All Forum Posts by: Steven Goldman

If you look at meetup or other websites that allow Groups to advertise meetings, you will find real estate investment groups. Attending those meetings will give you the opportunity to either meet capital partners or meet other investors who may share with you their knowledge of private lenders in the area. It is a matter of doing the leg work and getting know in your real estate investor community. Many people are willing to share their contacts with new members in the group. Their are numerous funding companies and lenders who will support your journey. Good luck!

Is you financing adjustable or fixed? If its adjustable you may want to pull out your equity and do a 1031 exchange and buy a rehab property. If it is fixed the low rate may make the future aggravation worthwhile. Make sure you speak to a tax professional before you plan the exchange.  Good luck.

Their is nothing wrong with the BRRR formula. Rising acquisition prices and scarcity of material and contractors has made this space far more challenging. In order to execute you must locate under value properties so that your acquisition price reduces the total all in, considering the higher costs of material and additional expenses on holding costs. In order to successfully navigate this space you must be very selective about what you buy, where you buy it and what you pay for it. When the stars line up it is a homerun. We have customers who have been very successful in this space. Thanks

If you are buying turn key than debt service coverage is the whole game. The lenders use it to determine eligibility so why shouldn't you? Regarding location, the best deals are in the areas which were most impacted by the end of the tire and parts industry. Akron, Canton, Dayton etc. Of course Columbus and Cincinnati are hot markets but more expensive. Good deals can be found in Cleveland but it requires a strong understanding of the neighborhoods. 

As I have said for the past two years, Ohio is very undervalued and has reasonable rental returns. For a investor who wantsto make their cash go along way this is a great State! 

@stevebabiak   Of course he will need a personal guarantee. Only mortgages on larger multi-families may permit a no recourse loan. 

The real estate based banks and funding companies will fund your properties in an LLC. The question is not LLC or personal the question is how much do you have to put down which dictates where you can find money. If its 5 percent than your options are more limited. Typically it will require 20 percent unless you are using a government insured rehab product. Good luck!

Nice too meet you we both invest and lend in the Eastern Pennsylvania Market. Look forward to watching you go!

@Aaron Lemoine You do not necessarily have to transfer the property to an LLC. I agree with @KevinSobilo that the mortgage will have a clause accelerating it upon transfer. But many people do in fact change the title by filing a Deed. In certain states you will have to pay transfer taxes. (Usually based on assessed value) In the future it is better to use LLC's as you have more diverse financing options when you are not taking title personally. Good Luck

@Gage Coffman