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All Forum Posts by: Raeshelle C.

Raeshelle C. has started 20 posts and replied 112 times.

Post: FHA 203K loan-friendly lenders

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61
Originally posted by @Anthony Thompson:

@Raeshelle C. I don’t have anyone specific to recommend, but in case no one else here does either, I wanted to recommend two other options.

One would be to attend a meeting of a local RE group such as RIREIG and ask the same there.

Another is that, I’m assuming RI housing doesn’t directly recommend anyone but they do sometimes have classes for new homeowners & landlords and besides being generally useful, you could ask other attendees at one of those events.

Branching out from that, you could also check out upcoming classes for RI Realtors - if there is a class on 203(k)s you could either attend it (you don’t have to be an agent, though it does cost more for non-agents) or, probably simpler and cheaper, just track the instructor down online and ask her/him for recommendations.

Really helpful, thank you!

Post: FHA 203K loan-friendly lenders

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61

Can anyone recommend a lender and contractor experienced with the 203K loan process in Rhode Island? A lender and contractor who have worked on an FHA 203K loan recently? I'm looking for multiple recommendations so please fire them off at me.

The loan product I'm looking for is the first time home buyer firsthomes100+, 100% financing program in RI: https://loans.rihousing.com/Homes_needing_repairs/

But I want a lender who is experienced with the process and has contractors so that it can go smoothly.

Originally posted by @Jay Hinrichs:

@Pratik P. save up the money.. is the best thing to do.. most private lenders other than mom and dad are not going to do this and as stated above you can't get a FHA loan this way so its moot on its face.

But the bottom line is that real estate requires capital.. and those wanting to get into it should have the wherewithal and discipline to raise these small amounts of money and in the context of real estate on the west coast 10k is SMALL money..

So if you don't have 10k your a very large risk from an investor standpoint.. what if someone does 5k worth of damage to a unit.. how are you going to fix it where is the money coming from..

going into rental real estate with no money and no rainy day fund or reserve funds is not wise at all.

Completely don't agree with any of this at all.

You can borrow money from anyone to get the down payment and reserves. You would just need to let the money season in your account for 60 days so that they don't see that it was borrowed. Simple.

$10K is TOO a lot of money for a lot of people. Just because you're rich and have money, doesn't mean $10K isn't a lot of money to others. It is. And an investor shouldn't NOT invest just cause they dont have it. There are many ways to get money without saving it. I know of plenty of investors who got money and real estate creatively without having had any savings. If what you said was true, those investors would still be poor and asset-less today, saving for 2, 3 years to buy a house; but thank God they thought "How can I?" instead of "I can't". 

Post: Looking for a Real estate agent in RI

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61

Someone that owns their own rental properties and/or has worked with investors. Please send me a message. 

Post: Peter Harris Coaching - Disappointed

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61
Originally posted by @Joel Owens:

Hi Karma,

It says on your website.

"To date we have completed more than 319 real estate transactions."

I know before you mentioned those were residential. If that's the case where are the properties owned or the money made from those transactions??

Even if 3,000 a deal was held back that with no growth that is close to 1 million dollars cash to play with for investing. You are saying you do not have 20k to 30k etc.

Time is money. I get offers all the time from agents wanting to learn commercial. They act like they want to do it and then 1 week later thinks it's too hard and quit. I waste a week of my life I never get back that I could be working with my clients on. These days I just say 25k or higher upfront non-refundable rebated back off your split as an agent when your first deal closes. This gets them to go away.

Closing commercial deals is a lot of work and takes time to put together. If you have considerable money to invest then just use a commercial broker who will help you learn the ropes and they get a transaction or two out of it. Of course you would have to show bank statements, personal financial statements, and retirement accounts with also stocks etc.

 Where do you possibly expect a non-rich person to get $25K and up from? I KNOW I am serious and not a time-waster and I do not have $25K and up. That is completely unreasonable. 

Post: Can a MA LLC be an owner of a RI llc?

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61
Originally posted by @Anthony Thompson:

@Raeshelle C. I'm not an attorney but my understanding is yes, you can definitely do that, and I believe things like that happen every day.

While I can see some possibilities for why someone would want to set things up that way, I do have the instinctual thought that it might be over complicating things.

Technically the second LLC is another layer of asset protection, and maybe you have a very specific entity structure setup for taxes which would make it beneficial to do it that way (an LLC inside an LLC), but it's worth asking the question of whether these is much difference, or much more protection, than just having you (presumably a Mass. resident) be the member of the RI partnership LLC straight-out rather than having your MA LLC be the member.

Also, depending on what else you have going on in your MA LLC it may be a disadvantage to have it be a member of the RI LLC from an asset protection perspective - if someone were to be able to pierce the veil of the RI LLC then everything in your MA LLC would be at risk.

If you do go with the MA LLC as a member of the RI LLC, when you go to sell the property you'll have non-resident withholding - but you'd have that if you personally were the member of the RI LLC as well.

You'll also need to be careful how you sign anything relating to the RI LLC - you'd have to be careful not to sign as member of the RI LLC but as member of your MA LLC, member of the RI LLC. It sounds simple, but depending on how many documents/checks you'd be signing, it might be easy to slip up.

My instinct is to say that if you need to ask the question, chances are that it's better to keep your life simple and just personally be the member of the RI LLC and have it be separate from your MA LLC.

But I'm not a lawyer or an accountant and you should probably ask this question to one of each to get advice for your specific situation. The "right" answer for you can certainly differ depending on the whole picture of your financial, tax & business activities.

Thank you for the response! If I put my name in the RI LLC, and then we buy the property with the RI LLC, that property doesn't show up on my credit report right? And I'm not personally liable for the property - the ri llc is, right?

Post: Can a MA LLC be an owner of a RI llc?

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61

I'm going into a partnership with someone who lives in and invests in Rhode island. We want to buy a rental property together and the property is in RI. So if we create a RI llc to buy the property, can I put my MA LLC down as part owner of the RI llc instead of my name? Or no because it's out of state?

When you first started, did your leads come mostly from the broker? If you're brand new, how did you market yourself and get home sales?

I'm way late but look into 100 Percent Financed for business lines of credit. You can apply for free, and if there are problems you can get your credit repaired for free or little money. And after every 6 months you can request credit limit increases and within 1-2 years you can have $100K+ in lines of business credit.

Post: Best way to start out investing with $10K?

Raeshelle C.Posted
  • anywhere, MA
  • Posts 116
  • Votes 61

Richard, stop it already. There were plenty of negative, disrespectful comments in here including Chaves. So don't tell me there aren't any when all you have to do is scroll up. All of those people arent even on topic. They completely got away from the thread topic just to join in on the gang-up and make nasty comments. So dont tell me they arent there when they clearly are. Second, I am not reading your posts after all those insulting attacks you posted from before. It's kinda too late dont you think? I'm shocked you're still here. If you are so pissed, why the hell are you still here? Why do you insist on commenting? It's amazing. It's like you're just here just to continue to fight. I answer to people who are positive and respectful, positively and respectfully, and I "talk back" only when your comments have something slick and negative in them. The first time I addressed you, I expressed my opinions on your suggested path, and I did it respectfully, and you didn't like it still because I simply didnt agree. I can disagree with people's posts. That gives you no right to then reply and disrespect me. It's ridiculous that you turned this into a big drama session, kicking and screaming like a child when there wasnt a need at all for it. It doesnt matter if you have something helpful in your comment if you also have something insulting and slick in it too, btw. You dont like that I talked back after you got disrespectful and judgmental because I didnt initially agree with you (respectfully). You'd rather write your slick comments in and insult me and then me be quiet. You could've answered the question without coming back in here and complaining about how I didn't agree with your bullet points or others' advice, getting mad because I don't want to wait and don't want to become a real estate agent. That pissed you off so much, you came back in here and started getting off topic and insulted my intelligence on 1031 Exchanges and the 203K loan which was totally off topic and unnecessary, and you implied I was stupid and ignorant, and that I won't be successful. And you actually got angrier when I would respond to it. You actually hoped I wouldnt respond to it. You and your other male friends here who were negative and insulting, only want the last word. You want to insult and talk slick and you hate it when I talk back to it. You want the last word. As long as you keep coming in here and starting with me I will always respond to it. So act your age, cause Im sure you're old enough, and stop the childish behavior already. 

You said what you had to say, now leave it alone. Thank you.