All Forum Posts by: Larry Seith

Great site and content!
Well worth my donation...

Here in Oregon it's also $50 and you can do it all online.

Has anyone had any experience forming a "series" LLC to hold multiple properties?

I checked into commercial financing but they all use your personal credit and income as a major factor and being that I'm self employed I try to make my income look as small as possible. Same with showing as little profit as possible in my LLCs.

I guess that rules have really changed.

Looks like private investors would be the way to go.

Thanks for the replies. A lease option would be nice but I financed the projects with hard money and that needs to be paid back ASAP.

So the question boils down to:
If I can't rehab and flip because retail buyers can't get loans, and I can't purchase more buy and hold rentals or more buy, fix, re-fi and hold properties because I'm over the 4 loan limit, how does one make money these days?

Other than wholesale deals (which I would rather leave to others) , does anyone have any other ideas?

I'm wondering if there are other flippers out there that are having trouble with their end buyers not being able to get financing due to the banks tightening of credit. I have two rehabbed properties for sale and I'm getting plenty of offers but everyone of them has ended with the financing falling through. My realtor has pre-screened these folks but with the credit criteria changing daily, what's a mother to do?!

I'd like to hear your stories.

How refreshing it is to hear some common sense for a "change". I get so tired of hearing all the Obamamania out here on the Left Coast.
It's nice to be among friends!

Hey Tim,
Thanks for the tip on the Covey Run whites! I may be needing a case or two shortly!
Larry

I can't say I've had any "bad apple" managers. It's disappointing when tenants leave or an AC unit quits but can't blame that on the manager.

As for qualifications, I ask commercial real estate agents in the area for recommendations and then talk to the managers on the phone. I ask how they screen tentants. (criminal background check?, do they call old landlords?, old evictions?)

How about fees? Do they charge extra for newspaper advertising? Do they charge a fee if the property is vacant? A definite NO-NO. Do they take move in photos to prove the condition of the unit when it was leased? Do they answer emails quickly? Do they mark up repairs by ridiculous amounts?

It's not an exact science and you have to hope for the best just like any other business relationship. If they turn out to be bad, you don't renew their contract.

Hi Jim,
I get property manager referrals from the real estate agent and then do phone interviews. Once hired, the property managers take care of everything then send us a check each month. It's well worth the 8-10% that they charge.
What part of Oregon are you in?

Glad I found such a great REI site! It's nice to share successes and challenges with others so that we all can learn.

I'm Larry and have been dabbling in real estate investing for 4 years. Started doing a couple of flips locally and then branched out and bought 4 long term rentals in Arkansas, North Carolina and Texas. Last summer I picked up 2 houses in Mobile Alabama that I rehabbed. Unfortunately they are still on the market due to potential buyers having difficulty getting loans. As soon as those properties sell, I plan to do another flip and would like to pick up more rentals but am having difficulty with the FHA 4 loan limit. I definitely learn something on each project! Glad to be onboard.