All Forum Posts by: Joe Bourguignon

Ok, I understand that having an LLC will protect us, but I don't understand how to acquire properties as an LLC. If we form an LLC, one or both of us still apply for mortgages under our names, right? Thanks!

I'm also curious about finding banks that can bundle properties in one loan...   I won't need this option for a while, since I'm working on property #3, but this kind of info is great to have in your back pocket!   

Originally posted by @Rudy Manna:

Originally posted by @Justin Ebling:

@Riteash Tiwari look for a lender that will bundle many properties together also. For instance, once you have done 5 you can cash out refi all into one loan. 

This is excellent idea, we did a few BRRRR with rate-term re-fi because of the seasoning limitation of cash out re-fi. Do you know if the bank's re-fi costs are par loan or is it aggregate for all loans? Any pointers on banks that do such loans?

bump!

Thanks so much, Ted! I'm hoping to also understand the upsides and downsides of using an LLC for BRRRR deals, since I'm new to this. I'm assuming that most lenders won't lend to LLCs, correct? I'm not sure how the purchasing is handled if you're running an LLC... Cheers!

So, I have a friend (the Money) who I want to start investing with in BRRRR SFH deals. I'm wondering what the upsides and downsides of forming an LLC together for investing are? Also, does anybody have investing partner contracts / paperwork? I'd like to see what other people are doing contract-wise so that I can come up with one that makes sense for us. Thanks so much in advance!

-joe

Hi all! I'm looking to start BRRRR'ing, and I'm hoping to find some wholesalers so that I can get on their lists. I've got most of my team assembled, but finding wholesalers with properties is the next step. Thanks in advance for your assistance! Mods, if there is a better forum for this, please let me know.

Cheers,

-joe

Originally posted by @Kevin Romines:

I would only go hard money if you don't have the time to close using a conventional loan. If you do that, you can only get a 85% refi based on the appraised value or the purchase price, and you would have closing costs twice. Not the best use of your money? 

 Great point, Kevin!  Maybe I won't do it for this property, but man, that's a great technique that I've never thought of.

@Andrew Postell and @Kevin Romines, thanks for the quick responses!  I and my friend who is applying for the mortgage with me want it to be owner occ;  I should have mentioned that.  I'll try for a Fannie Mae pre-approval for sure!  I like the idea of getting pre-approved and then purchase with hard money while waiting on underwriters, etc.  

Appraisal is going to be tough but luckily the property next door sold recently for a similar price, and it's similar size, etc.  Not sure if it has 2 residences though.

If it's going to be owner-occ, would you suggest against the hard money > refi route?  

Thanks!

Ok, so I've been working on acquiring this property for a while and I'm finally to the point of needing a lender. The challenge is that the property is over 20 acres, which rules out lots of conventional lenders, AND there are two residences on the property, which seems to rule out most other non-portfolio lenders. I'm talking to a couple farm style banks in Oregon where the property is, but they're moving way too slow for what the seller wants to happen, and I don't want to lose this property just because I couldn't get a mortgage in time! So, where should I look to find a lender on this property? Thanks!! -Joe

@Kyle Mack, awesome job! I'm looking to do my first BRRRR and this is inspiring! Now I just need to find some stuff that fits the numbers... :)