All Forum Posts by: Jenna Bamlet

Main LLC out of FL. I have shifted thoughts around this since leaving the country has changed. Plan to keep the properties as Airbnb's. I appreciate all of the insight and knowledge to this matter with minimal information towards this. You guys are awesome!

Looking for a lawyer, New Bern would be the ideal location but this is real estate so virtual or a little drive is okay. Trying to separate from the business LLC, would like an agreement written up that is fair for both parties involved. There are multiple properties under my name and they aren't selling as fast as we'd like for this separation. Help in any way is greatly appreciated.

@Charles Carillo The original plan was to sell everything, the properties where the renovations are completed, they are being refinanced currently. Business partner doesn't have the credit to transfer things to him. He wants an agreement for division like last week. I'd like it done sooner than later but don't think it'll be an overnight thing seeing as we have to split payout profits. I don't feel comfortable putting the properties in someone elses name while the mortgages are still tied to me. 

Not sure where to start with this. I'm a part of an LLC with one other person currently. We are trying to separate from each other. I'd like to leave the LLC and am more than fine with him taking it over....with that intention out there. All the properties we have accumulated together 6ish, are all under hard money loans that I am the guarantor on. There was a suggestion of subject-two for those properties. Looking for guidance on what the best path for this separation could be. Thank you in advance

Investment Info:

Single-family residence buy & hold investment.

This property was purchased, renovated and now an Airbnb

What made you interested in investing in this type of deal?

The property is out of the way of normal traffic, slightly off grid, but right on lake Sampson. There is a canal right to the property. Easy access to take the kayak or raft out. Plus it's quiet. Makes for a peaceful get away.

How did you find this deal and how did you negotiate it?

I believe this property was found on Zillow but honestly no sure. In the negotiation there were seller concessions added to the purchase price but to go towards closing cost.

How did you finance this deal?

This deal was done using a hard money lender... think 911xpress loans is like a third party who finds lenders but doesn't want their clients to know. The loan is not through 911xpress loans, and I would NOT recommend using them.

How did you add value to the deal?

A lot of trees where removed, everything that needed to renovated was. Almost all new flooring through out. There is a zip line that was added, fenced in the property the rest of the way, etc.

What was the outcome?

Outcome is a profitable airbnb

Lessons learned? Challenges?

Make sure your lenders give you all the fees upfront and know if certain fees have to be paid at closing and can't be wrapped into the loan. Careful who you do business with, businesses can ruin friendships. Challenges, not having access to better equipment. Double sometimes triple projected job completions.

Hello fellow BP members. Does anyone know anything about houses purchased through rural development? My mom got a house (manufactured) through them years ago, they changed her payments after sometime and she couldn't afford it. They locked her out about three years ago after a 45 day pre-foreclosure letter. At this time it still says it's in her name. She tried calling the rural people but can't seem to actually talk to anyone who knows what happened with her situation. The records show the land and house are separate, saying she paid for the land in cash. It's how they did the loan for her years ago. She just wants this to be resolved and not have to worry about them coming after her for money after kicking her out. Anyone who knows anything about rural housing is appreciated.

Hello BP friends. I'm posting for some advice. I entered into a contract with a property manager.. long story short (if you want more details just ask) my PM terminated the contract via text. PM words "You are released from all contracts". I asked her to send a formal termination and to remove my property listing from the MLS so it could be listed with someone else. The PM is now asking me to send her $400 before she will send the formal termination along with telling me that it is my responsibility to pay for the tenants application fee (which is a fee paid to the PM as I'm sure you know). It was suggested to me to file a complaint with the real estate commission. I just want to part ways with this PM. Does anyone have any suggestions on how I should go about this? Thank you in advance!

I'm currently in the process of switching a renovated property to a rental. Are there any insurance companies anyone recommends? I've gotten a quote through the SIA group in Jacksonville, NC. Just want more options.

@Michael Glist @Evan Polaski The pre-payment penalty is something I have been asking lenders about, thank you for looking out! I'm still trying to get a grasp on how rental loans work. My only thing holding me back and feeling nervous is if I were to do a cash out I'm not entirely sure that would cover closing cost and I still have other investments to pay back.  

@Kyle J. Cooper I have about 75k on my hard money loan and with the numbers I've been getting from rental lenders I would be breaking even. I do plan to keep it for sale but now I'll have a renter in there for two years. Thank you for the input, much appreciated!