All Forum Posts by: George Lods

@Ayano Itoh Sounds great and thank you. I would love to hear what feedback you get! 

@Susan Maneck yes, that's another strategy. Thanks for reminding me! 

@Jason Marino the Statutory Trust is a great tip and I forgot about that. Thanks for that nugget. I will definitely investigate! 

@Marc Stevenson that's exactly the conclusion I am coming to if I go that route. Thank you! 

@Aaron Byrne thanks for your reply and the link. Yes, this topic is definitely about as clear as muddy water to navigate w/out a professional it seems. Hoping to exclude CA tax board hands from the cookie jar but if I must then I guess my hands are tied. 

Hi everyone! We are finally starting our journey and have a question to those that may be knowledgable to this already. We live and work in California but plan on investing in Mississippi. Can we setup the business LLC in Ms (and not register anything w/ Ca) since Ms is where the properties will be? Or do we have to register LLC in Ca or both Ca and Ms? I searched the almighty google and see mostly the opposite of what we are doing (foreign LLC). And of course we will confirm with a professional in the end but wanted to ask those that may have already travelled down this road before us. Thanks for your replies.

@Demetrius Mathis maybe if you can find the right contractor (a friend, a cousin lol) but I just ran the numbers for a "build to rent" (duplex) in Hattiesburg Ms just south of you and price to build was quoted at 110-120/sqft and that's not even considering moderate to high end material. To just hit the 1% rule I would need 100/sqft or less and would want at least quartz countertops not formica as just like you I'm targeting a diff kind of tenant. Prices to build seem high right now in South Ms compared to before. I'm guessing due to low mortgage interest rates and more builds therefor driving demand up for new construction. If you can find the right contractor or are ok with less than 1% rule you can probably get it done. Good luck and let us know how it goes! 

@Dave Poeppelmeier

That’s awesome and congratulations!!!

I am in the same boat. As a Registered Nurse I’m beyond being over the current healthcare system and the way it is ran today. I have your exact plan, one door at a time until I reach that freedom number and it will be deuces ✌🏼to the Hospital and w-2 life!

@Lien Vuong thanks and I totally agree. I believe I will be staying with the first lender for the mere sake of not having to start all of the paperwork over again!

@Moises R Cosme thanks and I did end up having a convo w/ the first mortg agent and he wasn't defensive as I had feared. He simply stated he would match whatever the second offer proposed. Which leads into the point @Wayne Brooks brought up which is fees. The 2.49% came with an additional cost of $2500 at close and in doing the math, the lower rate would save me  a whopping $17.29 a month lol. That would take me about 12 yrs to recover that 2500. Heck I can make way more than 17 bucks in just 5 min doing day trading with that same 2500! Thanks for the response guys!

Hi everyone! Need some advice. I was working on a refi of our primary residence and now thinking of backing out but not sure if I can legally. I would think its possible but I don't want the lender to bluff me with fees and penalties to stay if I can legally walk. Basically we signed approx the 30'ish pages that say this will be your rate, %, term and payment etc. We haven't made it to closing nor has any money changed hands. Its been in the works for 5-6 wks now, prob delayed due to covid, but just today we received a better offer at 2.49%. The company Im thinking of walking away from is offering 2.75% (my current rate 3.25%). TIA!

@Breelon Bryant yes I agree driving for dollars is a great strategy I wish I could employ there. I'm originally from Poplarville just South of Hburg so I know the area well. Its just been difficult to find properties there from long distance where I can be 80% all in LTV. I know it's not impossible, it's just been difficult. I have come across some deals that meet the 1% rule but not necessarily giving me a decent amount of equity in the deal which is something I may need to give up on. I may need to switch my strategy and not focus so much on a homerun deal and just settle for an ok deal.

@Breelon Bryant that's awesome you found a property in Hburg! Ive been looking there since last fall and haven't found anything (mls, fb, craigslist). One thing that hurts me is Im only looking for MFH properties West of 49 (but have considered SFH too if the deal is right). Every time I think I have found something it ends up being on Section 16th Land. I also reached out to that Facebook group mentioned above and some wholesalers asking to be added to their email list and I got nothing but crickets, so much so that I have started searching other markets.

Good luck with your property there and future ones also!