All Forum Posts by: David Roe

@Myka Artis

2 bed 1 bath with one bed as a walk through from the living room

@Michael Craven

Our house hack in Clayton makes $2-4,000 gross right now.

@Jeremy Hackenberg

Kettering near the hospital and golf course and 5 min from UD and Oregon

@Linda Labbe

Thank You! And good luck!

Well least now I know.  it was at least worth the question and opportunity to learn something 

Investment Info:

Single-family residence buy & hold investment in Dayton.

Purchase price: $30,000
Cash invested: $31,000

Shotgun house in great area of town. Close to Hospital, Golf Course, Downtown shopping/drinking etc...
Paid $30,000. Rehab $31,000 ARV appraised @ 96,000 75% LTV Cash out = $70,000
Furnishing the place currently to rent as an Airbnb short stay rental. Should make about $1600 a month average gross. Will update numbers as I rent it. I still need to furnish, landscape, and list it but I'm 95% done

I have an LLC but could easily make an LLC for doing this, and yes my lawyer does the LLCs for me i don't/wouldn't build them myself.

It is hypothetical, But also would consider it. I make great money full time with my W2 Job, also have a lot going out for expenses. I am always looking for ways to leverage deals and haven't seen anyone do this yet. I don't care about making profit on a BRRRR only the long term hold, so a whole-saler is looking for that quick profit. If i partnered with a / or more than one whole saler that would find the deals, purchase them, I rehab them and refinance them into only my own name and they take the full cash out (purchase,rehab,profit) and i just get the property and equity tied up, I would be 100% happy with that. The benefit the other person gets is a larger return on the investment and no capital gains.

@Lance Lvovsky

No, so if a partner with purchase capital buys a house and we title in LLC or title in both our names. (30k)

I pay and manage rehab work. (15k)

I apply for refinancing in my name only with cash out at closing.

House apprised (100k)

75% LTV (75k) cash out at closing

Total profits on cash out is (30k)

But the house was never sold only his name removed off title at closing on the refinancing.

If two people are on title of a free and clear house. After rehab and refinancing and closing the house is titled into one of the two people at the refinancing. There’s no capital gain shown due to it being a cash out refi right? The removed person have to pay any since they are no longer on title? Anyone done this? I have heard about it just haven’t done it. Any issues?