All Forum Posts by: Cole Raiford

@AJ H. I use Community Bank in MS and invest in MS. Not sure if they lend elsewhere or not.

@Jordan Murrell You don’t have a seasoning period for delayed financing. You can refi it right after closing.

I got your PM and we can discuss further.

@Jordan Murrell I've used delayed financing several times with no issues. We were able to find it at local or regional banks in our area pretty easily. My bank will finance at 75% of the purchase price or 75% of the appraised value, whichever is lower. I rehab the property then refi it so that the appraisal is based on ARV not the as-purchased condition.

Also, you can include the cost of repairs in your HUD at closing if you have a contractor on board that you trust enough to pay up front. The contractor will be paid at closing so that puts the rehab cost in your purchase price. It allows you to finance 75% of the higher purchase price and recoup more/all of your money. Absolutely do not do this with a contractor that you don't know and trust very well.

Good luck!

Question for you guys.... Can you require your tenants to have renters insurance? Can this be included in your lease?

I’ll kick this dead horse I guess...

I don't have an LLC and instead I got a good umbrella policy. LLC's do have benefits if you set them up and manage them correctly, but more often than not they can be pierced. Additionally, loans to an LLC are difficult and transferring property to an LLC from your personal name has some risk related to the loan being called. These are acceptable risks to take for many. Ultimately it ends up being a personal preference.

@Simon Obas on google like Owen said, on BP, etc.

@Victor Oben I'd suggest finding off market via wholesalers or by doing your own off market work. Finding something on the MLS is a tough.

@Justin Robinson-Howe yes you have to do this to ensure you can cover all expenses and still maintain cash flow.

@Daman Gandhi one tenant didn’t pay in April then skipped town. All others have paid to date. Not bad all things considered.

@Mike S. Agree with you that there are ways to structure it to prevent basic exposure of ownership. What most folks on here say is they have a basic LLC for holding a property or two and they think they are fully protected and anonymous and that isn't the case.