All Forum Posts by: Wendell De Guzman

 Ira, your @ function didn't work that's why I saw this only now. Please send me a PM and I will send you the BLOC lender contact. 

BRRRR sounds like an awesome strategy. I love a slight twist to that which I call BuRLOR (harder to pronounce - LOL). It stands for

Buy

Rehab

Lease Option

Refinance

and of course Repeat

Why is it better for someone like you who is already busy running 2 businesses? Here's my BP post on lease options:

https://www.biggerpockets.com/forums/12/topics/373...

I agree. Owning a property in your personal name is NOT smart and in today's crazy world, not safe. If you want to appear professional and on top of that get liability protection, put up an LLC and close under the LLC.

Also, when you have an LLC, if your credit is good (700+), you can get a Business Line of Credit. I've seen newbie investors get $50K, $70K even $100K in BLOC. That can be downpayment for another multi- but you need to have a corporation or LLC.

Just fax to her a cancellation of contract that she signs as well. As long as you have things in writing, you should be good even with flaky sellers like her.

Hire someone

Get business liability insurance

and put your property into an LLC with its own bank account

Doing the above 3 things should be a good start. Then hire a good accountant and a good attorney.

SO what do you need more of? Do you need FUNDING, access to DEALS, or both?

If it's FUNDING that you need, I wrote a post: "How to Fund Your First Flip with NO Cash out". Here's the link:

https://www.biggerpockets.com/forums/12/topics/369...

If you need more deals, I wrote a 6-part posts entitled "The Science of Finding Deals". Here's the link:

https://www.biggerpockets.com/forums/48/topics/213...

PM me if you need more info.

It does not matter what you call yourself.

If you're into buying houses...

put the following: 

I BUY HOUSES (biggest font)

CASH (2nd biggest font)

[your name] (smallest font)

[your phone number] (3rd biggest font)

It depends - if you plan to fix-n-flip, you need a hard money lender. If the property you're going to buy does not need work, conventional mortgage is the best option. Search for posts on BRRRR (Buy-Rehab-Rent-Refinance and Repeat). @Brandon Turner coined this term (he's a smart man!). Inspired by this, I also posted in the forums this provocative forum post: "How to Buy 20 Houses for $20,000". Here's the LINK to that post.

If you want to use as much leverage as possible, then one strategy is buying a 4-flat as "owner occupied" housing - you live in one of the units and you rent the other 3 units. If you do this, the downpayment you need is as little as 5%. That will maximize leverage since 95% is financed. This strategy is part of what @Brandon Turner refers to as "House Hacking". He wrote a good book - "The Book on Buying Houses with Little to No Money Down" and he has a good chapter on House Hacking.

Congrats. Good job in renovating the house so it becomes very desirable and easy to sell.

It's a good live-in flip definitely.

However, I wonder if I would buy this property as an investment given the ARV is $120K, purchase of $85K and rehab of $20K. The numbers don't necessarily work as a normal fix-n-flip but an awesome live-in flip.

Congrats again.

 Thanks Elpidio for adding that. You are spot on with knowing your market inside and out.