All Forum Posts by: Simen Gundersen

 Hi Kevin, thanks.

How would I go about to get more information about this? I see you're based in Ohio, know any CPA or a community lender I could contact? And do you know how much of the home value they are typical willing to loan and at what %? 

Thank you SO much - EXTREMELY helpful

Turnkey Mortgage Buy and Hold Rentals

Hi! I'm based outside of the U.S and in November I will own my first rental property in the U.S. It'll be in Ohio. The property will cost me ca. 60,000 USD and will bring in 6K net annually in cashflow.

I will purchase it with my own money, in other words, it'll be free and clear. I will purchase it via a LLC as i'm not a U. S citizen.

My question is: what is the best way to me to unluck the equity in that house to quickly acquire another property? I'm really blank here and would really appreciate all the advice I could get.

Thank you so much!! :)

The first purchase will be all cash and I will not qualify for a loan as I have no records of income or anything a bank can take as insurance for a loan. However once I get my first property under my LLC thats free and clear, then I can unlock that equity take out a loan against it, right?

Don't see how I can do the loan as part of the purchase, but perhaps i'm missing something. Regarding getting a loan, are you saying that it would be difficult for me to get a loan for 50-60% of the value if the total value is aporx. 60K? Didn't think that would be a problem, hmm. Any tips on how to get creative here?

Thanks a bunch Darrin. 

Hi, i'm based outside of the U.S and i'm looking to pick up a property soon in Ohio. Therefor i'm looking to get in touch with a CPA to make sure I got everything right and someone I can use to keep a track of my books :) 

get in touch

Hi! I'm a noob in REI and i' love to get some feedback on my plan here.

First off, i'm located outside of U.S. I currently own one property I closed on in June here in Norway which i'll be moving into in August. I'll be renting out one of the rooms so i'll have almost zero living expenses - which i'm super happy about.

I am however looking to pick up two properties in the immediate future in U.S due to lower prices and better cashflow. Since i'm not in the U.S, i'm thinking i'll go turnkey here.

I have been studying markets and turnkey properties and I have landed on Ohio as market. 1) Anyone got experience, tips or thoughts in/on the Ohio market? Would you reccomend it? I'll be purchasing properties as rentals.

2) My plan is this. Pick up one turnkey property priced around 55K (give or take). I'll be purchasing this with my own cash, so it'll be free and clear. It'll give me a net return of 6 - 7K anually. 

I will be establishing an LLC as i'm again outside of the U.S and acquire it that way. Now my third question is, since that property is free and clear, can I pretty much instantaly fly to the U.S, open a bank account, get a loan on my first property for 70% (?) of what its worth and then as long as I have the remaning 30% of the cost of the new property I can pretty fast pick up one more?

Thank you for reading -- again, i'm spanking new to this so sorry if I have misunderstood anything. 

Hi!

Whats your thoughts on putting in a new sink, toilet and new shower equipment/foldable shower door in this bathroom: http://imgur.com/a/28U7j?  Is fixing baths in this condition a good investment? The floors already have heating. Last upgrade was early 2000.

I will be renting the property out.

This is great!

Herro. I'm located outside of the US and i'm looking to acquire a turnkey rental property in Indianapolis. If you or someone you know could "deliver" this, please get in touch via PM. 

I am a qualified buyer, interesting in getting a deal done.

Thanks. 

Have a look here my friend: https://www.biggerpockets.com/renewsblog/2015/01/3...

Best of luck