All Forum Posts by: Xela Batchelder

I've been watching a lot of Anderson Business Advisors videos on YouTube, and he had mentioned while putting in an offer that you could put your name and then an "OR" and then I can't remember the exact verbiage - but it is so at closing you can change it to an LLC (so you have time to create it). I would like to put in an offer and use this to create less of a mess prior to closing if I do decide to set up an LLC, but I have rewatched a lot of his videos, and can't find where he said the verbiage one should put in the offer. Does anyone know what it is? Either what Anderson Business Advisors have said, or if you use something similar? Maybe it was something like "Name or designated entity" - is that it? (I'm not doing wholesaling, I'm buying long term for rentals, so it isn't an assignment type of situation.) Thanks for any help or advice!

 Thanks, Darren!  I've started working on that!

They have moved away, and aren't as interested in having property so far away.  I hope that is legit.  They certainly aren't in areas that the value will be going really high any time soon.  So it isn't' an equity play, but for cash flow.  (We started looking in areas where the equity would grow, but weren't getting much per door for cash flow, which is our first goal.  But we plan to mix with some houses with equity growth potential too, but this package is all about cash flow.)  

Thank you.  Yes, I had heard that terminology for bank loans, but saw a lot of BP people using it to mean what I was referencing.  But now that I also have the term "blanket loan" I am finding banks easier online (though now I also see banks also referencing blanket loans with the term "rental portfolio loans." ) So thank you for giving me that term.

There is one property over $50,000 ($80,000) that I could get a loan on, so that will lower cash out.  I will also look at private lenders, and maybe just do a Home Equity on another house we have.  Thanks for your help.

I am investigating the possibility to buy a previous landlord's local portfolio. Most of the properties are in the $30,000 -$40,000 range. While I have cash to purchase it (via HELOC and similar). I would like to finance it if possible, so I have less cash in the deal. I've heard of Portfolio Loans. How do these loans work? What are the pros and cons of this type of loan? What types of banks do these types of loans? (or any lenders I should talk to?) Are there other ways to finance this type of deal? Do I need to wait 6 months to finance these after I buy them? This is all new territory for me, so any advice (even beyond just the funding situation) is super helpful.

I'm going through something similar, so thank you to everyone for posting.  This is great information!!

I'm on it!  Thanks for the advice!

Yes, from these comments, I know I'll have to make sure to get it in writing to confirm that they did not collect deposits, and maybe from the tenants too. (What do you think?)  I have not seen the leases yet, when do I ask for these?  (This is new to me!)   We haven't finished the sale process, we are still waiting for inspection.

When do you start sorting out the new leases?  Before closing?  After closing?  One month in?

Thanks! 

Yeah, I had planned and had already put in offers asking for spaces to be vacated (from what I learned here on Bigger Pockets), but when touring the place, the tenant's apartments were so tidy and meticulous.  Since they seemed to be caring for the place, I decided to try keeping the tenants.  I'll have to slowly raise rent on them (with one larger jump at the beginning), but they all know they are underpaying, so it won't be a surprise to them.  Thanks!