All Forum Posts by: Eric Fernandes

Most big banks won’t refinance to a LLC. You can get around this requirement by talking with the portfolio lender of banks however. Portfolio lenders are lending the banks’ own money versus selling the loan to Freddie Mac/Fannie Mae so they have a lot more flexibility and can loan to LLCs if they decide to. Also, smaller community banks and credit unions are more likely to refinance a property titled under a LLC. You also could retitle the property to yourself instead of a LLC if you’re having trouble finding a portfolio lender or credit union willing to work with you. Hope this helps!

@Garrott Nalle Thanks Garrott! Glad to be here. I'll let you know when I'm back in the good ole' LBK!

@Gabriel Amedee - That's some great advice Gabe and that's probably the route I will take. I understand that I will not be able to be first call on some of the *best* deals, but even some of these leftovers may make sense to me with my numbers. Eventually I hope to build a good enough reputation like you suggest which will allow me to be one of their primary contacts. But your suggestion of analyzing deals that I'm getting through mass marketing from wholesalers is really a great strategy to find out which wholesalers are for real and not. It will save me tons of time in the future. Thank you.

@Anna Buffkin I am single. That's another reason why it's a challenge for me to find deals and analyze. It's great you and your husband have a team put together that can make deals happen! Win-Win for you both! 

@Nancy Diaz I am currently only operating in West Texas but maybe in the future! I'll keep you in mind!

Thank all of you for the advice and taking the time to help!

 Happy Investing and Good Luck!

@Monique Rene Coates - Thank you for that advice. I have keep scouring Loopnet as well for 2-4 unit multi-families as I am interested in them as well if the numbers work. 

@Brent Coombs - My intentions are to build up a portfolio of properties for rental income. I currently own one property I am in the process of rehabbing and then renting out next year and I am looking for ways to get connected with wholesalers for my next deals. 

I was able to luck out and find my current property through the MLS that still made sense. (1.5% rental rate and est. 11% cash on cash returns). I still plan on running the numbers myself, however, it would seem advantageous to get on some wholesaler's network to get the deals that are somehow leftover and still make sense with my numbers.

Thank you for both of your advice and answers! Appreciate it.

Hey everyone!

Here's my situation - I typically work 90-110 hours per week, 21 days on/7 days off at my day job. I don't have much time for marketing and finding deals off-market for the majority of the month. Working with a wholesaler seems to be a perfect solution for me. 

I know we all have seen the "bandit signs" on the telephone posts on the corner advertising that "We Buy Homes"! My question is - do you think calling these signs as an investor looking for deals, not someone looking to sell, is a good way to find a wholesaler and off-market deals? Or should I use other methods. 

I did find a REIA in my local area, but again, with my work schedule I am typically unable to attend the meet-ups.

Any advice is appreciated.

Thank you!

@Bruce Lynn Thank you for the advice! 

I am quite a stickler on lawn/general curb appearance of my home so that is something I need to consider when renting. Most likely I will provide landscaping service as part of the lease so I know it gets done properly (Plus, then I know I'll have a trusted eye over at the property ever week or so letting me know if something doesn't look right!)

Writing down ideas is a sure way on making sure goals get done!!

For me, I'm keeping it simple. 

-Finish remodel/rehab on my first property that I bought this year (Currently living in it)

-Buy second property closer to my job that I will buy and house hack with an additional roommate. 

-Rent out first property

Good luck in 2018!

Looks like a great deal! Beautiful remodeled units as well! 

I've been thinking about BRRRR'ing my first property as well and you addressed some of my fears and concerns I had, namely re-financing. It's interesting learning about some of the issues regarding LLC's. Did the community banks/credit unions not use Fannie/Freddie backed mortgages? How did their rules allow you to hold the property in an LLC? I'm interested because I want to eventually have my properties in an LLC and this is an issue I did not know about.

Anyway, thanks for sharing and letting a newbie like me learn from some of the issues and experiences you had!

Hey everyone! I am a 27 year old Real Estate Investor living in West Texas in the Permian Basin. I graduated from Texas Tech in 2014 and have been working in the Oil & Gas industry since then. I work quite a bit of hours in my current job (Typically 21 days in a row with 7 days off, averaging 95-110 hours/week), but have lots of downtime at work where I can read books, learn about real estate and practice running the numbers on deals I find on the listings.

 I bought my first property this year at the age of 26 after growing tired of paying rent every month so someone else could pay their mortgage and cash flow off of me. It's a 1950's Ranch Style 4bdrm/1ba home in the small town of Crane, just south of Odessa,TX. I plan on adding a bathroom and doing a few other renovations before renting it out by Q4 of next year while moving onto my next property to buy, live in and house hack. After my 2nd property purchase next year, which I plan to live in for a while, I want to move onto multi-family investing. 

My ultimate goal is be financially free by the age of 33. I bought my first property in 2017, 2nd property will be in 2018 and by 2019 I want to be buying 2-3 properties a year, gradually moving up in value and into multi-family. If I have to sell any of my earlier bought properties to enter into a 1031 to "Go Big" (As Grant Cardone said, a huge influence), I will do that as well.

One of my values in real estate is to improve the areas I will operate in. My father always told me to pay special attention to landscaping, because if you take care of your lawn, the neighbors will notice and want to improve their lawn as well and everyone benefits from a nicer looking neighborhood.

I still hold that same philosophy today. With my first property, I've added trees, plant beds and improved the lawn. I've received numerous compliments from neighbors about the improvements. This is my goal - to provide real value for neighborhoods and communities. Compensation from providing this value is how I plan to be financially free.