All Forum Posts by: Jonathan Edmund

So I am looking to purchase my first investment property. I think I'm going to owner finance it for a year or 6 months first so I can buy it under my LLC instead of my personal name. I'm assuming after seasoning for 6 months or a year, I can apply for traditional financing under my LLC and make the purchase.

1. The LLC has no credit or anything, so when refinancing, how will the lender use any data to determine if i'm eligible for a loan on the property?

2. The property is already rented and I'm probably going to give the owner 10% down and have him hold a note for a year with a balloon payment. Do I have to put another down payment down to refinance? I'm trying to figure this out where I use as little of my own money as possible. I want to use the equity in this property to buy another property later on but don't want to come out of pocket for 10% to him then another 20% when I refinance since it's already rented.

3. Any tips on how to work out the owner financing?

4. Should I just buy it under my name instead and not do owner financing or would there be a benefit since he's willing to do so?

Any feedback from lenders/investors would be greatly appreciated!!! 

Hey Jason,

I'm a selling agent in the Myrtle Beach SC area. I can refer you out to a Columbia based agent if you'd like. I can work Columbia and know the area it's just not my primary area of focus. But I could get you in touch with an agent in the area who has worked with investors. 

Also, if you're ever looking to invest in Horry or Georgetown County let me know, I work with a lot of investors in those areas.

Great info thanks @Mike H.

I do look at homepath but a lot of those get snagged up in the owner occupancy only window before I can make an offer as an investor that's the only problem with homepath @Ketan Patel. Yes I'll take a look at the direct mail game plan thank you @Ray Lai

So I'm actively looking for a property to be my first investment property. I'm looking for something either that needs work and I can get under value or someone in financial trouble that I can get a good deal from. Having access to the MLS, I'm not finding good deals on there which I'm not surprised by.

My question is: What are some creative ways that investors use to find great deals on homes? I sign up for a pre foreclosure list but none of the phone numbers work. I want to find deals before others do and use some creative ways to do so. I'm just having a real tough time finding a good deal. I want to start owning rental properties as well as doing flips but I can't find anything where the numbers really make sense.

Any ideas? 

Thanks for all the input guys all of this helps a lot! 

@Corby Goade I'm not making 300k a year. (yet) I think house hacking and a couple flips in the meantime may be what I focus on thanks for the input!!! 

@Nathan Milazzo Hey thanks man I'm in the same boat. I'm 25, single, and if I can't find a better deal, may get a 3 bedroom home for as cheap as possible making sure I have some equity in it, house hack it with a couple roommates, buy a couple more properties in the meantime and then buy a primary when I can offset it's costs. Thanks for the input man! 

Thanks @Shawn Ward! Yea I think I'm going to just keep looking for the best deal possible and if it's more suitable for flip, I'll do that. If the rental numbers make more sense I'll do that and just buy a primary once I have enough cash flow to cover my expenses for that home. Finding the really good deals seems to be the tough part in my market but no excuses just gotta keep looking. Thanks! 

Thank you @Ian Voakes @Carlos Zapata and @Dave Passey for the advice that definitely helps me some. Definitely wish I had been making these moves in 2010 to 2013 though. But I just got in to real estate then and wasn't financially ready to make any moves. I had another investor tell me to flip now and buy rentals when it tanks again. May look into that instead for now. Thank you all!