All Forum Posts by: Richard Heine

Best I have heard here on BP is house hacking a multi-family.  Not for everyone but has pretty solid numbers and you are right there to manage.

Did this last month. What Sam Shueh said.

The bank took my low ball offer for cash. Sheriff move out was scheduled for Monday. I got it under contract Friday afternoon (same day I found it). a couple days before. The bank does not want to be in the property business and will lose money to unload it. Got a clean title and kept the owners as renters. We'll see where that goes. Keep your ear to the ground. The best deals are not in the MLS.

I am not a law tech but I use and love the LLC. This partnership will only be as good as your relationship. To get a loan via LLC you will both have to put up your personal records and possibly pledge personal property beyond the LLC holdings ( fine print). LLCs have not helped me with taxes but the real estate has. The net profit or 50% for you of the net is still going to roll downhill to your 1040 as income.

I am thinking the video said live in the property. And no, you don't need expeerience but the new experience might be painful. It's a way many got started.  I think it'd s good way to go. One better is to find a mentor to walk along side for the first year.

Dog food mixed with dry sacrete. Leave water nearby.

I will have to call some more banks. The first three wanted 6 month seasoning but that goes by pretty fast. I have 5 properties coming up in August. The sales comps in my little patch have gone through the roof.  Hopefully, that will make a difference in the appraisal. I was buying five years ago but the day after Trump got elected I grabbed every door I could find.  Because of the really tight rental market most are Two Percenters now. 

I bought a fixer last week that had ok curb. This time I didn't pretend to make a budget and schedule work. The day after closing I put the ad in FB Marketplace detailing the trade of labor for rent. In 24 hours I received 64 (unique ID) messages and took online applications. They next day it was rented. 

So yes, I need to 'cash out refi' to keep the game moving forward and I want all the cash out. A two percenter can afford that.

Thank you. OK, I am watching this one for my similar situation and I don't know the answer. To a bank the DBA, called fictitious name in MO, is a full proxy to the underlying LLC.

Good job. Yes, Put together a professional looking portfolio of your houses with pictures and clear numbers. Go to the current lender first. Then hit the street. Banks are eager to lend if the risk is safe.  For my last loan for several duplexes I used the BP tools and the loan officer was impressed. They don't normally see that effort. Better move now the rates are anxious to move up.

I sold a nice house that required an FHA inspection two years ago to close the deal. They took wide latitude with their punch list. It's like they equated amount of repairs to their inspection performance just like some insurance inspections. I don't think anyone has gotten a clean report. It comes down to a bird in the hand or wait for another buyer. Good luck.

Whole books are written on that question so start by getting Brandon Turner's book at BP. Also, the forums are filled with answers to exactly those questions. It's also a learning process. Mistakes will be made. Finding a mentor near you will be a lifeline right now.  That's the best way to start/