All Forum Posts by: Roy Vereen

Thanks guys for the insight. @ Sean Sakaida, I am interested in hearing more about your company.

Hello BP,

I have had a rental property for the past 5 years.  The property value is underwater due to the second mortgage on the property.  I purchased the property as a primary back in 2008 with a 80/20 mortgage.  I have refinanced the 1st mortgage but the secondary lender will not let go.  With the refi of the first loan, I am almost breaking even with my rent income.  I want to build a buy and hold portfolio and my thinking is I can start with this property.  But I am not so sure now.  If I could get rid of the 2nd mortgage, I will for sure break even or possible cash flow.  Are there any creative ways to deal with this second mortgage without doing a short sale or foreclosure?  Should I do a short sale and start over?

Thanks for the feedback.  It really means a lot and will guide my next steps.

Hello all,

I have created a LLC for soon to be booming real estate investment business. I say soon to be because I currently have two properties(one rental, one primary residence). I will be converting my primary residence into a rental when I find a good deal. However, I stated a LLC through legal zoom and I am getting a lot of solicitations from affiliated companies. Companies that help with building your credit score for your business and an accountant company that will help setup how my LLC will be taxed etc. I am not sure if the cost for these services are too high or would I be better off finding my own people. For example, the accountant company is asking $1,420 up front and $29/mo. for 2 years. Any advice you all can give would be awesome.

Thanks, for the feedback and insight all.  I will research other forums on this topic as well.

Hello BP,

I am a newbie from Columbia, Md. I am in the process of creating a LLC to protect my personal assets from my investment assets. Question, once this is done will lenders check the credit score and finances of my company or the members of the company?

I have been renting out my first home for the past year.  The mortgage is underwater and my wife and I decided to hold on to the property until we decided what to do next.  After finding out that we could not claim any of the losses because of income limitations, our next step became very clear.  We have to get this property off the books.  My question is as a seller is it better to pose a short sale request to our lender with a buyer already is in place?  Meaning should I begin marketing the property to potential investors first?  Thanks BP for your feedback.

What is the most efficient way to obtain list of absentee owners, tired landlords, distressed owners, or vacant properties?

My name is Roy and my wife and I have just begun real estate investing.  We decided to begin investing when we rented out our first home and purchased a new home.  The decision to rent out the first home was by circumstance.  The mortgage is underwater and we did not want to do a short sale so we are now landlords.  It is working out pretty good and has spark an interest in purchasing more buy & hold properties that will create positive cash flow.  I am excited to hear and learn from everyone's expertise.  I am also more the willing to provide service and learn from a hands on perspective as well.