All Forum Posts by: Reggie Rearden

I had the same scenario. Instead of calculating COC return, I based it on the 1%/2% rule. Mine lands right over 1.5%, so to me that's good for my market.

I have sfh's with a local credit union under my LLC's. The terms are 15 to 20 yrs and higher interests. That may not be the case for everyone but that's how it is for me. My rate with this credit union is 2.69% for my primary home and 4.97 for my REI's.

Offer to buy them a window unit as a temporary solution. 

@John Hovanec the property is paid off. This is an off-market deal that one of our bookkeeping clients brought us. The seller knows literally nothing about REI. I just told her we'd take care of the contract and closing costs. We have a local credit union we use for our LLC SFH's.

I'm purchasing a sfh through my LLC using all cash and without using a realtor. I'll be doing the BRRRR strategy on this property. The primary question I have is regarding the contract. I'm getting such a sweet deal that I was paying all closing and legal fees. Is this how cash purchases generally work? This is located in South Carolina.

Purchase price: $45K

Rehab: $15K

ARV estimated to be around $120K, on the low end. I got this number from another sfh I own in the same neighborhood that just appraised at $120K with comparable specs.

We're making plans to visit Panama City Beach in August, as long as Covid permits. We'd like to network with an investor friendly agent or other investors that live in that area. My wife and I are interested in adding STR's / Air BNB to our existing portfolio. Anyone have experience with working with a Realtor in that area? Also, are there any other surrounding areas someone recommends to invest in?

I'm in the Aiken area.

@Matt K. I'd suggest talking to your attorney about that. I personally have each of my commercial properties in different LLC's and my SFH's in 1 LLC. I have separate accounts for each LLC, per my attorney. Nothing I have is commingling. I have NOTHING in my name other than my primary residence and my vehicles. I just follow the advice of my attorney. By doing that, you should be good to go. I'm an absolute firm believer in setting everything up correctly from the beginning and following the advice of an attorney.

This may or may not apply to someone on this thread, but I'll give you my experience. I'm in the middle of refinancing one of my SFH's to one of my LLC's. I'm doing this for many reasons and its based on MY particular situation. I have a 30yr conventional loan on this property which is in my name. It was my primary residence but is now a rental. I decided that its worth the higher interest rates and shorter terms to be refinanced under an LLC based on MY situation.

Does it cash flow as much? NO-but it still cash flows enough for me.

Am I separated from this property in the event of legal issues? Yes. (my primary concern)

In my opinion, set up your properties properly in the beginning. As you grow your REI's, you will not have to go back and restructure any of your properties.

@Matthew Bell I sent you a PM.