All Forum Posts by: Isiah Ferguson

@Dan Bryskin Good points. I think it make more sense to walk through with the inspector first to see what wrong with the property. Secondly, walk through with an GC to give me an estimats of my scope of work. I don't want the same person fixing the problem the (GC), telling me what problems i have with the house. That person can be making stuff up along the way. If i have the inspection papers, i can see exactly what's wrong with the property and them get estimates from at lease 4 GC to get the best numbers for my budget for the scope of work.

@Rolanda Eldridge Thank you for the feedback. I will most definitley have some people in place before i start searching for properties. 

@Joe Villeneuve Great insight. "mirocmarket" ? And also of course you base your ARV off of the comps recently sold in the area. How do you make sure you get your appraisal to match the ARV ? So when you refniance, you will get a certain percentage of the ARV # ?

@Dan Bryskin I've heard this in a seminar once before. I will not violate the due on sale clause. Currently, my property i have free and clear is under an LLC and also just filed my taxes through the same LLC with an CPA. I couldn't get no advisement with the CPA because he is not familiar with Real estate investors. I still stayed with him because things was kinda last minute. As far as I know i did the basic taxes under a LLC and wrote off as much as I can. I spoke to a few banks and mortgage companies, they mentioned to me to transfer the property into my own name and that's the only way their able the refinance my property. WHY is that ? Once I free up my cash and move forward with the BRRRR, you think i should puchase and rehab all properties under my personal name ?

@Kyle McCorkel Okay, I get it. It'll definitely make more sense to work with a CPA that has experience working with investors.  

@Curtis Harvey Thanks. I already have a LLC but I'm interested in puttting my properties into a trust. I want to make an S corp, put the Trust into the S corp, and make myself the benficiary of the Trust. Are you familiar with that setup ? Also should i have the inspector walk through with the GC ?

@Dan Bryskin Thanks for your words of advice. Having a great realtor who knows the game is key. When you mention Accounting, would that be the same person as a Financial Advisor ?

I rather move forward instead of waiting until I have the "Perfect Team" in place. What's an ideal team and what components' should I consider to have in place before I start searching for deals' to move forward with the BRRRR strategy ? CPA, Electrician, plumbing, or a GC ? Where should I start ?

@Brian Garrett You're on the right path but I suggest you educate yourself a little more as I'm doing. Books, podcast, & local REI seminars. You don't have to do partnerships' with people but just to get the information so you can understand the terms etc and leverage yourself for more options before you make a move like I didn't do.

@Brian Garrett They will give you a interest rate between 6%-8% based off your credit score. The high your credit score, the better rate you will get.