All Forum Posts by: Stanton Ward

Thanks, Mitch. That's definitely what we've been told regarding kissing the frogs, so was wondering about the tradeoffs involved with working with wholesalers. We've also been advised on preforeclosures and tired landlords. I think that may be where I tend to get stuck. Not sure if I need to task my RE agent to source more off-market deals, but the lists we receive are MLS centric so everything is on-market.

As far as my partner's involvement. It's not that he is not able to help with funding, it's that his current living arrangement presents risk to lenders considering he is not a homeowner currently and I am. He has owned in the past and has cash set aside for us to invest, but when we spoke with a DSCR lender, they noted his arrangement prevented us from initiating the purchase through our LLC and instead that I would need to do so and then transfer the property into it later. Neither of us were aware of that particular caveat prior to the conversation but we also were curious about the time needed to transfer the title.

Hi all, 

I am just about a year into my RE investment journey. I've spent the last several months reading many of the BP books, listening to podcasts and meeting with RE investment professionals (attorneys, CPAs, realtors, mortgage brokers, builders, etc.). I have two main questions currently, and apologies for the long post ahead.

First question:

I have just formed an LLC with a partner and we have intentions on purchasing our first property ASAP. We've made some offers but no luck so far. Most of the conversations we've had revealed we just aren't making ENOUGH offers, so we are looking to increase our volume in doing so. We have been told that partnering with wholesalers who can submit offers on our behalf is a viable strategy, or to utilize parcel data apps and similar services to look up off-market and on-market properties to do the offering ourselves. Curious about thoughts on those strategies?

Second question:

I currently own a primary residence. My partner however, is renting (working on seeing if he is willing to house hack). We have ~$120k to put toward an investment and have been working with a broker to find properties in a specific area. Our intention is buy and hold with a focus on Cash flow. We have been in contact with both hard money and DSCR lenders. Regardless of our initial approach say for example a rehab, we will obviously need to secure a 30yr loan in the future to hold a property. With my partner being a renter, this means we cannot purchase through the LLC but rather that I would need to purchase in my personal name and then transfer to the LLC later. Does anyone have experience with this process? Should we draft an additional OA to outline the terms?

 Great information! I just followed Andrew and plan to reach out for further advice. I would like to avoid/minimize as many mistakes as possible. Much appreciated.

 Interesting! This is actually one of the scenarios my wife and I were already contemplating given our plans to grow our family. Didn't realize it would also play into the investment decision. I will message you further about the cash out refi. Thank you!

 Thank you, Clint! This is very helpful and I would definitely be interested in learning more as I navigate this journey.

Hi All,

I am in the very early stages of this journey and am trying to figure out what the best step to take needs to be when jumping in. My wife and I purchased our current home 5 yrs ago before we were married. I am not listed on the mortgage but am listed on the title of the home. Would this mean that purchasing an investment property in my name would be viewed as my first primary residence? Also, curious about what this would mean for future portfolio expansion (e.g. using her name or mine when seeking out financing).

Hi all! I’m relatively new to the BP community. Have been subscribed for 3 years and an avid follower of the podcast content. Very enthusiastic about getting into RE as a wealth builder but I know that I have much to learn about the process. Looking forward to connecting and growing.