All Forum Posts by: Jacob Glawson

Anyone run into this when transferring title from your personal name to your LLC? I know it is possible but wondering if banks actually exercise this option as I see a number of BP members mention transferring the title after funding is closed.

Hello BP Family!

Question for all you pros out there. I currently have a property that I purchased with cash and it is in my LLC name. The property has a tenant and the lease agreement is between them and my LLC. However, I am considering doing a cash out refinance on this property which will require that the title be transferred to my personal name. If I do this, will I also need to redo the lease agreement with the tenant so that the lease is with the tenant and me as opposed to the LLC?

TIA

BP Family,

Hope all is well with you guys.  I'm hoping some of you can assist with recommendations on local B'ham banks you have had success with on financing for investment properties.  I've had reasonable success with Synovus (not so much a local bank) but they have been extremely slow and I would like to compare financing options.  Any suggestions on who I should contact?

Hello Birmingham BP Family!

So, on the fantastic BP podcasts, Brandon, Josh, and usually their guests, recommend getting involved and being active in the BP community to learn more, get help, partner etc.  Well, this is me getting involved.  A little about myself:

1) I know nothing.  Well, maybe not nothing but probably less then the rest of you.

2) I have my first deal in the works and I'm hoping to close by next week.  Yay!  I'm ready to find the next deal.

3) I would love feedback from you guys on how you are finding "good" properties and where you are looking. I've been looking a lot in the Center Point area but I'm terrible at determining current value, ARV, appropriate rent, etc. I've somewhat partnered with a realtor that works a lot in this area and they have been really helpful. However, they don't really have a lot of time to dedicate to just me so I'm wondering how I can go about this process more independently. Or, maybe I should reach out to multiple agents?

4) If I can help you, let me know.  I will at least try.

Good luck and hope to hear from you soon!

Jacob

@Holly Baldwin ever have any luck finding a realtor to help with your search?

Any recommendations for an accountant in Birmingham, AL. Preferably in the Hoover/Vestavia/Homewood area.

So, I spent some time on the Spartan Invest website this morning.  The properties they are showing as available for sale are actually, if Zillow is to be believed, priced in line with other properties in the area.  Maybe I was looking at something else.

So, if the info is correct, I think you are ok there.  I wouldn't expect a ton of appreciation tho but something is better than nothing.

Chris A. Hey Chris, one thing I'm wondering about is the exit strategy here. The areas where Spartan is rehabbing the homes are not great. I live in Birmingham and have been looking at spartan too but I'm worried I would be buying the most expensive house in an area that already has little appreciation. If you buy an $80k house in a neighborhood where all the other houses sell for $50k and below, how do you ever sell it later? Any concerns there?

@Greg H., thanks for the info.  Yes, it is listed with Williams and Williams.  So, I'm guessing their description is more of a marketing ploy.

Any experience purchasing with them?

Hello BP Team!

So, I'm a newb and I am probably like a lot of folks - scared to make my first deal.  I have been looking at online auctions and would like some help.  I have googled and searched through the BP forums before posting this so I apologize in advance if this information has been provided hundreds of times in other threads.  A few questions for you guys and gals:

1) Is there way to run a title search and check for liens online?  I don't want to pay someone to do this if I don't have to.  Especially if I may not even go after the property.

2) Can you give me your general thoughts on purchasing via online auctions?

3) If you see a property going to auction with a nominal opening bid for say $100k.  If they are accepting pre-auction bids, would they ever accept less?  For example, would it even make sense to make a pre-auction bid of $90k?

4) Given that you are buying the property as is and do not have a chance to see what kind of condition the property is in on the inside, how much to you pad your purchase price to account for that kind of thing?

5) Any additional thoughts/advice is greatly appreciated.

My apologies for the long post and number of questions.