All Forum Posts by: Donald S.

thanks Dave and Russ. I'm going to to ahead and make a contingent offer. I know people say your should be embarrassed by how low you're offering, but on a ask price of 94k, my max offer being 83k, any suggestions for a starting offer? I was thinking 75k? Or is that not embarrassing enough?

I'm looking at a property that has great numbers based on my estimates, but no pictures of the place, and very little description. The seller won't allow viewing without an accepted offer (I'd make it contingent obviously). My question is, since I'm new is it worth it to make an offer based on my numbers projection alone? The property is being offered at about 50%ARV.

I've analyzed it as a flip and brrrr, and they both look good with conservative estimates. 

Thoughts? This would be my first rental property.

well there's plenty of great places to eat here, ill look forward to seeing you at the January meetup. It's not mine though, Megan Greathouse set it up. 

oh yeah, 5pm till 7 I think. Check out the meet up page, there's an event in there. 

Hey Scott,  welcome to BP. There's a meetup next Thursday, Dec 28th in St Louis if you want to come. I know around 15 to 20 people show up, and at least 2 of us are Marines so you'll be right at home. It's at Heavy Riff Brewing co in Dogtown.

thanks that makes more sense now. You be clear, if I buy with hard money in my LLC, I can refi into a conventional, can I refi and keep it in the LLC? If I'm a single member LLC.

Sorry can you break that down dummy style for me? I was under the impression that Fannie loans couldn't be held by LLC's, only natural entities.

I'm going to echo what Brent said. Cap rate won't apply until you get into commercial property and 5+ unit homes (Which is considered commercial).

If you can not afford more than 20% down for a conventional loan, would you have enough for closing costs, holding costs (if you're doing a BRRRR), 6 months of payments on the loan, and reserves? There's ways to get around some of that, like partners, but just make sure it's all planned for.

Good luck and welcome to BP!

Hey Megan might wanna change the location at the top from New York to St. Louis?

 thank you Kiley that's a great perspective,  I never thought of it like that.