Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jonathan Styer

Jonathan Styer has started 5 posts and replied 318 times.

Post: Deed in individual's name for financing but owned by LLC

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

Would definitely take this question to your accountant but I imagine the IRS will look at who owns it regardless of "intentions". You're basically using a government backed loan to make your terms better then want the advantages of using an LLC.

Post: Long-term rental arbitrage?

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

Sounds to me like you will be effectively the property manager and your fee will be the difference between the rents. In Ohio, you need to be a licensed broker to manage properties. Just something to consider. Sounds like the numbers work pretty well. Personally I'd like to buy the property before anything else as while the cashflow is nice, you are not benefitting in other ways such as appreciation and depreciation.  

Post: water is coming up through floor drains in baswment- heavy rain

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

You're right, sewers cant handle it. You may be able to put a one way valve in, speak with a plumber about that. Maybe if work with your neighbors you can put some pressure on the city to improve the sewers or install sump pumps in the homes. Good luck. 

Post: Why does it seem like CCR is a tradeoff of BRRR?

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

BRRRR is great because if you do it right you can just keep doing it and build up your portfolio. With something like $200k that is a good amount to be able to do BRRRRs. One thing you want to keep in mind is that depending on your lender there will be a seasoning period so it may take some time to get your cash out.

I would start small while you're getting your feet wet. It should not be difficult to do a cash out refinance with the right lender. I would start lining that up ASAP so you know who you plan to work with. 

Good luck!

Post: Why does it seem like CCR is a tradeoff of BRRR?

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

I see, I'm used to seeing CoC. Ideally for a BRRRR you will get infinite cash on cash return as you leave no cash in the deal and pull it all out on the refinance.

Post: Why does it seem like CCR is a tradeoff of BRRR?

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

What is CCR?

Post: HELOC on primary residence

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

It's hard to say without knowing the bigger financial picture. A lot of folks advise against borrowing against your primary, but then again, a lot of folks do it. It depends on your financial comfort level. 

Post: FIRST BRRRR - Need advice on the right move.

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

For BRRRR's I think a HELOC would be a better strategy, you're just paying interest on the money you're using at the time and as soon as you cash out the BRRRR you can pay it back.

Post: First Investment: House Hack

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

Did you have roommates? Surprised you did not see more appreciation over those 3 years. 

Post: New Real Estate Investor

Jonathan Styer
#3 Medium-Term Rentals Contributor
Posted
  • Real Estate Broker
  • Columbus, OH
  • Posts 326
  • Votes 389

Sounds like you want to use the BRRRR tool. Off to a great start, congrats!