All Forum Posts by: Pat C.

Hello fellow BP members!

I'm currently trying to figure out the best way to finance a SFR. Here is the scenerio....

an LLC that I am a member of purchased a single family home with the initial purpose of a fix and flip. The LLC paid cash. Since the acquisition, my wife and I really like the house for our personal residence. The property is still in the renovation stage with about 3 months to go before complete.

The other 2 members of the LLC are ok with me purchasing the property from the LLC.

Question: How can I  most effectively purchase this property using conventional lending? I would like to finance the purchase price and all renovation costs associated.  Can I find a lender willing to get creative at closing and use a K-1 distribution from the sale and use the K-1 distribution as my down payment? 

Basically, I'm trying to finance all the costs that went into the property (purchase price and reno cost) and reduce/eliminate down payment by using K1 distribution from the proceeds of the sale that are due to the LLC. I need to find a creative lender who can help me navigate through these complexities.

Notes: 

This house will appraise for lending purposes

I have excellent personal credit

Thanks for any insight!

-Patrick 

Hello BP!

I have a unique question I'm not sure how to handle. I am closing on an investment property using a 20% down conventional loan. The loan and property will be under my personal name initially. I would like to quit claim the property and get it under the name of my LLC. How do I achieve this goal. Can I somehow personally guarantee the loan but still have the property under LLC?

I like the idea of having the layer of asset and liability protection the LLC offers. It's a single family home.

Any and all suggestions welcome! Thanks in advance.

-Patrick

thanks for info @Ryan Grundy. 

I've tried to contact Chip Towner on many occasions from a recent wire I sent. He has not replied or reached out. I'm beginning to look into wire fraud allegations. I even did a background check that came back clean.  This may be a case of stolen identity to commit these fraudulent transactions. He seemed to have a legitimate profile on BP, as well as FB and Twitter along with his websites.

If you guys hear any more info, please keep me in the loop. Not sure if it will resolve anything, but I'm ready to take any legal action necessary if I don't communicate with Mr. Towner soon.

I'm looking for an economical investor friendly roofing contractor to either repair or replace a roof on an upcoming project of mine in Jupiter Florida.  I'm assuming the asphalt is most economical, but all styles and materials considered.  The sf under air is 1802, total sf is 2600.

More details and info available for anyone who can quote.

If you are not a roofer, all referrals are certainly welcome!  

Looking forward,

Hello, I am looking for a low cost title company who works with investors in the central, south FL market.  I would like the added assurance that some properties I'm bidding on have clean title.

Thanks and looking forward,

Just looking for feedback and particular strategies for adding a layer of asset protection on an investment property. 1st exit strategy is flip and 2nd is rent. Do you recommend to quit claim a cash purchase SFR to LLC to add layer of asset protection? Is it recommended to use an attorney to file the paperwork with the county?

Looking for any feedback and recommendations... 

Thank you in advance

Hello Community!

I recently bid on a homesearch.com property and finished as the high bidder. Reserve was not met.  In past experience, when I was high bidder and reserve wasn't met, offers were declined or at least the seller asked me to offer my best and final.  

Assuming the seller wouldn't accept the offer below reserve, the cash to be used is not available. Homesearch just emailed me that the offer is accepted!  While the deal is attractive, I am exploring ways to get away from the contract as cash is no longer available for this project. While I should have waited for seller response, I jumped the gun and assumed they wouldn't accept. Has anyone run into this situation on HomeSearch?  How do I avoid penalty and stay in good standings with HomeSearch. I'm very active on HomeSearch and don't want to be black balled from future bidding not do I want to lose the prebid $2500 registration hold. 

I can put money in the deal.

Hello Bigger Pockets lenders or partners!

I am currently under negotiation with the bank on a property located in Melbourne, Fl.

I am currently seeking a funding option for this project. 

Quick numbers:

Purchase $166k

Rehab $25k

ARV $250k

Please message me for more details and comps. If accepted, this closing would need to happen fairly quickly.