All Forum Posts by: Patrick Mullin

Hi, 

We are finally getting to the point where we will be renting out our current home and we have LLCs for our other business and the questions is should a we create an LLC for this property and if so are we going to have to refinance? Our current rate is in the 3's I'd had to knee cap myself by having to refi just for an LLC. Would an umbrella policy be better until rates come down? I've seen mixed answers to this, some say I just need to deed and others say I will have to refi.

Best regards,

We are currently looking at moving out of state and due to the recent/newer covid lending requirements we need 2 years of employment(only one of us will have that if we move), but can easily buy and afford a second rental home/condo in another state. Can we get a loan for a rental then move there in a month or two?What are the rules/laws on this? I know for a primary residence you need to live there for a minimum of a year unless there are some sort of special circumstances, is this true for a rental? I have googled this for hours and cannot find an answer to this question. We can put 20% down on a out of state rental and the lender doesn't bat an eye but if we want to move our primary there it turns into a mess and is then extremely difficult/impossible unless we want to pay cash and that would not be a smart move.

I thought going hard money might be a route but then Im gonna get slammed with a bigger interest rate, we could rent for a few months but that's like burning money.

Any suggestions?

Thanks,

We have recently finished our first flip house and am now looking at selling our flip and buying a duplex or two. The issue we are having is lending, when we bought our first flip we had two steady incomes now we have one steady and one none steady. Question is what's the best way to approach lending in this situation. 

Thanks for the help

Hi BP,

Few questions on rentals that I cannot find the best answer/answer I want

Brief background info: about a year ago we ( girlfriend and I) bought a house we were going to flip. We pretty much re did everything our selves and have a few tiny projects left before we are ready to sell in the spring. The house is located in hilliard beacon and got a great deal and looking to sell for a 30-40% ROI. Once we do sell we would like to get a duplex or two in one of developing communities around Columbus.

Now we cant figure out the best way to go about getting lending. I am technically not working as I follow my dreams and am working on building another business so my part of the lending is basically not there at all as I assume I would be more of a liability then help as the only thing I have asset wise to my name is my savings and this house. With that said would it be better to use this house as a collateral to secure another property then sell. But would that then lock us into this house and not be able to sell? Or should we just look for a lender willing to take on the risk as I am almost 100% sure our previous lender will not. we do both have of FHA's left but would like to save those for when we can buy something large.

Question 2.

Are we being naive thinking lower income rentals will be a good thing for a first time landlord. I've heard tons of horror stories about lower income rentals. But we are both young and the risk/reward seems to be there much more in lower income rentals then it does from buying much nicer properties. I for one am pretty handy did 99.9% of the work in our flip house and I currently have the time to fix rentals. My own concern is getting into lower income properties my ROI is going be destroyed due to tenants destroying the place. We are currently looking into section 8.

Question 3:

long term tenants, one of the properties we've been looking at has a tenant that's been there for 20 years. From past experience can/do long term tenants cause more issues then its worth. The idea of someone that's been there for 20 years sounds great but it also sound like not being able to easily raise the rent as rental prices go up. 

also if any one knows a lender/ are an lender and want to talk just let me know

Thanks for help/suggestions

@Brandon Sturgill

Thank you for the tip!

 Thank you for all information, I have began working my way through it and it is extremely helpful !

Regards

Patrick

Andy

I will defiantly be taking you up on that ! Futures is a major point of interest and would enjoy hearing you view/strategy on the market.  

Regards

Patrick 

Thank you for all the information!

Sounds great is this a weekly/monthly/quarterly meeting? I will definitely see if I can make this work is there a list of any other up coming meetings?

Hi all,

I am looking to dive into the REI community this year, currently looking at the rent and hold strategy right now will also be partaking in a house hack later this year. Really looking to network with like minded individuals. My current 8-5 is a working for a leading Robotic welding company( goal is to end that soon)!. Also spend a great deal of my time trading the forex market, investing is a great interest to me and I look forward to networking with many of you.

Thank you

( 7 1/2 years till retirement !)