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All Forum Posts by: TJ P.

TJ P. has started 6 posts and replied 111 times.

Post: Refinancing out of a VA Loan

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36
Originally posted by @Greg Cooksey:

Another strategy I have seen is having your RE attorney create a land trust that is owned by an LLC. You can place a property in a land trust without the bank ever knowing as they would if you transferred a property into an LLC. Placing a property in a land trust is just recorded on the trust paperwork and kept in your desk or filing cabinet.

How does that free up the VA loan? Or did I miss something?

Post: Refinancing out of a VA Loan

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36
Originally posted by @Matthew Coleman:

You may want to speak to a mortgage specialist in your area about moving the property into an LLC. I specifically asked my current broker (a former VA underwriter) about this the other day, and she said I could just do a quick claim into an LLC in the future (I'm currently under contract on an investment property and a VA property). I didn't specifically ask about a similar situation as to yours, however based on our conversations I don't think I'd have to refi to get my VA loan into an LLC. That could just be in my area too, I'm in GA.

I'm thinking that is "quit claim" instead of "quick". I'm wondering how the LLC would free up the VA monies... Would be neat if you could...Vets could could perpetually purchase, wait a year, then roll to LLC...in theory.

Post: Memphis Invest Reviews?

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36

I can't provide much @Craig Stephens other than an agreement with you and to tell you I'm in the same boat- "geographically speaking". I think Jay has the Turnkey Review site that has a US map on it. Not too many (none) TKs West of the Rockies. I'm in the Bay Area and it's like Mesa just magnified. I'm renting a 2/1.5 condo right now and they are selling for at least 400K. 

Until the market corrects here, I see no way to get involved in buy and holds. TK seems "nearly" perfect for folks in our situation. I mean how far would you have to drive to be able to put 15K down on a B class property with decent cash flow? I know my answer...it's not driving distance.

Post: Rental Properties: Big Vs Small Units?

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36

I played geographical- bachelor for a year away from my family last year. Lived in a 1/1 in a 100+ unit complex that contained 1/1- 3/2. I was friendly with some of the office staff and would ask about demographics for my RE "research". Turns out there were many smaller units being rented out in similar ways- Young professionals or small families transitioning (this was in Austin, TX so had many tekkies). I had a year lease that switched to a month-to-month as I went over my year by a few weeks. They had someone in my unit the next day IIRC. Easy clean up and no-minimal damage due to no family.

Long description- my point being small units aren't always a no-no.

Post: California living?

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36

Too many variables to give a definite "Y or N" answer but as it appears we are in similar boat, I'll give my 2¢.

Different animals when looking at house-hacking a MF in CA or purchasing out of state. Not sure your particular situation but I'll give you my "plan" and take from it what you will.

I recently moved (back) to CA for a job. I make decent $ at my W2 and plan to pick up a side job to pad a solo401K. I have to clean up some credit issues due to bad RE choices made in the past. Next year, I will purchase an "affordable" property somewhere in the South or Midwest (likely TK). With the $ I make in CA, this is much easier as my Xmas bonus can cover a nice down-payment. With significant skin in the game and due diligence on my part, I don't see much risk in this. I have PM'd before but as an accidental LL without proper research on my part. Logistically, I won't be able to from that distance.

The following year I plan to purchase a home here in CA. I am hoping that the bubble will have deflated significantly by then. We (the family) are here for many of the reasons listed- schools, weather, income, etc. In the end however, I do not plan to stay in this area. I would like to ride the cyclical wave of appreciation that CA provides and turn a nice profit or cash flow X years down the line.

Post: Creative ways to raise capital

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36

@Andrew Bondarchuk

Time for an update- What avenue did you take?

Post: Landlord Friendly states?

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36
Originally posted by @Lynn Fujihara:

I just closed a few months ago on a turnkey property on the Southwest side of  Atlanta, GA.  It seems to be working out well.   I am looking to expand my portfolio in this area.  Are there any landlord or tenant laws that I should be aware of?

 Would appreciate you keeping us posted, Lynn. You're ahead of me but have taken a similar track as I am in CA and plan to do TK in the South as well.

Post: VA to Conventional

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36
Originally posted by @Anthony R.:

Your next place, if using another FHA loan, needs to be bigger in square footage than your current place

Please tell me this is an "FHA-only" rule.

Post: Memphis Invest Reviews?

TJ P.Posted
  • Investor
  • WI OH
  • Posts 113
  • Votes 36
Originally posted by @Allison Karrels:
Originally posted by @Jeff Bethke:

Allison Karrels
Allison, I'm curious about your experience with Memphis Invest. How did the appraisals come back compared to the asking price on these three deals? If they were lower, did you have any personal issue with paying the difference?

 None of the appraisals came back lower than the purchase price so I did not have to deal with that situation.   All appraisals came back between 2-5k over purchase price. 

 Allison,

Would you mind discussing how you're financed on these? Is this another service they provided or assisted with?

Originally posted by @Damian Leonard:

@Edwin GachingaI don't even know any Californians that want to invest in apartments in CA. The cap rates are so much less there. I'm into cash flow from the get go, and the debt service coverage ratio is just so much better in other places than in CA. There are some folks that do well there, but not a state I really want to put my money in. I don't like to pay more in taxes than I need to either! I want to invest in markets that are landlord friendly, where if they don't pay they can't stay! You'll see after doing some research, you probably don't want to be a landlord in CA, unless it is a submarket that isn't overblown like the Bay Area. Anybody from CA, can chime in and agree or disagree with my thoughts on this. 

Cheers!

 I'm in the Bay Area and I wish I could disagree with you but alas...

I enjoy the W2 income that comes from living here but investing...yeh, well

Actually looking in your area along with many others way, way, WAY out of state.