All Forum Posts by: Travis Wylie

@Aimee S. Thank you so much!  I will check them out

Agree with @Eric Drum.  Educate yourself on it as much as possible and start calling up local lenders to find out what type of terms they offer for a product that would appeal to your business model.  Some lenders don't/only lend to LLCs and have different terms/rates than conventional loans held in your personal name, which may or may not work for your business model.

Couldn't agree more @Aimee S.! I love the flip/hold (BRRRR) strategy especially when you're able to get back all your money and earn an infinite return. Congratulations!

I was curious about the type of loan product because I'm currently looking for a new lender for LLCs

Best of luck and a prosperous 2020 to you!

Congrats @Cory Iannacone! Long live the days of the infamous 30 yr amortized/10 yr ARM :( Heck of a year for you though! Looking forward to what 2020 has in store for you.

Congratulations! Were you able to refi this into a loan for an LLC or in your personal name?

Touch of Color flooring 

Hello @Trevor S Foster! I'm right up the road from you in Harrisburg.  I would highly recommend going to meetup.com or download the 'meetup' app and search real estate.  There is a real estate meetup that meets the last Tuesday of the month at the Four Points Sheraton in York on Rt. 30.  That's a great meetup run by a knowledgeable person that tends to have great guests.  

Don't be afraid to reach out if I can be of any assistance.  

Hey @Luis Bermudez.  I'm curious how this worked out for you?  Are you from the Harrisburg area or are you familiar with this area?  Just wondering, as this is a rough part of town and just wanted you to be aware of that before you moved into the area.  

I love the house hacking technique and it could definitely work if you're renting out by the bedroom.  It's not unrealistic in Harrisburg area to get 500-600 a bedroom with utilities included.  I would screen your tenants hard though!  You do seem to be using conservative numbers for repairs/capex/vacancy which is good because the housing stock in Harrisburg is old with old problems.  Also, this will be a more management intensive approach as your turnover could be higher renting by the room.  I would budget more for your water/sewer bill as capital region water is not the cheapest and a $100 isn't going to cut it for a house that size with that many people.  I'd budget another $50 ontop of that (150 total).  I also like the fact that you're budgeting for management even if your self managing (although I could be wrong on that assumption that you're self managing).  Good luck and let me know if you have any questions!!

Congrats @Salvador Rodriguez!  Do you plan on refinancing and recapturing some of that sweat equity to re-deploy in other investments?

Hello @Vincent Filia! If you're from Southwestern, PA you may want to look into a portfolio lender like S&T bank. If you have a legal document clearly stating possession through the seller financing note (and they will confirm outstanding balance with owner), when you go to refinance they have an 80% LTV 10 yr ARM/30 yr amortization for a LLC. Depending on the appraisal and the outstanding balance owed to the original owner you could walk out of closing without having to bring any money to the table or better yet, walking away with money in your hand.