All Forum Posts by: Amir Khan

Agree with Jimmy, another way to build confidence is to build up your knowledge on the subject. Read as many books and forum threads about BRRRR method on BP. Ask questions, generally people on BP are very welcoming and helpful.

3 Votes

Quote from @Zane Abner:

We are looking at a new construction resort beach front villa in Mexico. I know different areas of Mexico would lead to different opinions but any general opinions or advice? Thanks in advance.

Hi Zane, I have a business associate who has bought beach front land in Mexico and planning on new construction there. DM me and I'll provide his contact information (with his permission)..

0 Votes

Quote from @Nathan K.:

Hopefully you guys can help answer this for me......I live in West Virginia and primarily invest outside the state. I like investing near big cities, Indianapolis, Atlanta, etc. Here's my problem, I've invested pretty much all of the cash that I have and have hit a plateau. So my question is this, how do I find seller financed deals? The few people I've talked to don't really have good opinions on it. Is there a website with just seller-financed listings that I'm not aware of? Thanks.

There are out there. Try using search keywords "seller financing" or "owner financing" in Realtor.com in your area...

0 Votes

Quote from @Diya Rs:

Hello,

My husband and I are relatively new to the real estate space. We own a couple of SFH in TX that cash flow a little bit. Some were new constructions and 1 was in great shape and didn't need any rehab. So, we're brand new to BRRRR. We have a basic idea from watching podcasts but have 0 experience. How does one get started? I know there is tons of info on BP but, is there a guide that one could follow or gotchas/caveats/things to watch out for? Is mentorship available for something like this? May be like partnering with an experienced BRRRR investor who is willing to coach. I don't even know if this is a thing. I'm just thinking out loud. Any help or direction here will be greatly appreciated.
Given the current market and mortgage rates, it is so hard to cash flow in the markets we're looking at - San Antonio Area, Charlotte Area, Huntsville, and Atlanta Area. We're open to other areas as well.

I don't offer mentorship, but willing to chat via Zoom to help you. DM with best days/times to set up a chat..

1 Vote

Quote from @Sangeet Srivastav:

I have 2 rental properties that I own on my name in Houston Tx since last 3 years. Property value is property 1 = $ 75 K and property 2 = 350K. I also own a single member LLC in Texas that I formed few years back for real estate investment but never got a chance to moved the properties to this LLC. My questions is whether,

I should move both the LLCs into this LLC as-is

should I convert this LLC into a series LLC and then create 2 entity under that for each property and move there

Should I create one more LLC and move each property to completely separate LLCs

Regards

LLC provides a layer of protection for your assets. With that idea, I would suggest moving each property in a separate LLC. However, as Mitchell says that ensure your lender won't have an issue with this. When I purchase my investment properties, I create a separate LLC, then advise both the lender and title company that I will hold the property in that LLC. Once LLC details are provided, closing agent can take care of the details.

0 Votes

Houston, Texas

Quote from @William Powell:

Good good credit, 6 properties paid off with plenty of equity. I went to local bank president and spoke with them everything sounded good. I told them that I wanted to do a cross collateralized line of credit so I can buy properties at discount fix them up and refi out of them and pay back the line of credit. The bank says this is what they do. I gave them all the paperwork and more in a packet they needed. It's been a week ago and haven't heard from them since. I called it was told they had loans in front of me and they were busy but would call me the next day but no call. This seems to be commonplace when I go to the bank. I posted this because I see no one Speaking on the bank ghosting you. They don't say no or this is what we'd like to see better. The loan officer just moves on as if you never spoke or submitted an application. What am I missing?

I am not exactly sure what is going on with your bank, however, I had similar experience when I was refinancing from "my" bank (I already had a loan with them). Everything was approved, even then it took several weeks and constant follow up before the loan closed.

I also own a brick-n-mortar non-real estate business in Texas, there is a shortage of staff everywhere. I spoke to my personal bank manager (another bank), she told me the same thing. So it may be possible, that they have many loans and not enough staff to process them fast enough.

1 Vote

Quote from @Danielle M.:

Hello,

5 years experience with single families and a duplex BRRR strategy but never used a LLC. Looking at buying a 8 unit. Live in CA but have rentals in TN.

Here are my questions:

1. Should I put the 8 unit in a LLC? Are there any drawbacks? For this particular property, it seems like I should due to the size. Do I need a lawyer for this or can I do online?

2. I have a duplex I am BRRRRing. It is in cash in my name. Should I put it into a the same LLC as the 8 unit and then can I do a cash out refi by personally guaranteeing the loan even if it is in the LLC?

My spouse and partner in many of the properties is concerned that the cash out refi could be a taxable distribution from the LLC? Is that possible if anyone knows about tax.

Thanks,

Danielle

Hi Danielle, the main reason to place a property under a LLC is for liability limitation/protection of assets.

**This is not a legal advise/nor am I a attorney** In my opinion, you should definitely place the 8-unit into a LLC. However, I would NOT place any additional properties within 8-unit LLC. The reason is if you place the duplex in the 8-unit LLC, and a tenant from your duplex sues you/your LLC, it will affect your 8-unit property/asset as well. That is why you want to "limit" your exposure by placing them into separate legal entities/compartments. It is pretty simple to do, simply create your LLC and instruct the closing agent/title company/lender that you will be holding the title in this LLC.

Regarding the tax consequences, my LLCs are set up as pass through income. For that I would recommend consult with your CPA.

0 Votes

Nashville, Tennessee

Quote from @VeinTwain Herron:

Hello need some advice on how to get investor clients in Williamson and Travis County to trust me managing their properties. I have a really small niche I only do multi unit residential and commercial leases need Ideas on where to prospect for clients. I've been in industry for 12 years and licensed for 7years, but I'm still finding it difficult to get my feet into the management realm.

A suggestion; do you help new investors buy investment properties? If not, then you should (promote yourself as 'investor friendly' and be the most knowledgeable in your market). And when you do help non experienced (and experienced investors), you can offer to manage it for them. If you can help them find, close on good deals, they are more likely to trust you to manage them (as they will know you understand their investment strategy)..

0 Votes

Austin, Texas

All Forum Posts by: Amir Khan

Amir Khan has started 20 posts and replied 261 times.

Post: Wanting to learn wholesaling properties!

Post: First rental from cockroaches to cashflow

Post: Recommended BRRRR masterminds?

Post: Mexico Real Estate Investment

Post: How Do You Find Seller Financing?

Post: Looking for help/mentorship with my 1st BRRRR

Post: Buying each property into multiple LLC vs Creating a Series LLC

Post: Bank and Loan officers suddenly go silent

Post: Should I put 8 unit rental in LLC?

Post: New Property Manager struggling to find clients