All Forum Posts by: Sam Mathew

Hello BRRRR Investors. I have been doing the BRRRR strategy for some time now. The issue I seem to have it if I buy a property for $75k but improve the value to $150k in a few weeks, and try to do a delayed financing...the appraiser always sees the low price that you purchased it for just three weeks ago for the $75k and doesn't have much propensity to push far up to the $150k.

Has anyone attempted this...? To purchase a property in your own LLC name for cash, and then three weeks later instead of a delayed financing, just do a regular purchase in your personal name from your LLC for $150k (or even $140k or $130k). I say this becuase I find when the appraiser sees the $150k purchase, they try harder to justify the appraisal for it.

Now, I'm not any legal expert or appraisal professional, just wondering if this could work or even help.  Any feedback from anyone?

Hi John, not sure if you're still around on here.  Just wondering if you made this happen or still pursuing it.  Let me know..thanks.  Would love to hear your story with it.  Sam

Yes, a pure 70-80% home equity loan, 30 yr.  I know they are out there though...just difficult to find.  Key Bank does offer one and we went back and forth but they ended up declining for now.  But seeing if other banks have a similar program.  I called several but no luck so far.

Hello Bigger Pockets Colleagues,

Does anyone know any bank or company (besides Key Bank) who offers HELOC style loans for residential investment properties (SFH) in Michigan?

Sam

Thanks Jay.  I did speak to CoreVest last month.  They are a good possible option in the future.  Their minimum is $500k though and my properties are $75k-95k properties.  I can combine together but it gets tricky.  I will keep them in mind and thanks again.

Hello Bigger Pockets Members,

This has proven quite tricky for me.  Please let me know if you have any advice:

I live in Florida but buy homes out of state, mainly Michigan.  I cannot use conventional anymore as I have nearly maxed out at 10 conventional loans.  I did my first Hard Money deal this past week but the points, rates, and other fees, were a quite large.  Yikes.  I know there is private and/or portfolio lending but usually to become a credit union member I have to live in the state or county there.  I don't fit the criteria.

Does anyone know of a private lending in Michigan or other options better than a Hard Money lending for Michigan properties when living out of state.  My credit score is excellent and I have good case reserves but trying to optimize on purchasing properties.  Please let me know.  Thanks.

For the past few years, I have been a side real estate investor, done a couple Flips but mostly Buy & Hold single-family (approx 14 in total) for the long term.  My career background is in Accounting and Finance and have recently been hearing more and more about real estate syndications, which is fascinating to me.  I know there are some training books and courses out there, but has anyone on here actually created (sponsered) and investment deal?  If so, how did it go?  And for others experienced, have you or are you considering it?  Would love to hear any feedback.  Thanks.

I am request assistance from a wise rental property sage on how best to organize rental property paperwork.  I have out-of-state properties with property management companies to manage them, but still I have closing docs, titles, insurance, mortgages, HOAs, expenses, etc....some permanent records, some ongoing monthly accounts with updates.  Some reason I have no effective folder system, excel spreadsheet, or online softward to help me keep track.  Yes, slightly embarrassed to even type this out but if you might be able to help, please let me know.  Thank you Bigger Pockets' members.  

Thanks for the advice Andrew.  The property is in Michigan so I will see if I can post in the Michigan forum.  Still somewhat new using Bigger Pockets.