All Forum Posts by: Jeff Dimock

@Chad Keilen I'm not doing much wholesaling these days.  Mainly buying and lending.  Our Atlanta-based lending business, if you need funding, is www.skybeamcapital.com.

I have private investor mortgages on some of my rentals. Those individuals may get spooked and want their cash back. Can an EIDL be used to refinance out the principal on a rental?

anyone found any lenders who will do a first lien HELOC on investment property as a purchase money loan?

I have heard many people talk about getting a larger loan than needed on an investment property – either from a private lender at purchase or perhaps from a bank refi later - then using the excess as available cash to live off of. While this is fairly simplistic and easy to understand if you own the property and the loan in a personal name, if you do so in an LLC or other entity how do you take the money out of the entity appropriately? It is not profit so it wouldn't be a distribution or other taxable income. But you shouldn't just pay personal expenses from the business account or you'll be co-mingling. So I suppose you would have to write a check to yourself from the business account. How would an accountant categorize these funds?

@ST Tangirala - is this house truly a 2/1 @ 780 sq ft? What are you comparing to for the 450k ARV?

Welcome @Paul Monroe!  I bet you've had some interesting experiences in your field...  Good luck with your RE pursuits in Atlanta & Portland.  How have you decided on Atlanta since you live in Portland?

@Krish Das, I would suggest getting on several wholesalers' lists in the market (such as Atlanta) that you are interested in so you can get a wide view of properties, areas, and prices.  Good luck with your search.

@Joel Owens - although it is really the title companies that need to better protect their email accounts from getting hacked, your comment about secure passwords is important for everyone.  The sheer number of accounts we have these days makes remembering complex passwords nearly impossible - so they tend to be less complex than they should be.  I switched to a password manager (I use www.roboform.com but there are many out there) so I don't even know my own passwords anymore.  You tell the software how long and how complex (letters, numbers, symbols, cap/lower) you want your password to be, it creates it, and it saves it for your future use.  That way you also don't reuse the same password for multiple accounts, which is also a problem if one account gets hacked.

If you want to be a long distance landlord your best bet is probably a hard money loan to start, given the condition you mention.  Once you have a renter in place (or do you plan to flip it?) you can either sell it turnkey (for a higher resale than you could get as-is or empty) or refinance with a bank for better interest rates (may require some tenant payment history first).  Some lenders who work in the Atlanta area to look to (Google them) - Visio, LendingOne, Sherman Bridge, Lima One, Angel Oak, Atlanta Private Lending, Secured Investment Lending.

If you don't want the long distance hassle, you're probably best to sell it for the lower prices you'd get from someone like me or those other local investors who contacted you.

Good luck getting started @Brian Gorby!  I don't know SF, but from what I hear you may want to consider ATL if you're looking for cash flow.