All Forum Posts by: Kal Wol

thanks @Russell Brazil. You right, it is a very tight market and getting through is a bit tricky.

I would like to invest here as much as possible, it could be because I am new and not sure how to navigate the out of state thing, but that is not very easy as I look at it. But still looking. I would appreciate anyone with any creative methods in MoCo shading lights though.

Hello awesome BPs

I have been looking for properties, all on market, for the past couple of months, doing numbers and also actively going to the site with realtor and looking houses - then do the numbers..

I am in the process of placing an offer for a property, but I am going to slash the asking price as the numbers don't work with it - with that there is a chance I might not get accepted. The property has been in the market for a while and I will see how it goes. With the current market, houses are high and rates are high also it is tricky to get good deal. I am doing conventional, but I can go with 20% also for a good ones.

In the meantime, I have been learning about the RE by listening to podcasts and also reading forum questions. What I haven't tried so far is to work with wholesalers. The only thing I know is what they do.

So if there is anyone who would like to contact and potentially work with me on offline upper/fixer kind of properties, or other offline properties that I can get some deal, that would be great.

I don't think if I can do driving for dollar thing due to my daytime job and also not sure if I would be good at it. So wanted to work with someone who is good at it. 

Thank you.

It is for the whole building.

Thanks a lot @Brittany Minocchi

Thanks all for the valuable inputs.

 @Christopher Grobaker so you are saying I can have my LLC but the bank will be expecting anything related to the loan from me but whatever the protection the LLC provides, I can benefit also? In that case I am not sure how the LLC would beneficiary as it can go beyond the property and reach me? I might have missed something something on this probably.

@Brittany Minocchi how easy is it to transfer from personal loan to LLC, do the lender be happy about it? I think that is what you are mentioning as lender the loan due. And when it is in business loan to LLC, do the bank see my personal asset/credit score and the like to lend I believe as the LLC might not have any history on it yet?

Hello awesome BPs

I am about to put an offer on a property after a long period of search. Numbers look good and and I might have to put a bit lower than the asking price, otherwise numbers don't work.

I have got the pre-approval already and am ready finance wise also. The one thing I am not sure how to navigate, I am trying to get into investing, is the LLC part.

Since I am looking for the rental purposes, and for the conventional loan it is going to be on my name?? how does this part work? I am going to form LLC first and ask the bank to lend it that? I had asked about this for the lender a while ago and they had said that might not be possible unless the LLC has been credible enough or something along that line.

So my question is, how would I navigate on getting the conventional loan under the LLC that I will be creating or is it something I can do it after I secure everything?

Thanks all.

Actually I was looking for the rental in the long term hold for this property. Thanks for the inputs

 Thanks a lot Brice

Hello awesome BPs,

I have started the journey very recently and I am actively looking for deals and in the meantime educating myself along the way - reading the forum topics, listening to the podcast and everything in between.

I am in the process of going with the multiunit prop in Frederick MD and the building is 125+ years old. I have gone to the site and it looks good and they have done a renovation on it as well. But looking at the age of the building, I am not sure what kind of things I should be aware. I am going to have the inspection on it if I am going to proceed on it.

I just wanted to see what things to consider in general when dealing with older buildings.

@Martin Smith I have no words to thank you for going above and beyond on explaining the in and out of everything. 

I like the point you make on DC also. I know SE is going transition even though I am not sure if it is the same kind of transition as Baltimore or not. A friend of mine has bought a house a while ago in SE and still lives in it, it is primary townhouse and it is a decent area.

Probably that might be also a good area to consider along with Baltimore for a long hold. As you mentioned, right now the numbers are slim on the cashflow side if any. And hopefully the rates will level in the next two three years maybe and through refi, cashflow might be ok I think.

I have seen some houses in Canton for the fixer upper also. I am still studying that area in detail as the low entry point is the lucrative part - hey, still the risk is what I am trying to look into in detail.

Thank you @Russell Brazil for the area suggestions as well.