All Forum Posts by: Varinder Kumar

I am having a similar issue with Nevada. I created a LLC through legal zoom and the name of my LLC has the word investments behind it so legal zoom is telling me i need consent from the mortgage lending division in the state of Nevada, apparently "investments" represents mortgage lending as well. I just want some clarification on this, I am investing in notes and maybe rentals. Do i need consent from them in case i do mortgage lending and am not licensed to do it? Please advise. Thank in advance.

I created a LLC through legal zoom and the name of my LLC has the word investments behind it so legal zoom is telling me i need consent from the mortgage lending division in the state of Nevada, apparently "investments" represents mortgage lending as well. I just want some clarification on this, I am investing in notes and maybe rentals. Do i need consent from them in case i do mortgage lending and am not licensed to do it? Please advise. Thank in advance.

@Steve Hodgdon 

Thanks for sharing. What is the as is value? is that the assessed value? as a part of the due diligence process i try to run comps and get a as is value with no rehab in case i need to exit via foreclosure and fast sale i know how much profit there is to be made. also what state did you open your LLC in? and how much did Harbour charge you for the note eg. desk fee? just curious. also for boarding the loan you might want to look into Richmond-Monroe for custodial serives, doc prep for AOMs and Allonges, file audits, and missing docs in collateral file, Richmond is better and FCI. There really is no other way to learn it until you do it and go through it. Notes give you alot of exit strategies which makes it a safer investment in my opinion never the less you should still do your due diligence and have a balanced budget sheet. Feel free to contact me if you have any questions. Good luck

Great investment opportunity! ARV is $80-90k. Rehab around $10-15k. nice neighborhood. Please contact for further details.

Hey Jonathan,

Hope all is well! I too have been looking into some development potentials in that area. A lot of land is being bought out there right now by major companies to develop communities. I have family that lives out there and visited this past weekend and that place has really turned around. Lake Elsinore is nicely developed but still has a lot of land available. That market caters to a diverse group of people alot of which work out side of town. median home prices are $302k right now. PM to discuss further, id like to hear what your thinking about doing out there.

@Isamar Mercado

I too am interested in getting into container homes. There is a website where you can find information on them, its actually a whole community of people with like interests. The website is http://cargocontainerhome101.com/ i believe you will find ample amounts of information here. My goal is to get into purchasing multifamily container homes 4 units or so and buying land and having them placed there. So far i have found a studio for $35k excluding taxes and delivery. I am going to start by putting one in the back yard at my current rental. With the ADU laws in california its now easier to build additional dwelling units in CA. You might also want to look into this, its the ADU laws easing restrictions on people wanting to build an extra unit on their property. There are some guidelines you have to follow for example it must be within 2 miles of a walking distance from a bus stop. Feel free pm me if you would like to discuss ideas on this subject. Good luck! 

I would not use a HELOC. Personally i believe in having free and clear rentals. If your close to paying off your current property i would pay it off. There are other niches of REI that you can utilize to raise capitol for additional rentals/properties, example: flipping properties, note investing, lease options. The BRRR strategy which you will hear a lot about on here sounds good and all and a lot of people practice it but personally for me I would rather work on paying off properties than occurring more debt. But to each is own,

As far as a LLC is concerned i would open the LLC in that state since that state has their own laws and regulations. For example if you open a LLC in Nevada but your business if located in Colorado then Colorado will have you "re-register" as whats called a foreign corporation (a company that was not originally incorporated in Colorado) "foreign corporation" or LLC will subject you to all the same taxes and fees as an in-state company. So you will probably have not avoided any taxes or fees, plus there is the added expense of registering as a "foreign corporation" in your home state and any annual fees in both states.

Hope this helps. Good luck

I am looking to purchase a triplex. Its listed at a very attractive price of $499,000 in southern california, and the area is going for $650,000-$700,000. The property does need some work, it looks like someone started the rehab process on it and left off in the middle of it. I already own a SFR which i did a 5% conventional loan on, which is as owner occupied for the moment. I would like to purchase this is triplex using the 203k loan option. My credit score is about 740. No debt. No payments on anything except my mortgage on my current SFR. By the looks of the property it should not cost more than $35k to fix the place its mostly cosmetic. Can anyone please advise on using the 203k loan option.

For the location this property should receive about $2100 a month per door.

If you guys need additional info i can provide it. I cant think of anything else to list on here. Thanks in advance. 

There is an abandoned house on my friends street. She says its been bonded for 30 years now. The owner was this old man who recently past away, the son cam back and lived there about two years a couple years ago and has since left out of state. The home is falling apart and I would like to know how I can get in touch with someone so I can buy this thing and flip it. Would the city be of any help? There are no tax records online and verified.com does not have anything on it either other than the address. I feel this is a diamond in the rough. I am in California. Please advise. Thank you all in advance!