All Forum Posts by: Nazz Wang

The short answer is: if the property is financable and you qualify for the amount of financing you want to get, yes you can do it like you mentioned. Without knowing the details about your situation, in general you can do a new purchase mortgage within six months of purchase at lower rates. You can also do a cash out refi which will give you 75-80% of the appraised value as long as the market supports it. Be sure you are really sure about the market value of the property, aka do NOT depend solely on zillow or trulia. Their estimates tend to be high. The amount you can finance is based on the bank appraisal's value, which is very conservative. In other words, make sure 135k is supported by recent market activity. Also make sure you can get a loan. I would talk to a good Fannie/Freddie direct lender or two to make sure you qualify.

Hi BP'ers,

About to talk to my lawyer today but want to check with everyone to see how you are holding title to your long term rentals.

We have two main things going on. We have four California rental properties we are holding for appreciation, and we buy out of state buy and holds for cash flow. I want to isolate the two, yet keep the option to get financing for the out of state rentals. We live in California and all the out of state rentals are free and clear. What is everyone doing to isolate out of state investments?

A few options I have considered:

Having a LLC in the state where the properties are located. In this case Wisconsin.

Having a home state LLC to do business in other states.

Wait a few months, get a personal profolio loan for the properties and put them in a land trust as with one of the options above as beneficiary.

Put all properties under LLC directly and apply for business/commercial loans later.

What is your opinion?

Nazz

@J. Martin We will try to make it tomorrow. Really love the food in the area. Hopefully see you tomorrow!

Thanks @J. Martin ! I will PM Kathleen. Good to talk to the people who know the people.

Hi BP Family,

I just purchased a primary residence in the city of Antioch, CA in the East Bay area and am looking to do some light remodeling, i.e. new countertops, new tile, paint, light electrical, etc. Does anyone have a good recommendation for a reliable contractor in the area?

Thanks for your help!

Nazz

Hi BP Family,

Recently I have come across a seller who is selling his Series LLC in Illinois with a portfolio of rental properties. I have never bought a LLC before and really would like more guidance on how this is done.

The owner said the properties are under a Series LLC, and there is a current Bulk Loan in place. Does anyone have experience purchasing a series LLC? What are the financing options for such a purchase? I appreciate all your input. Thanks everyone!

I think if the current tenants are your desired clientele, then work around them. If you want a totally different clientele them offer cash for keys.

@Christopher Leon 

I like it... Seriously ballsy and no one else is willing to do it! And you send a copy of the cashiers check? Goodness I am really behind in these strategies! How does the rest of the process work? Do you make out the cashiers check to the title / escrow company and then pay your closing costs at closing? What happens if your offer is not accepted?

I have been putting 3000 down, no contingencies, aiming for 25% off market. No wonder it doesn't work that well. 

Derek Walkington Christopher Leon Hey Derek and Christopher, Huh this is the first time I have heard of 100% EM, good idea. What contingencies do you put in your contracts? Do you put an weasel clause in place? Nazz

@Joe Fairless 

Joe, how many people is in your large community? 

Yes I am talking about setting up monthly internet service. Depends on how many people you have in the community, the five dollars per person budget will get a few months of service going probably. Two possible outcomes would really save a lot of money in the long run: higher retention rate and shorter vacancy period. And class C tenants really values such an act, hey will really appreciate it.

Not exactly a one time appreciation gift but could be a gift that keeps on giving.