All Forum Posts by: Noah Wright

Appraisals have to be done at an "arms length" from the bank, meaning the bank can't influence the value. Appraisers are necessarily independent. 

I'd just request the PMI removal, you'll likely have to pay for the appraisal, but if you're confident the value is where it needs to be, great.

Good luck!

Yes that's my cell --

 Monday around Noon EST if that works for you

Happy to help!

Hey Drew,

It sounds like you’ve got a solid strategy in motion. Exploring AZ, TX, OH, and FL makes a lot of sense—those markets are active, and Florida, in particular, could offer unique opportunities with properties affected by recent hurricanes. There’s definitely potential in finding distressed assets and adding value through smart renovations.

Setting up an LLC in the state where you're flipping is a great move for liability protection, and working with a local attorney will ensure you're covered on state-specific legalities. Permits can vary widely by location, so having a reliable contractor network will help streamline that part of the process.

Also, don’t forget to factor in things like insurance, especially in hurricane-prone areas. I’d recommend building relationships with agents and accountants familiar with these markets too—state-specific tax strategies could make a big difference in your bottom line.

I’m excited to see how this plays out for you! Keep me posted on your progress, and if you need any brainstorming along the way, feel free to reach out. 2025 is going to be a great year for your first flip!

Best of luck,

Hey Mark,

Great question. It depends. The same way a home's value is appraised, there's an appraisal process for the rental income. So you value the asset, and you value the cashflow. Some lenders are going to want 2-6 months of lease history before lending, others can lend with just a market-rent estimate, others don't even need to show positive cashflow.

Ultimately every borrower is unique, every property is unique, and therefore every transaction is unique. I'd be happy to review specific transactions with you anytime --

Hey there!

Congrats on getting the offer accepted, and it's awesome you're thinking ahead about structuring the ownership in an LLC. You've got the right idea when it comes to liability protection and separating the income for tax purposes, but there are a few things to consider with the "due on sale" clause.

When it comes to paying the down payment, it's perfectly fine to use your personal account to cover it since you're personally guaranteeing the loan anyway. After closing, you can transfer the deed to the LLC, but the key is timing. Lenders sometimes don't mind if you transfer it to an LLC after a few months, especially if you're still making the payments personally. But be cautious, you could check with your lender directly to avoid triggering any concerns.

As for waiting a few months before transferring the deed, it's often recommended just to avoid drawing any immediate attention to the transfer, but every lender is different. If you move forward, make sure the LLC is properly set up and operating as a business—especially when it comes to collecting rent and paying the mortgage.

Lastly, about taxes—transferring ownership won't necessarily keep the income off your personal return if you're a single-member LLC, as it's considered a disregarded entity. But it could still provide better organization and protection. Working with a CPA on your tax strategy will definitely help ensure you're getting the benefits you're after.

Good luck with the closing! Feel free to reach out if you need anything else.

My golden rule is to answer every phone call and tell the truth. Don't need to know everything, but need to be responsive, find good answers and provide results.

Unison's co-founders:

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Current: https://Unlock.com/

https://www.crunchbase.com/person/michael-choupak
Current: https://www.stork.ai/

https://www.linkedin.com/in/rurikbradbury/
Current: https://www.limborevolution.com

If they're looking for $10,000 seed money and you have $10,000,000 sitting around - plus the due diligence checks out (legitimate opportunity) - that's relatively low risk for a good upshot.

If they're looking for $50,000 seed money and you have $75,000 liquid, absolutely not.

Personal financial position, coupled with due diligence, are important. Underwrite the opportunity like a bank, show me receipts, etc... I'd want to meet the person over zoom if not in person. Find character references for them after the meeting. I'm not investing based on an email. Good opportunities, early stage opportunities, may not have the best online presence, but be otherwise legitimate.

Also IRR is a vanity metric, it's the wrong measurement. Cash on cash return is what I'm looking for.