All Forum Posts by: Ryan Billingsley

@Jamie Carter

You live in the perfect area for owning a rental or almost any REI strategy. I own a couple rentals in Florissant/Hazelwood myself and have also wholesaled many in that area.

Both strategies serve a purpose and have their benefits.  If your goal is passive income then growing a rental portfolio is the way to go.  Wholesaling can help with building capital to help you buy rentals.  

@Jerry Padilla would be a great person to help answer your questions.

@Jared B. Commercial loans for residential investment properties can be found through local mom and pop banks or portfolio lenders.  I went with a conventional loan because it allowed for a fixed 30 year amortization period.  My local portfolio lender offers 1-3 year arm commercial loans with a 20 year amortization period for investment properties.

@Jared B. I can tell you from experience, I owned a property free and clear under an LLC and did a conventional cash out refi. I was required to transfer it into my personal name to complete the loan. Once the loan has been sold on the secondary market you can then transfer the property back to your LLC. Don't forget to have your insurance changed accordingly as well. Again I am not a professional but I believe if you go with a lender that offers commercial loans for investment properties you then can leave the property in the LLC.

@Jared B.

Is this property a rental investment or your primary residence? I am not an expert but I believe you would need to refinance under your name then transfer over to the LLC once things are settled. Sometimes you have to wait months for the loan to be sold to Fannie Mae/Freddie Mac. There is a due on sale clause in place when transferring over to your LLC but I was told it will never take effect.

I would contact a loan officer to get a professional opinion.

@James Danchus I have yet to attend one.  I know there are a few in the St. Louis area and I do plan to get out and attend some in the near future.  I have mostly networked through bigger pockets and working on deals.

@Cody Barrett Great to hear you closed your first deal!  Once the property is stabilized and months fly by you will forget about the struggles you went through and enjoy the passive income that all the hard work provided.  

Nothing worth doing is easy but the difference with real estate investing is you are growing your net worth and creating wealth.  It is not a get rich quick job, it is a get wealthy slowly plan that will pay off in the long run!

@Dan Miles

Persistence will break through the resistance.  Typically when you feel like giving up is when you are closest to finding some success.  A good book about pushing through tough times is "Three Feet from Gold: Turn Your Obstacles Into Opportunities!" by Sharon Lechter

Focus on having a clear WHY by writing down goals often.  This will keep you focused and hungry.  People become what they continuously do.  

The most successful fail more times than they succeed.  Unfortunately you only hear the success stories not the stories of the trials and tribulations they went through to find success.

@James Danchus

A wholesaler is becoming an expert at marketing, negotiating, and networking.  The average day is spent analyzing deals, talking to sellers/buyers, and completing deals.  Wholesaling is a job that has no guarantee.  The biggest challenge IMO is staying motivated.  If you slack on your marketing, your deal flow will suffer.  Stay consistent with persistent marketing, persistent networking, and stay focused on 'money making activities'.  

@Michael D. I have also borrowed against our 401k to buy rental property. If you can buy right (75% or less of ARV) you are able to use delayed financing based off of appraised value with a max loan amount of what you paid for the property. This would allow you to take the money you borrowed from your 401k back out and pay the loan back. BRRR strategy. I just completed this process and just sent the check to pay off my 401k loan. I will end up with just a couple thousand in closing cost in the deal.