All Forum Posts by: Patrick Daniel

@Kevin Semma I am prior Navy and currently live in and invest in Pensacola, FL. as @Matt Jones said, its a great place to get started. Do you have certain aspects of investing that you find most interesting? Do you want to try out flipping, do you want to acquire a few rentals here and there? 

Moving from duty station to duty station can be difficult, but it also will give you an unfair advantage long term, since you will be able to build REI communities in several places.

We have a really good REIA called the Professional Investors Guild (PIG). Its a great way to meet like-minded folks, and many are current/prior military.

Let me know how I can

@Shiloh Lundahlloh Lundahl, I would ask the same question of you. What were your goals and have you hit them?

My goals in REI at the beginning of the year were to build my company Maple House LLC into a business that fully supports my living expenses as well as allows for growth. I anticipated that would take 8 flips with an average return of 30k. So far we have completed 4 with an average return of about 45k and have one more underway. I believe we will get to 8 before the year is over!

We have only pivoted insofar as we have gone much more on the offensive with trying to find real deals. We also have turned down deals that we think will take more than 60 days from close to listing.

2020 goal setting is in progress, But right now, we are looking to go from 8 to 12. and purchase a 16-30 unit complex once we have a feel about the impacts of what covid will do to our target

A little late to the party on this one, but my company has used Alan on a couple of flips as well, and I would he is great.

Husband and wife LLCs are still normally set up as a "single-member" since it is joint interest from the marriage. So that shouldn't be too big of a deal. But as always, don't take my word for it. Always consult the pros. We used Southeast Mortgage when we did ours. The hoops were just extra paperwork (LLC docs, I think they also wanted an itemized list of improvements and how much we spent on the rehab. Make sure with whichever lender you speak with that they are clear with how much of a seasoning period they want before you refi out.

That is great cash on cash return and it can be a difficult thing to find. The deals do exist, but normally need to be acquired under very out of the box circumstances or they are in a war zone. This is not always true, but from the sample size that I am aware of, that seems to be the case.

Also, did you figure in lawn care and lawyer fees?

I would use the BP rental calculator and play with the numbers to see what is realistic. But if you find that deal in a decent neighborhood, take it and run! I know I would.

@Hans Kautz

He will need to go to some local banks or local credit unions that have portfolio lending options and speak to them. Here is a past thread that spoke to that:

https://www.biggerpockets.com/forums/50/topics/581928-financing-past-10-mortgages

@Dan Hennessy, congrats on the deal. How many units in total and what is the projected return? 

It is a requirement in Florida for hard money lenders to lend only to businesses and not to individual persons. 

Have you looked into trying to find private lending or just creating an LLC? It is a fairly streamlined process, especially if you are going to be a single-member LLC. When I have looked into moving a home from LLC (paid all cash) to financing the home in my personal name, my lender basically looked at it as a personally owned residence already since it was no an "arms-length" transaction. Granted there are a couple more hoops with the name on title changing.

 Did you end up getting the closing cleared up? Sounds like it was definitely a rookie wholesaler that got a deal before they know what to do with it.

Title companies that are not assignment savvy have ruined their share of contracts too.