All Forum Posts by: Allen McGlashing

This is a question I also had going into my first BRRRR deal. I love reading the comments. I believe if you plan on using that capital again and again then I would absolutely take out as much as possible AS LONG AS the there is still positive PURE cash flow. That way you can buy another deal and so forth. Also take into consideration that taxes almost always go up and never come down. (Yes, you could combat the higher taxes by raising rents).

What I’ve found helpful is a realtor they have the knowledge!! Or should have it. Also if you work with a PM they could give insight on this as well. Cross reference as much as you can. 

@Lum Zuna

So here's my advice. I would only create a LLC if you have to, such as to get financing from hard money lenders. If you can get conventional financing I would stay in your personal name as long as you can the rates are better.

@Will Fraser

Yes, I wasn't able to get conventional financing due to my DTI, but after this tax year I will be able to square that away and hoping to change out of the LLC into my Personal name. Any problem you ran into or things I should foresee before going into it?

@Alex Kernus 

I am currently in the same situation I have 2 rentals properties close to home and now I’m pulling the plug “Out-Of-State”. I have found what seems to be a good PM which is essential. I think what eased my mind a little is I make the purchase price number work for me enough that i can minimize my chance of losing capital. I agree the biggest mental hurdle is the contractor and getting the estimate on the rehab cost during the due diligence phase. I try to over compensate for the rehab to where I know I won’t go over and numbers still look good then if I hit budget bam I expected that and if I come in under it just sweetens the deal.

Hope this helps

Hey @Brent Barnes I currently work 60 hours a week with a 1 hr commute to and from work and have 2 small kids at home. I think “MINDSET” is everything. I work 20 Hours OT a week for 4 years now to fund my real estate investing. I could easily just work the regular 40 hrs and be complacent, but I have a vision that one day I will be out of the rate race and have generational wealth to pass on to my 2 kids. I create a To-do list for everyday and make my absolute best effort to complete those small tasks daily. Small tasks add up over time; analysis 1 property a day turns into doing 30 a month. By doing the little things I have managed to buy 2 rental properties in 4 years and hopefully another within the next 2 weeks. It’s not a sprint it’s a Marathon. I just wanted to share my personal experience to show IT CAN BE DONE. Reading and asking questions is what I recommend to do to gain knowledge as fast as possible then the next step is to go through it. Once you go through it you learn things that you can’t read in a book.

Has anyone had experience with buying a property in a LLC and then refinanced that property into your personal name to get better rates. I wonder if it had been done can be done?

Hello everyone, I am in the process of interviewing Property Managers in the Columbus Ohio area and had the pleasure  of speaking with Cheryl Morgan from  Heart & Home Property Management and I was looking for anyone that is or has used them and their experience with them. 

I am in this process as well. I am bidding on a properties without seeing them and waiting for the inspection report and then I re-examine my offer and then I resubmit another offer based on the work that will need to be done; you could also ask for closing credit that works just as good to have less money out of your pocket up front. 

Yes, my first thought is this definitely is not Turnkey. Looks like it could have potential with using the Brrrr method. Just change your strategy although one of my “stay away” issue is knob and tube electric I find it harder and more expensive to get someone to take it out and rewire the whole house.