All Forum Posts by: Michele Leonardi
Michele Leonardi has started 2 posts and replied 5 times.
Post: Long-term, multi-family, flip...what to focus on as a Rookie?
- Investor
- Brigantine, NJ
- Posts 5
- Votes 0
Quote from @Chad McMahan:
Quote from @Michele Leonardi:
Hello everyone,
I currently own a condo outright near the Jersey Shore and just invested on a SFH (a block away from the beach) with a conventional mortgage whereas I'm renovating and planning to flip.
However, I find myself lost in the various investing options, and although I'm definitely not victim of the analysis-paralysis, I am unable to set my sights on a specific strategy yet.
I think multi-family houses to renovate and short-term rentals would be a good way to start building wealth in my market. But questioning if I should I sell the condo I own, cash out the profit and use the proceeds to pay for a multi-family dwelling?
I appreciate any guidance and/or recommendations.
Thank you very much, ciao,
Michele
Hi Michele!
How you invest and where you put your money/leverage is up to you and your comfort level. Most millionaire and hecta+-millionaire investors leverage their equity/cash to invest wherever the best returns are. But, many people like owning property free and clear, as debt stresses them out.
Me personally, I'm all about OPM, STR cash flow and occasional flips so that I can have larger projects with even more cash flow. I'm able to compartmentalize leverage and just do the math.
If you're asking where is the cash flow- some multi-family is doing okay, in general. For me, I have horse blinders on and focus on my area. Me and my clients are getting strong cash flow and huge appreciation (appreciation is of course just a happy bi-product). There are quite a few strong STR markets right now.
Thank you very much, Chad.
I truly appreciate your prospective and guidance.
Based on my local market (I feel I do have horse blinders too), STR appears to be the way to go.
Now it is time to find some deals...
Ciao.
Post: Long-term, multi-family, flip...what to focus on as a Rookie?
- Investor
- Brigantine, NJ
- Posts 5
- Votes 0
Hello everyone,
I currently own a condo outright near the Jersey Shore and just invested on a SFH (a block away from the beach) with a conventional mortgage whereas I'm renovating and planning to flip.
However, I find myself lost in the various investing options, and although I'm definitely not victim of the analysis-paralysis, I am unable to set my sights on a specific strategy yet.
I think multi-family houses to renovate and short-term rentals would be a good way to start building wealth in my market. But questioning if I should I sell the condo I own, cash out the profit and use the proceeds to pay for a multi-family dwelling?
I appreciate any guidance and/or recommendations.
Thank you very much, ciao,
Michele
Post: How to transfer title to LLC?
- Investor
- Brigantine, NJ
- Posts 5
- Votes 0
@David M.
Thank you very much, truly appreciate your guidance. I am looking into this option.
Post: How to transfer title to LLC?
- Investor
- Brigantine, NJ
- Posts 5
- Votes 0
Thank you very much David.
This seems to be quite a long and challenging process...
Is there any "easier" way for me to keep the deed/title/mortgage the way they are and charge my LLC for all renovation costs?
posted by @David M.:
Is there any "easier" way for me to keep the deed/title/mortgage the way they are and charge my LLC for all renovation costs?
Yes, you can quit claim deed the property over.
Just be careful. make sure it doesn't invalidate your Title insurance. Update your insurance and mortgage's insurance clause. Be mindful of the Due on Sale Clause. In the very very rare situation it does get called, just be prepared to refinance. Also, consult a qualified professional or two after , or before, all this to find a way to maintain your corporate veil, the real point of having a LLC. Having this sort of "frankenstein" setup isn't conducive to protecting your corporate veil in my layman's opinion. I keep mentioning this, but nobody has rebutted. I write more about it in this thread: https://www.biggerpockets.com/...
Good luick.
Post: How to transfer title to LLC?
- Investor
- Brigantine, NJ
- Posts 5
- Votes 0
Hi everyone.
I just closed on a single family home that I’m planning to flip.
I have financed it using a conventional mortgage under my name, and I would like to transfer the title to my LLC, so I can manage the renovation through it.
* Any lead on how to conveniently transfer the tittle to the LLC?
Thank you very much in advance, ciao.
Michele