All Forum Posts by: Taylor Chiu

Probably in your own name, most residential lenders won't allow you to put in the LLC name

 Wow man, those are great numbers, congratulations again!

@Caleb Bryant That's great! How long did it take you to find a buyer? Craigslist?

@Account Closed Oh I see, admittedly I don't have experiece with heloc's on commercial properties, although I bet there are options. Good luck!

@Matt F.

So the main things you need to understand for evaluating the deal are:

• What is the arv?
• How much money will it take to rehab?
• What can it rent for?

For the arv, you are going to need comps in the area. Don't trust the auction site-listed arv at face value. 

For rehab amount, you can get an idea via contractors.

For rent, you can check out sites like rentometer or zillow to look for comps.

If you want to BRRRR it, you'll want to be all in (purchase price + rehab) at ideally 70% of arv. Possibly 75%, depending on your lending options.

If you have a deal that works with that, then you would buy, rehab, get a tenant in there, and then do a cash-out refi after 6 or 12 mo of ownership. At which point you would have most / all of your money back, and can rinse and repeat. 

Let me know if you have any other questions!

@Crystal Hogsed

Welcome to the investing world! I got started house hacking a duplex, and since then we've grown to about 40 buy-and-hold units. 

If you have the income / down payment for it, then I'd highly recommend house hacking. You're going to need to live somewhere anyways, and what better way to get into investing than to cut into your own housing costs and learn how to be a landlord without having to travel far to do it.

Would that be an option for you?

@Reese Davis - Do you have access to any credit at all? It's not ideal, but you could do a cash advance for the 3k if the deal is really worth it. 

Or is there someone that could loan you the 3k for a fixed fee or a part of the deal? Or possibly a payday loan?

@JP Krueger When you say "3 family", do you mean a triplex, or do you mean 3 bedrooms? Either way, my impression is you should be just fine doing the 1031 that way. For reference, I did a 1031 from a duplex into 2 duplexes and a single family.

Nice deal! What purchase price did you end up selling for? And how long are those $730/mo payments going to be coming in?

@Account Closed

So it's commercial, not residential? If it is actually residential, then PENFED will do up to 80% ltv HELOC on investment properties, as long as you don't own more than 3 properties