All Forum Posts by: Michael Holland

Hi All, I'm hoping you can help me out! :)

My business partner and I have started a company and are wanting to have it buy my current home. What is the best way to go about doing this? 

We have been told that because the business is so new, we most likely won't be able to get a traditional mortgage or business loan. We have also considered contributing capital to the business; his coming from savings and mine coming from a HEL that I would then pay back when the business buys my property, but we are still stuck on the larger loan issue. Finally, we have also considered "seller-financing" where I would agree to sell the home to the business, but I fear that might over leverage me.  Additionally, if we went that route, I would most likely not be able to buy another home with a traditional mortgage, with the idea being that home would eventually be sold to the company as well.

Every avenue we try to take we are running into a roadblock of some kind. There has to be an answer here that would work for us. So, I'm hoping someone out there has some insight into what they did or a thought we haven't considered yet! We are really looking forward to this journey and are trying to "jumpstart" things a bit by using current assets. Any and all advice would be appreciated. Thanks!

Hi All,

I was reading this article(http://www.biggerpockets.com/renewsblog/wp-content/uploads/2015/10/7-Years-to-7-Figure-Wealth.pdf) over the weekend and had a question. 

Within it, Brandon references "forced appreciation" of 10% within the first year of ownership for each new property purchase. I assume this means to do some renovations to the properties, right? If so, why is this not factored into costs at all? Wouldn't this significantly reduce the cashflow for year 1 for each property? And in turn lengthen the entire timeline? Or am I missing something?

What are some examples of renovations which would be most cost effective to get the numbers to work as suggested?

Thanks!

@Chris Trupiano, I went to KU. And while I just recently have gotten into real estate investing myself, I can tell you just like any other market it is going to depend upon several different factors. That being said, if you have any questions about any specific locations, I might be able to help you out.

Thanks everyone for the warm welcome! I've been trying to do some research and find a local/regional REIC meeting? Anyone have any good suggestions? I'd like to try and immerse myself a little bit by attending a few meetings before jumping in and looking for my first properly, after I have a solid understanding of the process obviously. :)

Hi All! I'm from Kansas City and looking to get started in the Real Estate Investing business. Other than purchasing my own home nearly 5 years ago, I don't have much experience. That being said, I am smart, ambitious, and willing to learn all the ins and outs of this business to put me ahead in life. I know it's a massive mountain to climb, but I'm ready to give it my best shot.