All Forum Posts by: Chris Gawlik

I am hearing a lot about not being able to refi rental property held under my LLC.

I guess if your going conventional refi you need to have the property quit claimed back to your personal name for 6 months before Fanny or Freddie will even consider the refi.

I am fairly new to buying and holding and this news is very disturbing to me because i need some cash for some other flips and holds.

Any advice or help on this matter will be appreciated. If you know any lenders private or conventional that can help please let me know i have a hard money loan on the deal 1 year balloon 12% interest.

If worse comes to worse i can scrape the money together but who would want to do that, i need the cash liquid while still holding the property, Its a great hold. Thanks every one.

Thanks for the advice Jason Ill stick with it and keep making offers. I think you may be rite I mite need to build more rapport with the listing agent. My wife has her real estate license but is actually a school teacher so ... Maybe if i let the listing agents double end on the buying side or even the buying and selling side they will be more willing to work and negotiate with there asset managers.

So far I have made all offers in my wife's name to try and save some cash. Any way huge auction day coming Monday so hopefully i can catch a deal on Monday or with in the next week at the courthouse steps. Good luck on your investing every one.

I have made around 25 offers in the last 2 months on RE owned property that is 15 to 20 dollar under the average price per square foot of the area were I'm trying to pick up the deal. Most of the deals that i have made offers on were 200k and under. Honestly if there were more property's on the MLS that made sense i would have offered on them but in the areas that I know best and am comfortable with the deals have been very slim.

For instance If there is a deal - 3/2 1500 sq ft selling for 120k with a rehab of 15k. Average price per sq ft is 100 dollars for the area. So your looking at 80 cents on the dollar is the current asking price. so ARV is 150k but my offer would have to be 90k for this deal to make sense. Keep in mind I'm using hard money which is usually 5 points plus 12% interest only payments. This same scenario happened around 15 times to me in the last 2 months i would get countered at around 110k and try to re counter wouldn't work.

Even on the deals that stayed on the MLS for around 1 month i would follow them and have the realtors ask asset managers if they would go lower trying to track the deals but didn't work, they were either gone or they still would not budge.

These are my focus areas - Yucaipa, Calimesa, Banning, Beaumont, Hemet, San Jacinto, Moreno Valley, Redlands, Mentone, Loma Linda, Nice Areas of San Bernardino and Highland.

Maybe I'm doing this wrong or the wrong way looking on the MLS. It seem like most of the people hitting the MLS hard have many great realtor contacts and swoop on the deals before they hit the MLS and also no price reduction recorded on the MLS but only then know about the price drop so no competition for them.

I'm just not at this stage yet, I'm trying to get there to be the real estate baller with all the contacts but so far its not working out. I'm not calling it quits either just want to score deal really bad.

Any way thanks for your time and comments every one, any other suggestions about what i can do to hit the MLS harder would be great.

Ive been hearing that marketing works from some fellow investors and there is a lot of information about marketing, but i also read its a mixed bag depending on the area that your in.

That was actually going to be my next step in trying to find more deals. I have been doing a lot of net working but that hasn't been paying off lately either. Could you point me in the rite direction in terms of what kind of marketing to start and were would be a good city in southern cali to start this marketing. I live in Yucaipa CA but I invest all over the inland empire and LA county.

Obviously I'm still new or i wouldn't be asking so many questions. I'm really starting to hit the auctions hard to find a deal but don't have to much cash. Im looking in to using hard money for the auction process we'll see how it goes.

Is any one else trying to flip in Southern California, having trouble finding a deal can't seem to find one. I'm making many offers on the mls if i get any action at all its a high counter offer and i cant take the risk to make 10K to 12K i need at least a 20K spread because im using hard money.

Ive been moving towards the auctions and even there it seems like these big company's are paying way to much for these deals. There must be a lot of people holding these properties is all i can think of. My comps are dead on too i make sure to check my mentors and ask them there opinions on my analysis and they say there having trouble picking up deals also.

Whats going on, is the game changing in Cali? Any one else have any opinion on this? Thanks guys.

Im heading down to check out the San Bernardino County court house auction tomorrow.

I signed up for a foreclosure radar trail and was wondering were i could find the opening bid for the auctions in San Bernardino County, for the property's that there are going to auction off.

Any one know a number or a web site that would have that info. Thank you for your time.

I have owned a 3 unit In Apple Valley for about 3 month under my LLC. Property is worth around 150k i have a hard money loan on the property for 70k at 12%. I am holding this property and am looking for a way to refi this deal with out waiting the 6 months seasoning.

Any one know of a way to do it? Called a few lenders and some credit unions. No way to do it so far.

Any one know of a hard money lender for buy and hold deals with a good rate?

If i do have to wait the 6 months, should i transfer the property back to my personal name because my LLC has no credit? Or does the 3 months that i have owned the property under my LLC count towards a 6 month seasoning.

Anyone know of other good auction / foreclosure web sites besides foreclosure radar?

Just wondering if all the marketing really works. I read so many articles about how you should be using bandit signs, yellow letters, mailers, NOD lists, News paper ads, recorded messages and so on.

Do these methods work in this day and age with so much competition out there to find deals in southern cali. Is any one out there actually doing this that is willing to share that it works for them.

My wife just got her RE license and i have MLS Access now with a supra key. Just to let you know my wife's a school teacher not a realtor, so that's how serious we are about investing.

Searching for deals on the MLS has been working but i guess im just sick of so much competition im looking to go in a new direction and just wondered if the marketing works for any one. Thanks for your time have a good one.

That's a great idea Nathan I'm going to call a few immediately. Thanks for the advice. If any one else has any ideas let me know. Thanks for your time Nathan.