All Forum Posts by: Joel C.

Tim, I've spoken to Lima One Capital a few times. I haven't actually used them, but they seemed happy to lend in the Augusta area as of 2 months ago.  

Welcome to the community, Rafael!  I'm just getting started as well, but you'll find a handful of experienced, local BPers with helpful insights on the business.  Best of luck getting started - I'll PM you with some info on other local resources. 

@Malik Welch - thanks!  I'll get in touch with them today. 

@Garrett M. - I'm not even sure a quit claim needs to come into it, to be perfectly honest. What I'd like to do is buy it in the name of the LLC up front (LOC and one property is in LLC's name), personally guarantee the refi loan, and not have to touch the title again.

Haha, that's what I've gathered over the past few weeks of talking to them! I'm okay with personally guaranteeing the financing, but I do want the property to be owned by the LLC. I really wanted someone keeping the loans in-house locally so that I could get an assurance they wouldn't call the due on sale clause - just not willing to risk trying that after a loan is sold off to a bank I don't know.

I was wondering if any of the Augusta, GA, area investors have had much luck working with local lenders while running their real estate business through an LLC? We're planning on working the BRRR strategy, using our business LOC to fund purchases and repairs, then refinancing to pay of the LOC and pull out some equity. We were looking for someone who could keep the loan in-house and be okay with us quit claiming the title of the home over to our company (and say as much in writing). Georgia Bank & Trust had great reviews, but their recent buyout seems to have "creative lending" on hold for a few months.

I've looked into Dwell, Lima One, Colony, and B2R a bit, but I wanted to exhaust local options before going that route.  Any advice would be much appreciated!

Sounds like a plan, Chris!

This is good stuff, but it isn't going to help my BP addiction! 

Welcome to the community, Ryan!  I'm just getting started in the Augusta area myself, but happy to help out if you need anything from here in the area.  

Hello, BP community! I'm a new member from Evans, GA, operating in and around Evans, Martinez, Grovetown, Augusta, and Fort Gordon, GA. I'm a newbie to many aspects of the real estate investment business, but I'm committed and eager to learn. I consider myself a long-time REI enthusiast who finally got the drive to get off the couch, commit to the business, and take some action.

I only own one rental property now, but I've been working with a local team over the past few months to build a solid foundation for moving forward.  I want to find properties in need of some love, repair/rehab to build equity, and leave hold or flip on the table as exit strategies, eventually getting to a place where I have 100+ hold properties that generate enough passive income for me to be a full-time real estate investor.  

Most importantly, I'm looking to get out there and take action!  I want to get a few deals under my belt (one at a time), experiment in the local market, see what value I can add to others looking to network, and learn the ropes from inside the business.

My guess would be a HELOC if the properties are under your name, or a business line of credit if they're held in the name of a corporate structure. I'm still in the middle of trying to get something similar worked out, and the small, local banks have been very willing to work with me on establishing a sizable business LOC with low interest rates based off the free and clear equity.

I'll be very interested in what some of the more experienced folks have to offer on creative ways to use your equity, though.