All Forum Posts by: Bernard Davis

Do you happen to know if ordinance extends just outside of South Haven, in Bangor. 

Quote from @Eudith Vacio:

Hey @Bernard Davis - I have units in an LLC - you should definitely speak with a mortgage broker on this matter because you can go both ways but of course the liabilities look different. I have an insurance broker if you need someone. He's highly educational and will go to great detail on what your options will be.

@Eudith Vacio, thank you and yes please conmect me. 

Hello everyone. I ( my LLC that is co-owned 50-50 by my wife and myself) am the new owner of a 2br 1.5 bath 1000 sq. ft. condo that is rented. I believe that because it's owned by the LLC I need a commercial policy, can anyone confirm this point?

Also any leads on good options for the type of policy I need or any idea year, how much I should expect to pay?

I currently have 1 quote from American Family who we use for our personal home and cars, but I'm having problems finding another carrier who will issue a policy for LLC.

Thanks

Anyone have any info on STRs in Bangor,  about 12 minutes outside of South Haven. Have 8 acres with a private lake that i want to take advantage of.  

Thanks

Quote from @Kevin Woodard:

@Bernard Davis In terms of timeline, what are you looking for? I would expect your average DSCR loan to close in 30 days.

The sooner the better, as I’d like to have cash on hand for some other deals, either using future rental loans of via a couple of hard money lenders that I will have to put down as much as 20% down.

Thanks

I should add that I'm purchasing these properties in my LLC ‘s name. I'm not sure how/if that impacts my path much.

Thanks

Greetings.

I’m in in process of closing on my first investment property, a condo that I am keeping for cash flow.

I purchased the unit in cash for 60k and it has a tenant whose staying put @ 1000 per month.

Expenses including vacancy and such are $350 per month.

ARV as is is about 85K and could rise to 100k with 7-10K in upgrades

I want to be able to pull out as much of my initial cash as possible for other deals.

I've looked at DSCR, HELOC, etc., but I'm not sure of the best and quickest method.

Thanks In advance for all of your input.

Jonathan, I am looking in the Glenwood/Homewood/Hazel Crest areas primarily at the moment.  Im looking at a few flip opportunities, but in most cases I think if I can cashflow $500+ per month per deal, I'm likely to want to hold them for 10+ years.

Thanks

Thanks John. yes that is the plan to purchase up to 4-5 units. I also may be acquiring (free and clear) a property near South Haven Michigan (4BR, 3 Bath on 8 acres with private lake) that I would do as a STR.

I've been investigating and I think a HELOC would be the best route as this first unit was purchased at 25K-40K below value and there is no mortgage.. If so I should be able to get similar units with similar cash flow.

I'm in a similar situation with my first investment property.  It has a 5 year tenant who per the seller has been an excellent tenant.  Fortunately the seller has been transparent with the tenant and I've had an opportunity to meet them when initially viewing the unit and also during the property inspection.  One dynamic that forces me to have a formal conversation is the fact that she's paying 30-35% below market  rent and at the end her lease, it will be increasing and I would like to prepare them accordingly.  That said I understand that there will also be a tradeoff for the cost of things that I would need to do  in six months (when the lease ends) vs the difference of increased rent.  It's also a situation where the tenant had the first opportunity to purchase the property but was not able to do so. 

All in all I would say that over communication from the sellers standpoint and then form one, to the tenant is key.