All Forum Posts by: Rico Nasol

I'm not a lawyer so please check with on your own. SO huge caveat there. 

But likely they would have to update their permanent residence. For example, if they were working in California, but decided to move to Nevada (no state income tax), they would have to update their address with their employer. Not sure the employer would allow them to do that since there could be tax implications for the employer as well. Now.... if they are moving without letting their employer know, that's a whole other thing.

Again, I'd check with a lawyer or CPA to confirm.

Best of luck @Roosevelt Townsend. It can be scary at first, but once you do your first deal, it only get easier from there. Lean on the BP forums and ask as many questions as you need to feel comfortable. Lots of knowledge and support here. It helped me and my partner grow our business and we have fun doing it. Taking this journey is going to be life changing as long as you stick with it.

@Briana May we use LimaOne and their rates are ok. They are convenient because they lend in multiple markets. We actually prefer to use local portfolio lenders. If you are investing in the same market you live in, you may want to call your local credit union or savings & loan. they typically have better rates than LimaOne and they favor local investors. You may save yourself some points and also build a strong relationship with a local portfolio lender that can easily get you funding for multiple projects. It helps us because all we have to do is send updated paperwork instead of having to constantly package all of our financials every time we work with a new bank or lender.

Be sure to shop around and compare rates. Don't forget to check the term sheet as well. Origination fees vary and you may or may not want to buy down your rate. Best of luck and you can always DM me if you have any other questions about lending or LimaOne specifically.

@Quaid Cde Baca it depends on what you are looking for. If you're looking for a primary residence, checkout you local credit union. They typically have the best rates. You can definitely find a 10% loan with your score and working capital as long as your debt-to-income ratio can handle it. For our real estate business, we have a line of credit that we use to buy cash and rehab, then we refinance using a portfolio lender who will carry the note so we don't have to rely on fannie or freddie (they cap you at 10 loans in your name). With a portfolio lender, they carry the loan and have no limits on as many loans you can have as long as the debt service and rent hit a 1.1-1.25 debt coverage ratio.

Let me know if you want to chat some more. I've been where you're at and I can help you find the right kind of loans to get you started. I invest in real estate and I also help find funding solutions.

Agree that builddirect.com has good flooring. The often have quality clearance LVP for around $2/sq ft for a 12mils wear layer with the underpad attached.

@Erica Sexton Steele it would depend on what deals you have and how you want to grow your business. I can definitely help you out. As an investor myself and a lending consultant, I've had to get creative in funding my deals. DM me if you'd like to chat.

I am looking to start a loan broker training. I figure since my partner and I are always looking for lenders, I should make a career out of helping others find the right kind of creative funding. I'm looking to train with Vernon Street Capital. I looked at CCTG, CLBI and The Loan Consultants. At the end of the day the people I called and reviews I found helped me make my decision. Would love to hear from anyone who's taken a y of these courses and been successful or not.

Haven't done it, but was looking to do the same thing. I've read different things on zoning. How are those flips zoned? Are they  RS zoned?

I am investing in the Las Vegas and Henderson area of Nevada. Some of the older but still safe areas have older homes with HUGE lots. I have been trying to do more research on ADUs. It's become a solid strategy in CA where I'm from for adding additional rental units onto a SFR parcel. Has anyone had success doing this or understand what some of the zoning laws allow? I read the Clark County zoning guide and from what I can gather, anything zoned RS-1, 2, 4 or 6 can have an ADU but they have to follow the same setback requirements and can't exceed 25% of the main dwelling. Does anyone have any other info they can share?

@Jack Martin thank you for the insightful response. We're trying to ramp as much as possible. This is helpful. We're definitely looking out if state and around the 30-40 pad size. Might look a bit larger to support a legit on-site mgr.