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All Forum Posts by: Anatole Doak

Anatole Doak has started 5 posts and replied 19 times.

Thanks for the feedback everyone.  Found a few options thanks to the advice above and can proceed with pursuing the deal.

Thanks for the advice! Good ideas 

Hi,

Need some advice - I've found a good deal in Philadelphia.  Purchase price is 55k and the house is in very good shape, currently rented.   Looking for a conventional loan that will loan me 45k, every mortgage broker who I've talked with already has a cut off at around 60k.  

Does anyone know any bank/broker who would lend that amount in a conventional loan the greater Philly area or have alternative suggestions? I know private money is an option, but haven't looked into it yet. Thinking would be more expensive so I would rather find a conventional loan.  Seller financing also isn't an option with the owner.

Thanks,

Anatole

Hey Kerem, I had a conversation with @Daniel Harnsberger and he had some good insights about SFHs, didn't ask much about multifamily though.  Definitely worth speaking with him to see if it's a fit!  

Hi Jessica,

The conventional lenders I've spoken with said it's at least 6 months before you can cash out refi on a traditional loan, even if it's your own money. However, I'm sure there are exceptions to the rule and my suggestion would be to call lots of lenders to see what they can offer. Something else to consider if you want to scale your business quickly would be a HELOC (home equity line of credit) on that first property. I haven't researched much into the terms of those, but potentially you wouldn't have a waiting period if you paid cash for your first place? Good luck!

Post: To LLC or not to LLC?

Anatole DoakPosted
  • New York, NY
  • Posts 23
  • Votes 9

Hey Antonio, welcome to BP! I agree with Amy - it's something you can do along the way. I had the same question, and think it's one thing that can stop a lot of us investors from ever getting started because we're worried we need to set one up in order to get going. I'd say just start finding deals and then worry about the LLC thing later once you've got one. I've listened to a lot of Podcasts and read in a lot of books that say the same thing: you don't need it to start, but you should do it once you're going.

The other thing to consider is as (Amy pointed out) if you're doing a traditional mortgage, you will probably have to have the mortgage in your name. Then you could transfer that to an LLC, but research more about that because the bank could potentially call the note due. There's a really good chapter about this in @Brandon Turner's book on "How to Invest in Real Estate" about this subject, highly recommend it.

Great post Stephen! Really insightful

Post: Contractor Hourly Pay in Richmond VA

Anatole DoakPosted
  • New York, NY
  • Posts 23
  • Votes 9

Great thanks Robert and Matthew! Really appreciate the input. 

Post: Contractor Hourly Pay in Richmond VA

Anatole DoakPosted
  • New York, NY
  • Posts 23
  • Votes 9

Hi everyone - 

Quick question. My business partner and I in talks with a General Contractor right in Richmond VA where we're looking at a few specific SFHs. We're looking at houses that just need a little work (mostly cosmetic, paint, floors, etc), and we've asked him to take a thorough look through the house, give his opinion on what needs to be done and put it in a spreadsheet with cost and timeline so we can compare properties.

We're just not sure what we should pay for this type of service and in pricing negotiations now.  He estimates that it'll take 3 hours per house.  $50 per hour has been thrown out, does that seem high?  Low?  Anyone have experience with something like this? Thanks!

Anatole

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