All Forum Posts by: Ryan Huddleston

It’s hard money.

I actually just started the LLC so right now its has not paid taxes. It does have a EIN number, not sure if that matters.

I am flipping a property in my LLC that I have decided I want to live in. How can I refinance out of the LLC into my name as a primary residence? Can I do a cash out refinance when I do it? Is there a seasoning period?

If I understand correctly..... Purchase price $200,000 Monthly Rent $4,000 Taxes $416 Insurance $291 Water $150 Boiler operation $500 Additional expenses. Vacancy/repairs/capX/prop. Mgt @10% each $1600 Total expenses $2957 That leaves you $1043 to make your payment. The rest is cash flow. It’s not going to cash flow that great but if you raise rents it should be a good investment.

I know banks want 2 years of landlord experience before they will add rental income into your income streams. I have started partnering with my dad on some rental units. We just bought a triplex and evaluating a 7 unit building. Right now I have almost no debt other than investments (flips and the triplex), and a good income from my job so it’s not a problem getting financed with me on the loan. Dad has several years of experience land-lording so it’s not a problem for him either. I want to buy a house for myself in the next year, I’m worried that taking on the debt of these apartments will reduce my buying power. Will a bank allow me to claim the income from the rentals since I am partnered with an experienced landlord?

Thanks Gary!

Thanks for all the help. It is fairly easy to make money in Charleston. Im currently in contract on a Triplex and a Quad that cash flow great, even on a 0 down 10 year loan. I think I just worry about future decline. The job market is stagnant. Maybe I should just stick to my back yard for now. 

I would like to start investing out of state. I live in Charleston WV, which is OK but the economy is very slow. I would like to identify some good rental markets to invest in but I am having trouble finding a good method to identify markets. Columbus and Cleveland look interesting. This is new to me and scares me, but I really want to tackle this fear and become comfortable with  investing out of state. 

How do you Identify good rental markets?

How much vetting of the neighborhood do you do?

Hello! I'm new here and to real estate investing and this site and the podcasts have been a huge inspiration.  

A little about me: 

I have a BS in Civil engineering and an MS in Environmental engineering. When I was in college I had one of the best internships I could ask for. I worked for a structural engineer who inspected homes and designed structural repairs.  At the time I didn't realize how much I was learning and how important the experience would be in my life. Fast-forward a few years and I'm starting to invest in real estate, everything I learned from that job gives me a huge advantage in identifying properties that need work but can easily be fixed. 

I am investing where I live, Charleston WV. I did my fist deal in December 2017 and I'm working on 2 more.  The first deal is a flip that is coming along nicely, it should ready for market in about 2 months. I am in contract on a triplex and a quad which will be my first venture into the rental business. Fortunately my dad has several rentals and is a great mentor. I feel more comfortable with flips but I know rentals are what I need to accomplish my goals. 

I would like to branch out into some bigger markets and that is where I have the most questions. I am looking for a market that is mid sized or larger. Im thinking about Columbus, Cleveland, Knoxville, Memphis, and Pittsburgh but I'm open to suggestions.