All Forum Posts by: Charles Carillo

@Carlos Florez

As Mike mentioned a revocable trust does not provide any asset protection. My wife and I setup our asset protection structure a while back; DM me and I can explain what we did. I am not an attorney.

@Niv Kaikov

I am an investor in Brevard; feel free to DM me and we can get on a call.

@Ian Gilligan

You could speak to a local bank or credit union about doing a portfolio loan and bring the equity partner in to fund the down payment etc. 

You could also see if the seller is open to seller financing. Explain to them that the units will require work so try and structure it where you put minimal down but agree to start rehabbing right away. For example; if they want 20% down, tell them 5%-10% but put in the contract that you for example will replace roofs, HVAC etc. within 60 days of closing. They have better collateral and you are able to utilize your funds for renovations instead of the down payment. Suggest a 3-5 year balloon with no prepayment penalty so you can get the property complete and rented and then refinance them out.

@Jerad Godefroid

I understand your position and interest only will yield more cashflow but in the first few years of an amortizing loan; you pay really minimal principal which will make the difference between interest only and amortizing payments negligible in my opinion. I would look to see which loan has lowest fees and better terms. 

@Monty McLamb

Have you reached out to local banks and credit unions? Most of them will push a 5 year term but I have previously found 25 year terms for properties I own through a local lender. The rate was higher than a 5 or 10 year balloon but the rate stays the same for the entire 25 year term. It did take me an afternoon of emailing and calling to find this lender though.

@Jamie Goldenberg

If you don't have enough capital for a traditional investor 20%-25% down payment and you will be living in the property; I would suggest a FHA loan with 3.5% down. If you do not have 3.5% for the down payment; I would focus on growing my capital before purchasing a property. You need to have the down payment and reserves when purchasing a property. There are going to be months when people pay the rent late or not at all while at the same time things break. Being under capitalized when purchasing (rental) property can be a disaster waiting to happen.

@Nicolas Narducci

We are syndicators; feel free to reach out and we can get on a call.

@Michael L. Shandler

There are a couple lenders that my foreign partners have used for purchases and I believe they offer refinancing but not aware of the terms, DM me and I can send you their info.

@Trek Kul

Did you purchase the insurance through an independent agent? If so, speak to them to see if there are any other options. Reach out to other investors in your area with similar properties and see who they use for insurance. Reach out to other independent agents and see if they have any additional carriers that your primary agent does not have.

@Michael Nevens

Have you spoken to an accountant and/or attorney in the US yet to make sure you are setup correctly prior to investing? You don't want to start purchasing properties later to find out your setup was wrong or you are over paying for taxes. DM me if you need contacts to any attorneys, lenders or accountants what work with foreign investors.