All Forum Posts by: Paul Savanuck

Thanks @Gayle Melnick @Ozzy Sirimsi @Sam Lewis @Annchen Knodt for your kind words of support and feedback.

Great info on whether or not use an LLC! I'm going to talk to my mortgage broker about the different options mentioned and keep learning. I took advantage of a VA Home Loan on my current residence and it worked out really well.

I'm also leaning more toward investing in a single family home BRRRR as oppose to the buy and hold condo idea, but we'll see what the numbers dictate.

Thanks again for all the help!

Paul

Hi Seth @Seth Hochberg:,

Thanks for the feedback and for the information on delayed financing which I was unfamiliar with.  

Yes, correct with the Bethesda comment. It would essentially be a cash purchase, buy and hold with refinancing so I could repeat the process. I'm curious of your thoughts on a "cash out refinance" vs "delayed financing"? I would like to purchase the property through an LLC for protection purposes from tenants but I saw this when I was just researching delayed financing:

"If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower's six month ownership requirement. (In order to close the refinance transaction, ownership must be transferred out of the LLC and into the name of the individual borrower(s). See B2-2-01, General Borrower Eligibility Requirements for additional details.)"

It's good to have as many options as possible on the refinance, I just don't want to be stuck with delays due to red tape although I realize its probably inevitable.

Thanks again,

Paul

Hi Russell,

Thanks for the reply!  It's definitely nice to hear a "boots on the ground" market perspective after hitting the books and podcasts.  

I didn't realize it was so competitive here, but that makes a lot of sense due to the limited supply issues in the District.  I don't have lots of capital by D.C. standards, which is why I was thinking of branching out around Baltimore or closer to Richmond.  

I'm expecting to put in an all cash offer around $150K. A few things I've been contemplating is going with a single family home in a less expensive market (Richmond, Baltimore surrounding areas) for the BRRRR or using that 150k toward a condo in a place like Bethesda, Md where rents and tenant demand is high, and doing everything in BRRRR except the rehab.

I know I would have HOA fees and such with the condo, but I thought if the numbers look right, I could buy in cash, rent, refinance, and repeat (doing BRRRR without the rehab).

That's where I am right now but still got a lot more homework to do before I pull the trigger. I'm curious on your thoughts and thanks in advance @Russell Brazil?

Hello everyone,

My name is Paul and this is my first post on BP.  I'm a 36 year old Afghanistan and Iraq war veteran (no longer on active duty) looking to purchase my first investment property sometime late next year.  After discovering Brandon's "The Book on Rental Property Investing" three months ago, I've been listening to BP podcasts daily, reading several books, and have fully delved into the world of real estate investing.  

I wanted to come out and introduce myself as I am sure I will have a lot of questions both as I develop my business plan, and as I look to someday venture as a full-time, long-term buy and hold real estate investor. 

I'm particularly fascinated by the BRRRR model, and am planning my first investment purchase in Maryland or Virginia. I'd love to chat with anyone interested in talking about their experiences in this market, and any do or don'ts or in other markets.

Thanks in advance and look forward to connecting,

Paul