All Forum Posts by: Samuel Coicou

Awesome, thank you for the great and quick feedback Jeff. I appreciate your efforts in answering all of my questions. =)

Hard Money lender right? I'm trying to buy a house cash first so I'll stay away from that now. But okay, I think I get it. I should get the properties through my name and then afterwards move them to the LLC. That way I'll have the advantages of residential mortgage.

Okay so that means the real question is, would be is it possible to get a residential mortgage as an LLC?

So just to clarify. I will be able to get an equity loan as an LLC but it will be financed as a business loan as opposed though residential financing. Is that correct?

Thanks @Jeff Dulla.

So if I hear you right, essentially I can move all my properties into an LLC and then get equity loans through the LLC.

Or should I make myself an "employee" of the LLC in which I tell them my salary is the annual some of rental income? Are both viable options?

Greetings Real Estate enthusiasts! My questions is in regards to financing deals using equity loans, cash-out refi or equity line of credit. If I decide to go full time with RE investing after I've acquiring 20+ cash flowing properties, will banks have trouble funding me deals because I don't have a full time job? Or will my previous history bypass that? I'd love to get your opinion on this.

Thank you all for the quick and wonderful feedback. It does seem like there's a similar theme in most of the posts.

1) It is not the landlord's benefit to sign a two year lease. I should do either do a one year lease (gives flexibility to remove the tenant if I need to, and/or raise the rent more quickly). I can also give a discount after the lease is up to go M2M because it increase my control.

2) The payment method should be described in the contract as auto-debit so there are no qualms about payment 

This is really some great info and I thank you again for answering my questions so quickly and thoroughly. I look forward to learning more about real estate on BiggerPockets and helping others anyway I can! :-)

Hello Bigger Pockets Community,

I am going to start renting a unit in the near future and I'm wondering if there's anything I can do to help get a tenant to sign a two year lease, and or establish an auto-debit to make sure the payments keep coming in. I have a couple ideas, including: Taking $50 off the rent if they sign a two lease, and taking $25 off rent if they sign up for auto debit.

Do you guys think these numbers are good? (Too much, too little?)

Any proven methods to incentivize tenants? (For example, are there options that don't reduce the rent?)

I welcome all ideas. Thank you all for your input!

That's wonderful to hear! This is literally the exact same strategy that I plan on using. I'm saving up to by a house cash, (100% equity) then get an equity loan to buy another property. 

My one confusion is, you say rent is $900 month at the start and then say rent is $1800 when calculating the HELOC. Are you paying an additional $900 to pay off the loan quicker, or am I missing something?

Thank you all for your wonderful tips and suggestions! We have decided to take it slow and focus on the one property we've purchased. We want to use this time to learn as much as we can and really zone-in on the repairs to see where we can save some money by doing it ourselves.

How long should we wait for our next property? I do not want to get complacent and slow our momentum. FYI we can save for a 20% down payment in about a year -- based on our price range. 

Also Is there a better time to buy a rental property as far as seasons are concerned?