All Forum Posts by: Brian Plajer

Thanks Brent! Yes, I sort of answered my question but to do another 5-10 deals the HELOC won't cut it. I'm trying to learn more about other options that don't involve borrowing money from Friends and Family. I love the podcasts and do find them super helpful

thanks Damon, that makes sense and next year will be the first year we do a tax return with the LLC so that is an important factor.

thanks, that is my understanding of the benefit, as well. I just can't imagine some of the larger volume investors have an LLC for every property.

Investment Info:

Condo buy & hold investment in Charlotte.

Purchase price: $160,000
Cash invested: $40,000

Two BR, two Bath Condo in great growing area of Charlotte NC.

What made you interested in investing in this type of deal?

My Brother in law and his wife live in Charlotte NC and the area is really seeing an influx of people and business. The rents are comparable to the Philly Suburbs, where we live, however the properties are cheaper so the numbers made sense.

How did you find this deal and how did you negotiate it?

Found when visiting family. Negotiated the price and moved forward

How did you finance this deal?

Used Heloc for down payment

How did you add value to the deal?

Immediately updated kitchen counters and some flooring and minor repairs.

What was the outcome?

found a renter fairly quickly for $1300/month

Lessons learned? Challenges?

Negotiate assuming the old A/C unit will die...like our did.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Eric Madara is our agent and he helps us find deals. Yes, I do recommend Eirc

Hello,

My wife and I have three condo's in Charlotte, NC. We have them all under one LLC equal partners (25% each) with my brother-in -law and his wife. We just set up the LLC last year (properties purchased within the last three years) and a friend said its safer to have each property in its own LLC? Wondering what other opinions are as we hope to add additional properties (not condo's) in the future. Thanks

Thanks Joe! I  definitely need to put more emphasis on cash flows in the future.

I wish I could find properties that would provide that kind of cashflow. I’d try to buy them all day long. Hard to find those properties in Chalflont PA

Thanks Austen, small world, I’m from Chalfont Pa. 

Hello everyone,

I just found the bigger pockets podcast and joined. I’ve  been loving the content. I have been using a Heloc to purchase a few properties because I don’t have a load of cash. I understand the numbers will sort of dictate the answer and in general is a heloc a good method to finance down payments for properties? Thanks, Brian