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All Forum Posts by: Ron Healy

Ron Healy has started 7 posts and replied 45 times.

Post: Using an LLC to acquire RE when the LLC has no credit history?

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

My wife and I found a small community bank that was willing to finance the purchase of SFR's through our LLC. These are commercial mortgages so the terms are fixed for only 5 years and interest charges are a bit higher. Even though the LLC is the owner of the properties, I am the guarantor of the loans (ie. my personal income, debt level, etc. are factored into whether the LLC will qualify for a new loan). We are now at the point where the company is profitable and has a low debt to value ratio, but any new mortgages will still have to be guaranteed by me. Once we get to a certain size we'll probably start looking at other options.

Post: Newbie investor in Anchorage Alaska

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9
Hi Brent, Welcome to Bigger Pockets and the forums! This site is an invaluable source of information. My wife and I primarily invest out of state for a number of reasons, but we do have a few Anchorage contractors we’ve had good luck with. Message me and I’ll be happy to pass along their contact info.

Post: I am renting and my LL is in foreclosure... How do I buy?

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

@Sharon Barros The best approach is to simply ask him.  Be sure you understand your local market and the current fair market value of the property.  If the landlord is in financial difficulty this could be a good opportunity for you to solve a problem for him.  You might think about being creative and see if he would agree to owner financing, etc.  

I'm no expert, but no, I don't believe a tenant has the right of first refusal.  You can certainly buy it in foreclosure, but other investors will be able to as well.

Post: Seeking Alaska networking

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

Hi @Jonathan White. I also live in Anchorage and am always on the lookout for REI opportunities. I'll PM you.

Post: New Member in Alaska

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

Welcome!  I also live in Anchorage.  If you haven't already, be sure to get involved with the local REX meetup - https://www.meetup.com/R_E_X_/events/236363911/?rv=ea1&https=on  It's a good bunch and the presentations are very informative.

Post: New member from bush Alaska

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

Welcome to BP @Paul Dorn!  I live in Anchorage and my wife and I are partnering with family in Michigan.  The market there is very similar to the Cleveland area.  

Post: Is a Radon Problem Ever Not Correctable?

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

Excellent.  Thanks Chris.  This helps.  We'll check with a couple of local companies for their input.  Several people have told me that it's not a big deal so it seems odd that the owners walked away.  Of course there may have been other reasons as well.

Thanks again!

Post: Is a Radon Problem Ever Not Correctable?

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

I have an opportunity to buy a SFR foreclosure that may have a Radon problem. I've been told by a friend that's the reason the previous owners walked away from the house and the mortgage.

Question - Is there ever a time when Radon is not correctable?  I'm familiar with the normal fixes, etc., but is there a chance that nothing I do will work?

Thanks!

Post: Freddie Mac Foreclosure Question

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

@Christopher Phillips that makes sense - I guess. :)   Thanks for the reply.  Very helpful.  The property needs a fair amount of work to make it livable so it will be interesting to see if anyone picks it up.  I'll keep an eye on it and hopefully it's still available in 20 days.

Thanks again!

Post: Freddie Mac Foreclosure Question

Ron HealyPosted
  • Investor
  • Anchorage, AK
  • Posts 45
  • Votes 9

Hi BP Nation!

I am very interested in a foreclosed SFR that just came on the MLS that is owned by Freddie Mac. I attempted to place a cash offer for purchase, but the seller's agent said they are only taking owner-occupant offers for the first 20 days. This is my first foreclosure purchase (I hope!) and I have to admit that I'm perplexed. Does anyone have any idea where this rule comes from? Why does Freddie Mac care and how would they know whether the purchaser intended to occupy or rent the property? Are they looking to re-finance it rather than have a cash purchase?

Inquiring minds want to know!