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All Forum Posts by: Patrick Reisinger

Patrick Reisinger has started 4 posts and replied 9 times.

Post: VA loan to purchase 5 acres with 3 manufactured homes in Mid-TN

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

Hello BP lender community,

I've been shot down a couple of times by conventional lenders telling me that the VA will not approve of 5 acres with a double wide and two singles. The double wide has a permanent foundation and the two singles are rented for ~ $1k per month. The purchase price is $400k and located 30 min south of Nashville, TN.

I’m pretty sure there are lenders who will be able to work with me in this. I look forward to your advice and help :)

Post: Lending in Baltimore area

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

@Ben Guttman Thank you Ben!

Post: Forming an LLC for my business

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

@Scott Smith It's been a while since jumping back into this post, and not only have I purchased an umbrella policy, but I've established an LLC since posting. I think that I will transfer some of my units into a trust and then transfer the trusts into the LLC, as suggested. Every property that I purchase moving forward will be placed into the LLC.

I appreciate the advice Scott!

Post: Forming an LLC for my business

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

@Scott Smith Great advice Scott! I’m going to look into this. I appreciate the insight.

Post: Purchasing under $50K

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

@Kevin Sobilo Thank you! I don’t jump on this app as much as I should, but after my OP, I’ve done some digging around with local credit unions and portfolio lenders such as Visio. They offers ARMs, which are what I’m trying my best to avoid and the upfront fees are quite high.

Post: Lending in Baltimore area

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

I invest (buy and hold) in a specific area in Baltimore county (8 deals so far) and now I would like to NOT go the conventional route. I'd like to refi my properties into my LLC and purchase upcoming investments into the LLC as well. As we all know, conventional lenders simply do not allow for it.

I ran through some financial scenarios this week through Visio and CoreVest, and their fees (not surprisingly) are quite high. I’m looking for local or national lenders that specialize in offering 30 year fixed rate rental programs.

I’m looking to buy 3 units by the end of this year and at least refi 3-5 of my current rentals. Here’s an incentive for you, since some investors I know are reluctant to share their lenders or contractors, if you point me out to a great lender and I end up doing a deal through them, I’ll give you the name of the area that Invest in and help you along the process. Don’t let the murder rate scare you, there are some opportunities here.

All of my properties are financed, and my lowest cash flowing property, cash flows at $536 p/m and my highest $1k p/m. They’re not even at market rate because I like to keep tenants long term.

Thank you in advance 😊

Post: Purchasing under $50K

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

Happy Memorial Day all,

I live in Baltimore and there’s a good investment property that I’m very interested in. The problem is that it’s going for under $50k and lenders don’t like to lend under that amount.

I also have 6 properties and it's starting to be a real hurdle for me to buy more rentals though the conventional methods. That being stated, can any of you fine folks (experienced investors) provide me with some guidance? Hard money lenders, local small banks, LOC?

I’ve flipped a property last year and it’s not something that I want to do moving forward. My primary focus is to buy and hold.

Thank you in advance!!

Post: Forming an LLC for my business

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

@Jack Medford

Thank you for the insight!

Post: Forming an LLC for my business

Patrick ReisingerPosted
  • Rental Property Investor
  • Baltimore, MD
  • Posts 10
  • Votes 4

I currently have 5 rentals (looking to grow) that are financed conventionally. That being stated, my lenders will not allow for me to transfer title into an LLC. Since I'm not able to transfer any of my 5 rentals into a respective LLC, what would be the purpose of creating an LLC for the overall business in the first place? What would be the difference between establishing an LLC for my business compared to keeping it as a sole proprietorship? Any advice would

be much appreciated.

Thanks!