All Forum Posts by: Becca F.

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

@Moira Baggett This is what I did also. I bought an umbrella a policy. I called my lender on my first rental property about 2 yers ago about having it under an LLC. They said I would need to refinance it. Other investors I've known with anywhere from 1 to 5 rental properties said they didn't do LLCs. They said the filing taxes and the paperwork associated with LLCs would be complicated and expensive. There's no way I'd refinance a property now to a higher interest rate. I have 2 rentals now solely owned by me with a possible third rental (trying to sell this property right now) and another multi-unit co-owned with four other people. I'm wondering if umbrella policies offer enough protection over LLCs. Also do I have to get a separate LLC for each property?