All Forum Posts by: Jay Thomas

I am getting ready to sell my first Live in Flip. I closed on the property June 2016 and the 2 year holding period will be June this year. I am assuming the 2 year holing period is from closing to closing. Is that correct?

I am planning on doing another Live in Flip after this. I am currently in dilemma on when to list the property. I’m planning on listing in late march (best time to sell in my area) and hopefully getting it on contract within a month (late April) and leaving 45 – 60 closing period.

If property sells too early, I’m afraid of closing before 2nd year anniversary or asking buyer to wait more than 60 days before closing. What is best strategy for my situation?

@Dan Shelhamer You can check to box to include the prep work. I would suggest  you do the prep work yourself

Here is a good place to start: https://www.homewyse.com/services/cost_to_install_...

Just plug in your zipcode and sf of the area. Laminate and Vinyl Plank installation should cost roughtly the same.

@Brent Coombs I dont know why. I have talked to about 4 different hard money lenders and they will only lend to a business entity.

@Jon Holdman Let me explain clearly. I want to keep the property in my personal name but hard money lender will only loan to LLC. Once I get the loan through hard money in LLC I will like to refinance back into my name.

@Nghi Le right on spot. I guess the banks I talked to haven't gotten the memo yet. I will keep looking.

@Jon Holdman. On the refinance part of BRRRR, I am having trouble with bank saying they cant do a conventional refinance because the property was bought in LLC. Hard money lender usually required me to use LLC for their loan. How can I refinance out of hard money into conventional under my name?

@Mike H. Thank you thank you. You just made my day.

Thank you for your detailed explanation @Mike H.. Will hard money lender be ok with me quit claiming the property out of the LLC my your personal name?... I still have conventional spots left but it is almost impossible for me to find deals that will qualify for conventional financing. That's why I'm trying out hard money route.

I am currently using hardmoney to do a flip. As #2 exit strategy, I was thinking of renting out the property and and refinance to get my cash out but this seam way more complicated.

I talked to several bank about refinancing out of my hard money. Some will only refinance based on actual cost instead of ARV. Other will only refinance as a commercial loan. These would either require me to leave my money in the deal or wipe out my cash flow. Barely anyone would do a straight 30yr conventional.

I also learn that my personal umbrella won't cover my LLC plus getting insurance under LLC becomes another drama.

I am a small time real estate investor and having a LLC just complicates my life. The only reason I have an LLC is because hardmoney lender requires me to. It looks like BRRRR only work when buying in your name/cash/conventional rather than LLC/hard money.