All Forum Posts by: Cory Miller

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $186,000
Cash invested: $70,000

Purchased this unit through creative strategy, (sub-to) current is an Airbnb in Baltimore. MD

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

Live in the area and owned a profitable unit nearby

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

A client whom wanted to sell her home but was under water due to needed repairs vs current market condition

How did you finance this deal?

Create deal with seller. Subto

How did you add value to the deal?

Force equity through rehab

What was the outcome?

Profitable airbnb

Lessons learned? Challenges?

Always present alternative options

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

No, I am an Agent and there was no loan

Guys, if you would suggest an awesome Handyman Type who's reliable in the MD area that would be awesome.  I have clients all the time that need work either for themselves to enjoy or to prep their home for the Market.  I would love a couple more trusted resources that I could refer them too.  Thanks so much

Hi Garrett, Thanks so much for this advice.  Will look into this.  I'm currently in this process with a lender and my rate is 5.65 and closing cost are a little over 10K.  I already paid $650.00 for an appraisal. Still not too late to check another option I believe.  

Hello guys I’m looking for some options in cash out refinancing RealEstate that I own any more creative. I’m thinking promissory note to (Investor) etc.  Or somewhere along those lines. Just want to know my options and make the best decision. Thanks

Hi Johnathan, thanks for your response. I have not heard of the DSCR Loan. I will certainly look into this. Ive started the process of cash out refi and it's going back into my name to do this. They are still in the document review stage and have not yet ordered appraisal. I see you are in CA, I'm in MD, do you have a recommendation for someone that can do this DSCR. I'm actually going to call my Lender today to and mention this

Joshua, With the VA loan your down payment should be zero down, and you may be able to waive you VA funding Fee. Just ask different lenders. As far as closing cost, you could possible help the Seller to help you by offering above list dollar for dollar too match what the estimated closing cost would be. Best course of action I believe is to shop lenders that are very familiar with the VA process and get an Agent that can negotiate at a high level.

Hi guys.  I have a property that I purchased and improved, all cash in September/October 2021.  The property functions as a short term rental, to nurses with longer contracts and airbnb in between.  The property has been making great cash flowing great and now I'd like to refinance and, cash out and buy more Real Estate.  Seems simple but here is my dilemma.

I'm a Real Estate agent and I purchased the property in the same LLC Single member Entity as my Agent Income. Since purchasing this property I created another LLC with 2 members, my wife and I. I intend for that LLC to be for my investment properties. I'd like to retitle this property into my Investment LLC which I am being told is a problem because the Investment LLC is not a sole member like the Agent LLC. I even had a Lender tell me that I should start another LLC that I am the sole member of to do a retitle. Just not sure if that is the best decision. I can retitle into my personal name with no issue or excessive transfer tax fees but I'd rather not have the property in my name. I'm still speaking with title companies, lenders etc to try and figure out the best course of action but I wanted to see what you guys thought as well. Thanks in advance for your help.

Hi Mike.  Congrats on the Units.  Thats a big deal.  I understand your concern.  My suggestion is that if you are able to furnish a couple of those units for short term, maybe airbnb, vrbo or even traveling nurses with longer contracts, you could off-set the hit that you could possible sustain from potential vacancies.  You might even find that it's beneficial to try this concept now while you do have the vacancy to see if it might be something that sticks for your business

Hi, In my experience, Lenders typically only ask for the lease agreement.  As long as you can provide this, then what's actually going on with your tenant is between you and that person.  I'd just make certain that I can afford the upcoming mortgage without the income from that property.