All Forum Posts by: Nicholas Weckstein

Brandon Phillips I have, I was 18, decided to open a carpet cleaning business LOL. Bad idea that was. Anyway, I used legal Zoom. And while they make it "easy" they don't make it cheap. I believe the cost was around $700-$800. Honestly after doing it, talking with an older friend who had done it before, it's something you could probably do on your own for around $200. From what he said it wasn't as difficult as one might think. Just a matter of if you want to take the time to do it yourself. Legal zoom doesn't do it all for you either. You still have to "publish" your LLC in a local paper. They send you a list of what needs to be done, they send you a binder with info and your LLC stamp. Idk all and all if I'm doing it again I would at least attempt to do it on my own. Just my 2 cents. Best of luck.

The Wilkes barre Scranton area is great. Low price of entry. Great cash flow. Just gotta know what to look for ! Also much closer. I'm from Nassau county it's about 3 hours away.

*seller finance

Howard C would you owner finance ?

Maritza Soto I have a friend who owns a title company. I tried to send you a private message but couldn't. If you want me to get you in contact with him shoot me a PM.

Steve K. Wow ! Okay so that's what I was missing. When your putting in that 25k in that scenario, you can take that off the purchase price or should I say the amount financed. So when you cash out refinance you have skin in the game i.e. 25% equity. And when you pay off your hard money lender the difference should be the down payment you put in which then leaves you with the money to do this again. Thank you very much for detailing that out for me. Now that I look into it I'm quite upset because I passed up on a property that I was going to buy all cash but decided not to. It was the exact scenario. Could have gotten the property under contract at 40k. Would have needed approx 35k and ARV would have been 100-110k. Well now that I understand this better I can really start to scope out deals.

I was just reading a post on here about the BRRRR method. It got me thinking. I need to understand how it works better. I know what it stands for and I get the process but I could use some clarification. So you buy a property at say 45k ARV is 100k The rehab is going to cost 30k Hard money lender lends on a 75% LTV So it would mean you need 25k out of pocket for a down payment if the ARV is 100k. Plus closing costs. You finish the rehab. You cash out refi 75% and take your 75k. After paying back the hard money lender 40k purchase price, and 35k rehab....your left with 0$ and a property with a mortgage. What am I missing lol. Also what about the issue with DTI. At some point your DTI would be o high to continue refinancing. I guess that's when you just sell for a profit and just flip until your doing it with all your cash ?

Wow , so sorry for all the horrible typos. Did that on my phone. Autocorrect seemed to have get the better of me.

I often think about this as well. In my mind it goes something like this. Buy a place for cash. Say it's 60k. You rehab and be in 30k place is worth 100-110k. Your in for 90k. Cash out refinance 75% so for the sake of this day that is 75k and then continue to do it. Yeah you'd probably need to get bridge financing or short term hard money. But I do see the dilemma here. You have to keep in mind your DTI ratio. Because if you buy the place for cash and go to refinance but can't due to DTI well then your money is stuck. I guess the best you can do. Is just pre calculate and try to get a rough idea when u are evaluating the deal if it will allow you to refi and keep going. I'm with you though, I see people adding 5-10-20 doors a year. It's crazy.

Chris K. I did decide to go with your advice. I'm searching for a good lawyer that won't cost me an arm and a leg. I went to the court house and tried to do it myself. I see what you mean. I printed and brought with me all the forms needed. But as you stated, their is no actual complaint form. So I looked at templates from other people who filed them. For me it wasn't worth the risk. If I type one thing wrong, don't use the proper wording, it could all get thrown out. A shame it has to be so complicated but oh well, it's a learning process. Thanks again. Any recommendations ? Wilkes barre area