All Forum Posts by: Peter Faulkner

Interesting article here.

Hello Everyone,

I have a house under contract and was reviewing best practices for LLC's and conventional financing. My mortgage broker shared this information with me and I thought I would share:

http://workshopmortgage.com/blog/blog/2018/04/26/fannie-mae-an-llc-now-real-estate-investors-can-have-both/

Actual guidance from Fannie:

https://www.fanniemae.com/content/guide/servicing/d1/4.1/02.html

P.S. Super excited about my deal. It's my second deal. Been looking for almost a year now for something attractive, have been super conservative, and believe I've got a good one now. Happy to share more deets if interested.

Peter

I'm from NC (though now live in NYC) can you please send me info on this deal?

Hi Rebecca,

This is a good read:

https://www.biggerpockets.com/renewsblog/2015/04/29/condo-investing-stop-read-this/

Hope that helps!

Peter

Thanks, @Will Gaston

If that's truly the goal, why not hire property management instead? Seems like you have plenty of margin in your properties to support one.

@Will Gaston what asset class are you looking at that is better than what you have going on now? I read another one of your threads and it seems like you’re killing it - you’ve cornered a very niche market and are seeing cash flows most people don’t. What could possibly be more appealing?

@Will Gaston - fantastic post! Really appreciate all of the insight and information.

It's obvious from your post that student housing is an extremely high-touch business, but one that you have mastered - timing in marketing, expectation setting with kids, quarterly check-ins, the list goes on.

So my question is, as an out of state investor considering investing in the same type of space, how would you characterize other property management companies ability to successfully run a business like this? 

For example, if you wanted to outsource that part of your business, are there management companies in your area that you would feel comfortable turning operations over to?

Thanks, I already did the 14 unit deal. 

Was thinking of using a HELOC on her home...

Hi Bigger Pockets Community,

Wanted to come to the forums to ask for any creative ideas about helping (or partnering with) family members using Real Estate as vehicle.

The short story is that my mother is getting up there in age. She also isn't in the best of health and periodically needs help with day to day activities.

She owns a very nice townhouse (2 bedroom & 2.5 bath) that is paid in full, but has a fixed (that is very limited) income from one piece of commercial property that her family gifted her many years ago. Her cost of living has very gradually increased (HOA fees increasing, cost of food, medical bills, etc.) but her income has basically stayed the same.

I recently did my first deal (14 unit multi-family) and she has expressed interest in using some of her very limited savings to partner with me on making further investments.

But my question is this: What strategies has folks on the BP Community used to work with their family to increase an elderly parents income? For example, maybe tapping into her equity to purchase another place? I don't exactly know... 

Was looking for something creative. Perhaps something we could both benefit from..

Thanks!

Peter

Hi @Hannah Smith! Welcome to BP!

I've been a lurker here for some time but thought I'd speak up. I finished my MBA from Kenan-Flagler almost 5 years ago now. I live in NYC (which is obviously a crazy market) but decided to invest in markets closer to home. I just did my first multi-family deal in Winston Salem (14 units) and couldn't be happier with the results.

Good luck in your investing journey and reach out if you I can help in any way.

Peter