All Forum Posts by: Eduardo Conde

Thank you for the detailed description of your deal!

Where did you list your property? I just got my first property, I too am on the higher end of comps and I'm getting all sort of characters that look great and end up failing my screening. So far, we've screened about 5 that have concerning things on their court records. 

Thank you so much for sharing @Antwoine McCoy! This is so helpful. 

I'm bookmarking huduser.gov for future reference. Thank you so much for helping me out. 

https://www.huduser.gov/portal...

@Tomiko Graves, out of curiosity, why did you choose to have them retore the changes back to its original state if you didn't think that the changes were material? I understand the risk aspect of it, but since you are asking them to hire a contractor and inspector at their expense why not have them go through the permit process and leave them there?

I mean no disrespect, just hoping to learn from your experience and perspective.

@Antwoine McCoy thank you so much for sharing your insights about Sec 8 in DC. This is really helpful.

@Antwoine McCoy, as mentioned above, I think your maintenance and reserves need to be calculated using a yearly formula. So you may want to take the values column E and divide the percentage by 12 (unless you want to have your reserves build up fast. 

Is your property management going to charge you a fixed percentage or 1 month of rent? 1/12 would be 8.333333%. You might be better off entering =1/12 and have excel display as a percentage if needed. You are off by $150 a month, if you use flat 8%

Because you are including capex reserves, you may want to do a 5-year projection for profitability analysis.

Why can't you wait to get your HML after you return and just secure the property using the HELOC?

Why don't you try to do Owner Financing? If you have developed a good relationship with your landlord he'd probably likes you. And if he likes you and he just wants to get rid of them just take them off his hands, offer him a good return (way above average considering your circumstances but definitely profitable enough where you can save for Maintenance and CapEx) and probably he will enjoy receiving a check every month without having to lift a finger.

Thank you so much for your reply @Frank Chin! This really puts me at ease in so many ways. I had a lender that was recommending that I just get an umbrella for those purposes, but I thought that he was just trying to push me to get the loan because it was easier than an LLC.

First post, long time lurker and hopefully soon an RE investor.

CONTI am looking to get a few Buy and Holds at under 100k per property. I've read that to limit my risk, I should title them as their own LLCs or at least have a separate LLC for the properties so I don't expose my other assets (primary residence, retirement, etc). However, as I am looking into financing, whether to buy out-right or to do a BRRRR, I haven't had much luck finding a lender that would allow me to do this as an LLC.

1. For those that have been doing Buy and Hold or BRRRRs for a long time, how do you title your properties? 
2. Do you get the loan under your name and retitle to the LLC afterward? If so, are there any risks (bank calling the loan or something like that)?