All Forum Posts by: Taft Love

@Patrick Young This is an interesting point. I thought about trying it a few weeks ago when a local wholesaler mentioned that they have LLCs that they wrap houses in for certain types of buyers. I wonder if it makes sense to talk to the about buying one with a few years of seasoning.

In talking to the bank, it sounds like I would need to be a guarantor on any LOC or loan that I took out in the company's name. But I wonder if having a company makes it easier to access larger amounts of cash.

Thanks for the info!

@Timothy Tooker I'll definitely head to Umpqua as soon as I get back to Spokane. Thanks for the info!

@Mat O'Grady I'm actually waiting to hear back from SoFi right now. I have a healthy W2, but the thing that's been messing with me is the fact that I work fro startups and live in corporate apartments. I haven't had a "steady" job or address in years. It's because I've worked for companies that got acquired, but without context it looks like I keep getting fired :-). Hopefully SoFi will come through!

@Cara Lonsdale I looked at the terms for cash advances and it looks like the limit is $25k and it's 24%, so it would be incredibly expensive. I'll look around at other cards and see if there are any good introductory offers that I could use. Thanks!

Awesome info Kristin! I just did a Redfin search and it says Spokane isn't covered yet. Of the others (Zillow, Realtor.com) do you have a favorite?

Awesome info, everyone. Thanks for the advice! I'll definitely start pulling comps on my own to get a feel for what's out there.

Thanks!

Hi all, I’m in a new market and really struggling to move quickly enough to lock up solid deals. One of my bottlenecks is that I’m working with a local realtor who is super slow at responding and pulling comps. Have you ever had luck paying someone with local MLS access to pull comps quickly? Are there strategies I may not have considered? Thanks! Taft

@Joseph DiNardi-Mack This is good info. I've found a local investor who was kind enough to work with me on a deal, so we'll be looking for something to work on together. Thanks for the advice!

@Chris McHaney Awesome, I'll check them out. Thanks!

This is all great info. I have a healthy W2, but the fact that I have moved around a lot and changed jobs a few times in the past few years makes underwriters nervous. I work for startups and manage teams in three offices, so it's the sort of thing that looks bad on paper but isn't actually very risky.

If I didn't have a day job, I'd focus on finding creative ways to fund deals, but it's not realistic for me to do in a relatively strong market. I think I may just have to use more of my own money than some other people have done.

@Jeff V. Thanks for the info!

I think I'm in a position to do two deals per year now, but want to put myself in a position where I have the option to do more than that. I've saved around $40k and have a healthy W2. I'll definitely keep networking in my area and continue to ask how people are funding their deals.

@Kevin Romines Great question! Didn't think to add that.

My goal is to acquire long-term hold properties using BRRRR. I'm looking mostly for SFR, though I wouldn't pass up small MFR if the price is right. I'm specifically aiming for the $800-$1,100 rent range.