All Forum Posts by: Nick Coble

@Matt Nico What version of QB online?

 I'm 30 min outside of Webb City, if you are ever needing boots on the ground assistance.

Startup question...

I'm closing on my first property purchased as intent for rental investment next week, and have an offer out on another.

Whenever you move money from personal assets to business assets, do you write yourself a promissory note from the business, or just ledger it in as a loan?

I'm not looking for tax or legal advise, just action opinions.

Yes, it's legit. I got the referral from another investor that has done many deals with them. 15% @25 years. It's a small portfolio bank. I might look into bringing in a partner at some point. I need to get these couple of deals up in wraps to prove to my wife this will all work before I move much further along.

@Nicholas Sheridan, Jr.

Awesome! I'm just getting started as well but my deals aren't done. I have found a semi-local small bank that will loan 85%LTV and use equity from other assets without cash. That's been the hinge in the 5plex deal I'm working now.

@Justin Gomberg

I'm pretty new in active RE investing, but here's what I'm doing and it's working for me in my market.

I restructured some of my current assets, getting a small LOC on some livestock. I bought a small lightly distressed home as a cash transaction on that account. I already have 3 waiting prospects to rent that house. It's waiting on title company to do its thing before I do the few things to it to get it ready to place a renter and finance it to replace the LOC funds and put back some reserves.

While that deal is on a fasttrack plan, I have a second slower process deal working. I'm having a, new to me, bank refinance what was once my primary home (I've had it rented to friends of ours for 9 years) to use the equity as down payment on a 100% rented turnkey 5plex. Although my rural midwest market is way different than most of what I read about here. I'll be all-in collectively on 3 properties (7 doors) for about $230k and gross $2600/month in rents.

I'm a new REI. I've been renting what was once my primary residence for nearly 10years, but just starting to put offers in on additional properties. I'm considering beginning a private lender campaign to leverage funds for quicker asset accumulation, and would like to know more about what direction to point potential lenders to for tax shelters on profits. Is a self directed IRA the way to go? Are there better, or other good ways to tax shelter real estate loan dividends that would be easier for the mom and pop investers?

I'm analyzing my first deal. I have one rental currently. I bought it as my primary home in 2008, and relocated in 2011. We decided to keep it rather than sell as we had no real equity in it at the time. I don't count this as my first actual deal.

I live in a rural area. My closest "big city" is an hour away and still only has a population of 50k.

I thought I'd buy a few properties locally first and start branching out from there. My goal is to start with immediate equity in a house so I can snowball quicker.

I found a non-listed property that is already rented inside the city limits of my home town, population 4k. Using a line of credit on other assets, I could make a cash purchase on the house for $18k from a local "slum lord" slowly selling his way into retirement. County Assessors public records say market value for the tax appraisal is $28.8k. Zillow.com shows Zestimate range of $35-53k. Realtor.com estimates value @ $67.9k. Can I realistically expect a bank to appraise the home $40k and loan $30k from these #s? 

My hope's are to buy it and immediately turn around finance it (hopefully without any real improvements). Pay back LOC to $0 set back property reserves and have a fair lump sum to add to LOC to get the next bigger and better deal, scaling up each time.

Does anyone have experience assessing some of these values? In comparing the rental I already have, County Assessors public records say market value for the tax appraisal is $58k. Zillow.com shows Zestimate range of $78-89k. Realtor.com estimates value @ $103k. At one time the bank financed $72k. Using this comparison I feel comfortable with the above deal, but was hoping for some experienced feedback.