All Forum Posts by: Dylan Thomas

@Rigo V.

Challenge the appraisal.

Good to see people investing in NEPA as well. Good luck

@Tiffany Drahonovsky

If you buy it in your personal name and then try and transfer it to your LLC you will need to pay transfer taxes. These can be steep depending on the property and the value. Something to consider before purchasing this property. Ask your agent/attorney what the estimated title transfer tax will be.

Also CapX, repairs and maintenance, and vacancy are majorly important! I typical factor in 8-10% for vacancy, 5-8% for CapX, and also 5-8% for maintenance. It is IMPERATIVE to factor in these numbers when evaluating a property. Without these safety nets in place you WILL go belly up. It’s not a matter of IF repairs will happen, it’s a matter of WHEN they will happen. You need to have a decent amount of cash on hand to make repairs or upgrade your building in time. When the HVAC goes and you owe the repair man $5,000, wouldn’t it be nice to have $3,000-$4,000 in your CapX account that you’ve been saving for the past 2 years? That way you are only out of pocket a grand or so.

Summary. Over calculate for repairs and CapX. You’ll thank me in 1-5 years when you still own your building and all your major systems are replaced and good to go for another 10 years.

@Saji Ijiyemi

Congrats on your first BRRRR!

Seems like you've learned a lot through the whole process. I have experienced the same issues with my LLC and lending as well. It sucks but there's always a way around it. I put it in my personal name as well and just sucked it up to get the deal done.

@Cory Iannacone

I second what @Dennis M. said. Units look amazing! Congrats on all the success! You’ve got me rethinking my mini rehab on my Harrisburg triplex... haha

@Account Closed I second S&T bank. I was working with Katie Rittle before she went on maternity leave. I’m working with Richard Scott right now. They are both incredibly easy to work with. S&T is doing a lot of investment property loans right now. They are legit

Congrats @Eric Drum! Looks like a beautiful little townhouse! Who was the turn key provider? 

Now go get unit 2! 

@Riley Holt

If it’s a good deal you can find the money. If it’s not such a good deal the money will be harder to find.

Run the numbers. Trust the numbers. You’ve got this!

@Artur Abdullin

I’d suggest running all these numbers in the bigger pockets calculators. It’s a step by step process that’s hard to mess up. You get 5 of them for free!

Put them to good use and good luck!

@DAVE ROSA

Here’s my 2 cents. Get a nice fixed 30 year. Calculate what you would have been paying if you had gotten the 15 year mortgage. Pay that amount towards the 30 year mortgage.

And here’s why. If crap hits the fan, and you can’t rent, market crashes, ect ect you aren’t stuck with that higher mortgage payment. You can stop doubling down on the mortgage, and instead just pay that low 30 year payment.

Hope this makes sense.

@Leilah Davis

Congrats on the purchase! Let us know how everything goes!!