All Forum Posts by: Patrick Wang

Sorry for any confusion. The property was purchased for $315k and I had taken a loan for $250k from the bank. Anyways, I counter offered a higher number but I have not heard anything yet. Unless if I get that higher number, I might just sit and ride the Seattle boom. Redfin and Zillow (taken with a grain of salt of course), already appraised my place to be $350-$360k. What's crazier is that I only bought the place 3 months ago.

I wasn't even planning on flipping.  My goal was to hold it long term and have some cash flow while I ride the rising Seattle real estate boom.  Seattle is going crazy now (good crazy), which is what's making me hesitate on selling it now.

I have not refinanced yet, but a conservative assumption is the ARV would be around $360K or thereabouts.

My rent will be $2150 (slightly above median price)...if it rents out at that price.

My cash flow will be only a measly ~$200 a month after fees.  (clearly I didn't discover bigger pockets until I bought the property)

My original goal is to tear the place down myself in a few years and then to build a 3-unit rowhouse or townhome; my lot is already zoned for that.   I do have some experience with commercial remodeling, but if it comes to fruition, this will be my first residential build.

Hi guys, I just recently bought a property a few months ago that I was planning on BRRR. I had actually just placed the place on Craigslist for rent today. Anyways, I received a letter from a potential buyer. Intrigued, I emailed back and it was some legitimate agent from a well known RE company that represents "investors." He made an offer of $400k on my place and even offered a $15k earnest money to be released after one month. Numbers: Value of property at time of purchase: $315k Loan: $250k Rehab cost: $25k All in: ~$95k Any thoughts and advice would be appreciated.

Thanks for the response. That's what my lawyer suggested. I currently have a $100k general casualty on the property and a $2 mill on my umbrella. I've though about increasing my umbrella to $4 mill and it would only increase my yearly premium by ~$400. Do you think it's overkill?

Hi guys, I'm a first time investor and just recently bought my first home. I've scanned through the forums and couldn't find anything like my situation. I had previously set up a dedicated LLC for the sole purpose of real estate investments. During the deal, I mentioned to my bank that I would like to purchase it with my LLC. Bank said no problem, but the loan would have less favorable terms and a few other things that I frankly can't remember. At any rate, I switched to purchasing it under my name thinking I can just switch the title to the LLC at a later date. The property closed 2 months ago. I've been rehabbing it for the last 2 months and hopefully it should be on the market for rent by march. I spoke to my lawyer to transfer it to my LLC. He looked at my paperwork and noticed that the loan prohibits me transferring to he LLC, and in doing so I would breach my loan contract. Basically I would have to cough up the entire amount of the loan if breach the contract. My lawyer's other clients have faced similar situations but they still went ahead anyways. He didn't exactly condone the process but he said his clients were fine. Anyone come across similar situations? What other legal avenues do I have to transfer to the LLC? Thanks in advance!