All Forum Posts by: Ryan Saulle

Thank you! @Jason D.

Hey BP community!.

After helping a friend do a few fix and flips taking care of the rehab / renovation part of the project, I have purchased the first property in my own Company name.

I will be posting the progress with updates and pictures as i progress with the rehab! 

The property is in Monmouth County NJ.

Purchase Price: $150,150

Estimated Rehab: $55,000

Estimated Rehab time: 2 months

Estimated ARV: $300,000+

Pictures and updates to follow!

Ryan

Hey everyone, adding to my insurance question. I recently purchased a house for a quick flip. I have a builders risk insurance policy and a liability insurance policy on the property. Would I also need homeowners insurance? Should be done rehabbing within 2 months and after that nobody will be living there as a plan to sell the property.

Thanks again!

Ryan

@Ryan Murdock @Austin Fruechting

Appreciate the responses!

Another question regarding an LLC, I recentely talked to an accountant and he said each house should go into a separate LLC. Is that better to have 5 separate LLC's with the same partner? Or is there a way to keep them in one LLC while protecting each property seperately?

Thanks again, 

Ryan 

@Marian Smith @William Murrell

Appreciate the responses!

Question about the fee's you mention William. The buyers premium % and the earnest money %. Are you charged with both of those immediately if you're the winning bidder? Or are they both added to the total purchase price of the house?

For example the price i buy the house for is 200k, i pay the 5% ($10,000) + 3% ($6,000) which I would need $16,000 out of pocket due. Then the hard money loan i get would be for 200k? or is it all added to the final price which would make it 216K and the loan would be based off that?

Thanks again

Hey BP members! Question regarding buying a property in an LLC with a partner.

If I purchase a buy and hold property in an LLC with a partner 50/50 split (BRRRR) and we go to get a cash out refi is there going to be restrictions when it comes to the refi part? Does it depend on the bank / lender? Will they do a cash out refi keeping it in the LLC or does it have to come out?

Any help would be appreciated!

Thanks,

Ryan

Hey BP members, I've been looking into Hubzu and Xome auction sites lately. I read up on these sites and I have seen some mixed reviews.

I recently walked through a few properties from these sites and I liked one from Xome. The auction starts tomorrow and I am going to put in a bid. Has anyone purchased a property recently from there and have advice for me? Is there anything I should look out for? Anything hidden? How was the overall process? 

Any input would be great!

Thanks,

Ryan

Hey BP, looking for an agent in Union / Middlesex County. Any recommendations would be great!

Thanks,

Ryan

@Andrew Postell @Lumi Ispas Great info, thank you!

@Corina Eufinger @Lumi Ispas Appreciate the responses! 

Awesome. Helped clear up a lot! One question Lumi, if i decided to sell the property after say 9 months would I have to wait the full year (3 more months) before purchasing another property using another FHA loan or can I purchase one after 10 months?