All Forum Posts by: Christopher Hand

I used @Ross Denman's inspector for a recent purchase great guy.  Thanks again Ross!! 

@Roland Osage Hidden lakes is near Center St and also on Morello.  I am currently looking into the Cleveland area and Indianapolis.  I'm going to making a trip to both markets hopefully in the next month or so.  I'm trying to decide between building my team vs turnkey.  Let me know if you wanna meet up and discuss some different strategies.

-Chris

Normally I would agree with you and I wouldn't even consider it with different family members.  I do co-own other property with one brother and all three of us have a really good relationship, as of now ;-)

@Roland Osage  I was in your exact situation my wife and I bought and rehabbed a town home in Martinez in 2011 then sold in 2016 for a 300k profit which has opened up a lot of opportunities for us.  We just recently bought a old home near hidden lakes as our primary and have finished fully rehabbing it inside.  I'm currently looking OOS for cashflow now but let's connect its good to have some local people to talk with.

Thank you all for your great responses sorry for falling off I actually had a death in the family that has taken a lot of my time. 

@Jay Hinrichs  Thank you for mentioning the possibility of splitting into both rentals and performing notes.  My situation has changed recently and I might be having a larger amount to invest.  I'll be doing more research on notes but hopefully I can pick your brain later on that subject.  Thanks!

@Jim Goebel Thanks for such a in depth response.  I might be looking at some projects down the road and will be in touch.  I have to organize some things but will be in touch.

@Clayton Mobley Thank you i found what you wrote to be very informative and I feel you opened up my eyes a little to OOS investing.

@Mike D'Arrigo  I actually went to one of your meet-up's about 2 years ago.  I hope to talk with you soon since I am actually pretty interested in the Indy market.

My two brothers and I will be inheriting close to 1m and and with them being younger (27 and 22) they want to invest this money since they don't have many uses for such a large sum of money now. We are looking at investing a large portion (750-800K) of this in buy and hold properties focusing on cash flow. Currently my middle brother and I own a SFR in Las Vegas jointly and I personally own a duplex and my primary residence with my wife.

I am getting a little overwhelmed as to which type of entity we should setup for this partnership. Should this be a LLC, LP, or FLP? We also might be looking at putting part of the investment into some performing notes as well. Any feedback or questions to pose to a CPA would be of great help.

Also any recommendations for a cpa in the east bay area would be good.

Thanks in advance

Hello Everyone,

Backstory:

My wife and I up until recently have been buying and renovating homes and then selling after 2 years or so to avoide paying taxes on the gains. Well it looks like this last reno will be the last for us since she has fallen in love and wants to stay in this home for long haul. That leaves me wanting to get my self into REI. Currently i'm in the Bay area and feel am priced out of the local market, I can't be the only one right? I was looking at out of state investing but have heard mixed reviews. Hopefully I can find a couple people to pick their brains on Turnkey investing and/or BRRR out of state.

Current Situation:

-Wife and I are currently working w2 Jobs and have a combined income of 160k

-Excellent Credit

-250k Liquid  (would like to keep 50-75K as a emergency fund)

Current RE:

-Primary home with 400k @ 3.625%  Value: 650-675K

-Open HELOC with 100k Limit

-SFH in Las Vegas, NV 90k @ 4.25 Value: 275k (Joint owned w/ brother) Rented @ $1375/mo

Well It depends if you mean a HELOC or a HE Loan. HELOC's are generally variable, no closing costs. HE Loan's are Fixed but for shorter terms than a traditional 30 yr. (10-20yrs), higher rates than a HELOC (4.75-5.75), and no closing costs. Both products usually have a LTV of about 80%.

In regards to what Stephen wrote HELOC's and HE Loan's are available for rental properties but at higher rates.

As with everything I would play with the number's to see what makes the most sense.  As far as underwriting goes if you have been renting the property for awhile they should count about 75% of the rent as income.  If you need any information feel free to contact me I'm a regional at a CU so my answer's are more from CU point of view.

@Joel A

My Wife and I currently park our reserves at Consumer's Credit Union and you can earn anywhere from 3.09%-5.09% on up to 20k with their checking account (you do have to meet a few requirements).  My Wife and I both have account so we use it to store 40k in reserves.  You are able to join by making a small $5 donation to the Consumers Cooperative Association.

Consumer Credit Union Rewards Checking