Thanks!

The type of loan I got was a business loan, 15-5. Fifteen year loan where the interest rate gets locked in every five years to the current rate. Might be worth looking into.

I'm kinda in the same boat man. I have four rentals in Danville Va and have used the brrrr strategy on three of them. I have about 100k in stock and was thinking of buying two more for about 30k each and putting 20k into them. I can take them to the bank after seasoning and using forced appreciation pull all my money back out and then some. Use that money to buy some more. Charleston is expensive, find a nice town 30-40 minutes away that has a good rental market. SC is full of nice homes at good prices. Not too far to drive but not nearly as expensive as Charleston. Hope this helps brother!

Thank you so much Jason for the reply, I will look into the General Liability coverage.

I now have 4 rental properties in Danville Virginia and have not paid much attention to rental insurance the way I should. I called my agent today and asked how much coverage I had for a tenants medical bills in case something happened to them. I was shocked to hear $1000. This scared me and I wanted to know what kind of policy and coverage amounts I should be looking for to protect myself insurance wise. 

When looking at options to use on biggerpockets.com/payrentonline I saw about ten companies to use for collecting rent. I have heard great things about Cozy.co, has anyone had any experiences with them? Looks like you can also list properties and do credit and background checks as well.

Thanks Upen! I will search for another then. I used them before on a previous deal to cash out refi but I  had the property over a year so it was never brought to my attention that it was a requirement of theirs. I got a 15 year loan where the interest rate could adjust every five years, I'm a year into it and not sure that if that was the best way for me to go.

Thank you so much Joshua, that was very helpful!

I went to a bank today and I basically want to perform the refinancing part of the brrrr system. The banker told me I had to own the property for a year before I could refinance at the appraised value of the house. I could refinance anytime at the purchase price however. My goal is to fix up and refinance at a much higher appraisal value as opposed to sell price. Do all banks require a hold for year clause to refinance at appraised value? Is there a better/ quicker way to get my money out to reinvest before then? Thanks!!