All Forum Posts by: Tony Guard

Great comments! Definitely appreciate the idea of a quitclaim deed Tyler. You mentioned "eventually" getting the coverage of an LLC. Is there a term or process for that? Does it have to be a new LLC or can it be existing?

I'm buying 2 duplexes and I'm looking at both personal and commercial loans as options. I have done several commercial and residential investments prior and have always done them through my corporate structure. I realize taking a personal loan out provides a lot of financial benefits (longer loan terms, lower interest rate, etc) however, my concern revolves around the personal risk of liability. I have a current personal umbrella policy which will definitely help... If you have researched this area or have knowledge, I would love to get your experience and position on the subject. It seems one has a better financial option while the other reduces liability exposure. I understand all of the details and limitations on personal loans (as in you can only loan from single family to a quadplex through a personal note... larger is always commercial) as well as commercial. It's the personal liability that makes me nervous.

Great idea. Appreciate the response. Will definitely give this a shot. 

Thanks

Tony

Hey David!

That’s definitely a great idea. There aren’t many in the surrounding area for NKY. The closest is An hour and a half away which is good but I’m really hoping to find some local wholesalers. 

How have you connected with wholesalers? Where do you get most of your deals?

Tony

Thanks Andrew!

I love the positive attitude you have. I have been “playing” at this for a while but I’m turning the dial up to all in (still figuring out what that is).

Every step is a step toward the goal. 

Thanks and be blessed!

Tony

Ok guys,

I'm pretty new here and I think there's probably a process for throwing thoughts or requests out to the group that I'm not following... so pardon my lack of seasoning. I'm an investor in Northern KY looking for deals on multi-families, apartment buildings, mobile homes, and commercial. I've done multiple residential and commercial deals but I've hit a dry spell on finding anything decent. I'm willing to work for the deal and been digging myself for months without results, so I thought I would reach out to the BP crowd. Obviously we are all looking for good deals so if there are any wholesalers working in the area, lets connect.

All comments welcome.

If I can add any insight on residential or commercial deals please ask. My deals have ranged from 100k-950k and have been everything from a quick paint job and landscaping (residential) to complete renovation of a 5 story commercial building built in 1890.

Best

Tony

Katherine,

Welcome to BP. I’m in NKy and finding solid contractors in this market is tough. My best advice is to talk to solid RE agents who have been in the area for 10 years and other property investors. I utilize the agents more b/c the investors sometimes don’t want to share. unfortunately your timing may get extended waiting for good contractors. Also - specifically in NKy there is a great pool of Spanish contractors who do amazing work but they are sometimes hard to get in touch with. If you go to current construction sites you can talk to them. Don’t use a non- established business entity though. 

Continued success to you. We should probably try and do a NKy meetup soon if we can get enough folks. 

Enjoy the day!

Tony

So I have heard both Brandon and David talk about their rule for brrrr investing. The rule I'm primarily speaking to is the 75% ARV

(After Renovation Value) rule. This means they are probably buying the house close to 50% less than the final ARV from the start. ( ex- final ARV of 100k means after Reno investor has 75k in property and if Reno is 25k that's a purchase of 50k). Where I'm struggling is asking someone to sell their home at such a drastically reduced rate even for prerenovation. I'm wondering if most folks are getting these properties from lenders/ through foreclosure/ or from private individuals? It seems through the podcasts I've heard, it's through individual owners ( off market or MLS). If from an individual, does anyone have a general rule/formula that can provide comfort to a seller they are being treated fairly? My concern are some of the people I have heard on the podcasts talk about being "likable" etc but don't speak to a fair deal... just a great deal.