All Forum Posts by: Samuel Liapis

@Shivam Patel

Congrats on your purchase man! That's awesome that you took action and the first step!

Happy 4th of July everyone. Stay safe and hopefully your properties stay safe!

@David Gotsill

I am talking to a hard money lender and he said that in order for me to get a loan I need an LLC. I don't really like this approach because I will need to refinance it afterward and if I use a commercial loan for the refinance the rates will be higher. I wanted to refinance into a conventional loan but that would require quitclaiming out of the LLC into my name, refinancing and then quitclaiming back into the LLC.

@Jon Reed

Wow I did not know this. Thank you so much for that information. Yeah I heard series LLCs were a lot harder to manage.

Hello All!

I am going to be starting my BRRRR Strategy soon and I wanted to know how I should go about purchasing the properties. I know I need an LLC for certain financing. But which one should I get?

In order to refinance out of the BRRRR deals I know I can quitclaim if need be but will I need too? Which LLC best protects me legally so I don't lose everything if something goes wrong?

Any help would be amazing! Thank you!

@Sylvia B.

I tried to do section 8 in a suburb of Chicago, IL. The process was fairly simple but I would say about 90% of the areas are below market rent. And I mean really below market rent. In Illinois the rate is based on your zip code. My particular area they wanted to pay $800 for a 2bd 1ba. I asked if this was negotiable and they said no. I am currently renting that apartment for $1200.

Also the tenant still wanted to do the section 8 and pay the difference. This is illegal and they will lose their voucher if caught. I am not sure if there are any repercussions for the landlord.

@John Warren

Oh ok, I didn't know that. I am really just practicing Analyzing deals. I don't have the capital right now. But if I can't get these ARVs correct then I won't have very good real estate Investments.

@Deisy P.

What does ex ex mean? Does that mean he is 2x an ex felon? I mean apparently he didn't learn from the first one.. I would be cautious. If he gets another one you will be without a tenant.

@John Warren

Hello John, I got another one you could look at.

https://www.trulia.com/p/il/oak-park/519-n-humphrey-ave-oak-park-il-60302--2103543132

Asking price: 269k

Can Bid: 260k

Rehab looks like: 40k

Closest ARV looks like 426 N Humphrey at 372,500.

But a lot of the ARVs around here hit 400s. This property does not have a great curb appeal though.

So I would keep 372k as the ARV.

3bd 2ba conservative is 2000

2bd 1 1/2 ba is 1600

All in 300k ARV 372k x 80% cash out refi is 297,600

Would you consider this is a good deal or cutting it close?

@John Warren

Thanks again!