All Forum Posts by: Addam Driver

Listen, if the numbers work, you can do this.  I purchased a duplex in an area that looked "terrible." I fixed up the building and bought the rest of the block over time.  I'm not sure if you're looking to buy, rent, or flip, but the numbers count.

Hope this helps!

Hi BP!

I recently refinanced 6 of my buildings and am looking to purchase another MF property.  If the numbers work, I'm in.  I don't really care where in GA for the most part.  This will probably be my last purchase for the year.  I'm ALMOST ready to get out of Tech.  Thanks in advance!

-Addam

Yes.

You never know what the situation is on the other side.  I've done that before and got a small piece of land for nearly nothing because the owners were old and didn't want to pay the $25 property tax anymore.

I hope this helps!

-Addam

Hi Mark!

It's ALWAYS a good time to start.  If the numbers make sense in your favor, do it.  The numbers don't always tell the whole story, but they also don't lie.  

I recommend you utilize the calculators on BP, partner with someone who's a little more experienced, ask questions in the forums, etc.  You got this.

Welcome! I am an investor myself and purchase all over GA. I don't do flips, but I will BRRRR the heck out of a Multi-family.

I'm here to help where I can!

Cheers!

Hi Jared,

It might be the banks you are looking at.  When I started my real estate company, I got my first BLOC with BB&T (Now TRUiST).  They were VERY business-friendly and were ok with my plan.  I was given a $40k BLOC backed by cash I had available.  Subsequent loans were easier to get due to history and more collateral.  Keep checking and don't give up!

Hi Jason,

I can't tell you how to structure your businesses, however, I can tell you what I did to get started and how it helped me.

I started with an LLC. Got all of the necessary stuff (DUNs, EIN, Accounts, etc.). Additionally, I purchased umbrella insurance for the company for more protection. The structure around the LLC is in regions for me. I have multiple units that I'd like to have separated as far as liability is concerned, so other LLCs have been formed. Example... 16 unit building is it's own LLC. 4 separate duplexes in the same city would be it's own. That's just how I did it.

Hope this helps.

H!,

I have some friends who own a cabin in Ellijay as an STR. It's working out quite well for them. They have had consistent turnover and are cash-flowing already. As you are thinking, they use it as a vacation home as well. It's too early to tell about slow down. However, in my experience, people come from all around to rent cabins. Never know who you get and from where. I think it's a solid investment.

 Thank you so much for this information.  It does help.  It's one of those gray areas where it's not a common situation.  Thanks again!  Cheers!

Hi BP,

Scenario:  

I am taking over my Dads commercial property.  He has the mortgage and wants to add me to the deed.  At some point, I want to take over 100%.  

Questions:

1. When I'm added on the deed, do I have to "finance" and put another percentage down? or can I just "refinance" w/o having to do that?

2. Is there a time requirement to be on the deed before I can actually finance/refinance 

3.  Any Real Estate Attorneys in TN that can help me with this deal?

We are looking to do this in the next week or so.  I've never done this before, so I thought I'd reach out to my BP Folks for help.

Any help is appreciated.

Cheers!