All Forum Posts by: Curtis N.

I wouldn't say having time each day to read BP is a total waste. You should be posting and helping others not to mention educating yourself.

If you have the cash, look at making secured loans to other rehabbers as you suggested. Since you have the time to go and check up on them that should make it a relatively safe investment for you.

Hey Taylor, I'll also post my response here that I put on your blog post.

I would be careful about assuming half of his debt from the Fortune Builders program. This is his personal debt and should stay that way, IMO. Like you said, he has his list of pros and you have yours. That should be enough to agree on a partnership for him, without throwing in having you pay off half his debt.

Not to mention, I have experience with starting a business as a partnership. It's less than glamorous. Maybe you could consider a joint-venture type setup instead of actually forming a business together. That way you get to make the decisions about the direction your company goes, and not to mention you can keep the name :)

I second this. Checkout the streamline program. It was super easy, the only downside it had for me was FHA had upped both the MIP and upfront MIP so it unfortunately cancelled out a lot of our savings because our previous loan was made on the lower rates. It was still worth it, though.

Awesome! I've been waiting for something like this. I have a spreadsheet but it would be nice to have something easily accessible on the web. I'll be patiently waiting for the rental calculator!

I've looked into this exact question several times. Unless you want to pay higher rates, you can't get the loan issued directly to the LLC. You can transfer into the LLC like you mentioned, but you technically are triggering the "due on sale" clause in the loan. At that point the bank could make the balance of the loan due. It doesn't seem this is very likely if you keep paying on it, but YMMV.

The other option is an umbrella liability policy to cover all of your assets. I plan on going this route because it seems simpler and the policies are so cheap, I was planning on doing it anyways even with the LLC.

Hi Joe Kato - what breed of dog?

You most likely can't be held liable unless you knew before this happened that the dog was dangerous and you still allowed it to stay. You already took the correct step in removing the dog after the incident.

But just for future, make sure you carry liability insurance to protect you and all of your assets.

Mehran Kamari - I would love to do a JV with them as it would probably be more lucrative for me but unfortunately his numbers are so tight I can't do much better. The good thing is that he is very reliable and prices his houses very aggressively so they usually sell within 1-3 days. Then I get my return and we will do another deal which generates another origination fee (point). Working with him also gives me the opportunity to learn from him, although I haven't had much time to do that yet.

In my position - What terms would you go for on a JV with a guy like this?

Hard to find "untapped" markets these days but there are quite a few that have unique economies that make for less appreciation which tends to mean they have less of a bubble. If appreciation is a large part of your buy and hold strategy, however, these markets may not be the best option.

Great post. Looking forward to responses. I personally just went the lending route with a chunk of my cash. I couldn't find deals that I thought made sense in my main market so instead of overpaying I did a short term loan to a reputable rehabber. Even this reputable rehabber is only making about 10% profit or less on his deals. They're just doing 5-7 deals a month instead of 2-3.

There are still markets that cash flow, granted not as greatly as 4 years ago. Are you mainly investing in 1 market? Have you looked into other (less glamorous) markets?

Start reading as much as you can and from that you'll quickly learn what your options are. It will greatly depend on your interests, how much spare time you have, and what type of funds you have access to.

I had been in the analysis-paralysis stage of investing for the last few months but have recently started to pull the trigger on several things. I made my first short-term private loan a few weeks ago and I am currently working on a short-sale in Central VA right now. I am also working on buying my first rental property in the midwest but I haven't been able to focus on that enough and have been spinning my wheels.

The best piece of advice that worked for me was to always identify what your next step is to keep progress moving. If you have bad credit and need to fix it before you can invest, focus all your energy on that. If you want to wholesale but need deals, marketing should be your focus. Etc, etc. Otherwise it's easy to have your head spinning and just get overwhelmed. That's how most people end up not pulling the trigger.

Nice idea Ned! (No @ needed) luckily you have somewhat of a unique name. Unfortunately all my alerts are used up with my free account. Maybe I'll upgrade at some point...

Oh and you sort of made another point with your post, too. Quoting someone is another way of "mentioning" them so they get alerted. I would always do that back before there was an iphone app since the @ mentions didn't work but that did.