All Forum Posts by: Adama Bah

Ok thank you. The reason I thought about putting the other house (not the residence) in an LLC, at least any expense can be considered business expense.
appreciate your input. 

Situation:

1- W2 employee making $230000-$300000 a year. 
2- owned 2 properties under personal name, 1 in LLC

What are the best way to get tax benefits ?

Renovated a house-hacked but because of the income, we could not deduct expenses  

Should we put all our properties in an LLC?

Hi fam, 

I need help analyzing this deal if someone doesn't mind sparing their time to help. Much appreciated. I used a bigger pocket BRRR Calculator but my cash to close is not the same as what the lender provided, which should be around $84000. I would also appreciate the advice on where I need to improve. Thanks

ACQUISITION:

Purchase Amount: $395000

Interest rate: 13% for 12 months interest only

Closing Cost (Settlement Charges) $29238 paid out of pocket

Annual tax: $5500

ARV: $630000

Rehab Cost: $120000 (100% finance)

Down Payment: %55000 paid out of pocket

Refinance After How Many Months:12 months

Rehab Time: 6 Months

REFINANCE: 

Loan Amount: 75% of ARV= $472500

Interest Rate: 7%

Closing Cost: $20000

Term: 30 years

INCOME: Monthly

Rent: $5200 

EXPENSE: Monthly

Fix expense:

Tax: $458.33

Sewer: 200

Variable expense:

Vacancy: $260 (5%)

Repair: $156

Cap Ex: $208. 

Thanks a lot. I notice the lending market is not in our favor these days. 
even owning two properties will not make a difference. 

Hi all,

I am under contract for multi family (2unit) and having hard time getting good term loan because I’m first time rehabbing. It’s great deal in a good location near my other owner occupied property. 
Please share any lenders would fund this kind of newbie borrower. Looking for a 90% purchase and 100% rehab. 
Thank you

Hi all,

I'm having hard time getting loan for BRRR since this is my first time undertaking this kind of project.
The deal is right in great location and local to my other property. 
I am interested in 90% purchase and 100% rehab cost. 
Please share any lender that can help with this situation.  
Thanks a lot. 

Hi @Nicholas Lambert

I’m in a same situation you were converting 2 Multi family to 3. How was your experience? Mine is in Lowe but I’m assuming to be the same process. What’s average cost you ran into?

Thanks a lot.