All Forum Posts by: Ryan Cunningham

Hey Leah,

I had a load issue as I was originally drafting this and it went live on me - so I just edited.

But it does look like you confirmed one of my questions either way - the goal is access to quick funds.

Thanks for your reply!

Hi Everyone,

I am on the fence here (and still somewhat of a novice) - we have invested out of state for many years with family (sweat equity, agents in family, all members invest). 

I am wanting to scale up my access to liquid funds, and currently exploring some creative financing options with what I have already.  I own one rental in my name, and have been funding flips also under my name (same area).  The rental has a good amount of equity, and the market is strong for both holds/flips. 

The relationships with Lenders, Agents, Contractors, etc in the area are solid, so typically no surprises come up for anything.

-> While I could pull a HELOC on the rental, I am wondering if it would be worth shifting that to an LLC and pursuing Commercial LOC?

-> Has anyone done this shift with a long term rental under your name?  If so, what are some things to watch out for?  

-> In your opinion, is it worth doing for a single rental?  If not, at what point does it make sense?

-> What are the tax implications of a shift from personal to LLC? (Currently doing research for this, and talking with my Accountant this week).

I am sure there might be some clarifying questions asked here, but thank you for taking the time to read!

~Ryan

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This would be a perfect opportunity to figure out what is wrong with the property. Find out if there are leaks, issues with the building systems (HVAC), unpleasant odors (could indicate gas leaks, lateral or plumbing stack damage etc.). Most of the cosmetic issues you will be able to spot on your walk through, but asking the people that live there the problems they encounter will give you an idea of what's happening behind the walls. This is typically where things get messy and very costly. An educated buyer is a smart buyer! Hope that helps Buzz

Hi BP Community!

A few months back, a colleague of mine mentioned BP to me and I have been listening to the podcasts on my way to work and between properties everyday!  I absolutely love what you guys are doing here.  

A little about myself:

I am 28 years old, and have had quite a bit of experience in RE.  In college I studied Civil/Structural Engineering, and began working on fix and flips with family members when I graduated.  As life typically does, I got pulled in a few different directions making it very difficult to continue working on flips.  But the start of this year, I secured a job with a growing developer in the midwest as a project manager.  

I oversee the development of 6 properties, both distressed and value add.  My biggest achievement thus far is being able to pull a property out of condemned status (very long process but persistence pays!).  Currently, I am completing on average 12-15 units per month and always improving and honing my management skills.  

Goals:

I am working on saving my money to begin investing properly, but am interested in meeting people in my area who are interested in a partnership.  I am determined to be successful in this industry, and will do whatever it takes to reach my goals.  

Also, I have been wanting to move to Colorado for many years, so any investor who is interested in a driven project manager to get things done, please feel free to contact me anytime!

Thank you everyone for all you do!  Your success stories show me I am on the right path, and inspire me each and everyday.

Respectfully,

Ryan