All Forum Posts by: Thomas Franklin

@Tom 

@Tom Durphy Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Much to your success!

@Glenn Szilagyi Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. You are building a portfolio, of Buy and Hold SFRs. Are these properties, in your personal name or are the properties, in the name of a company, for the purpose of personal Asset Protection? Asset Protection and Personal Liability is something that many Investors overlook. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Please free to reach out, to me, if you feel I may be of assistance, to your Real Estate Endeavors. Much to your success!

@Jennifer Castro Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Please free to reach out, to me, if you feel I may be of assistance, to your Real Estate Endeavors. Much to your success!

@Jennifer Castro Your choice of flooring depends, on the market in which the property is located, your landording abilities, the structure of your Rental Agreement (holding tenants accountable for damage beyond normal wear and tear) as well as your Buy and Hold Period. With that said, tile and wood flooring are popular, in the Miami area. There are laminated wood flooring products that are relatively inexpensive and durable. Tile is also durable depending on your product choice. I hope this information helps you. 

@Dylan Vogt Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Please free to reach out, to me, iI would be happy to help you and be your Mentor. I am willing to provide you references and my BP Profile is self explanatory. In my opinion, what is the purpose of having knowledge, if it cannot be shared, to benefit other people. if you feel I may be of assistance, to your Real Estate Endeavors. Much to your success!

@Eric M. If you are interested in purchasing Residential Multifamily Property please consider the following. If you are looking to owner occupy, you may want to consider starting out, with buying a Duplex, TriPlex, or a Four Plex. Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate). You live in one unit and let your tenants pay the mortgage and other property expenses. This will give you experience as both a Landlord and Property Manager. The downside is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC. What happens if one of your tenants has a slip and fall, on your property, or something else happens to them? You are on the hook and can be personally sued, for everything you own.

If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years). This is what I am encountering, in the current Mortgage Industry.

If you think you will go FHA and then Quit Claim the property, to a LLC you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days. These clauses are contained, in all Promissory Notes nowadays.

I have looked at investing, in Wisconsin more specifically Green Bay. I came across a Four Plex located on Western Ave. I investigated the market over the last five years. The market was experiencing a 1-3% appreciation per annum. I passed, on the property, because there would be insufficient equity built up to refinance and satisfy the balloon note.

The only way around the banks is to pay all cash, or find a Motivated Seller that will accept Seller Financing. Then you have no problems closing, in the name of a LLC. I hope this information allows you to make informed decisions regarding your investments and how you choose to finance.

@WI 

@Eric M. Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Much to your success!

@Gabriel Baltierra Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Please free to reach out, to me, if you feel I may be of assistance, to your Real Estate Endeavors. Much to your success!

@Joel Rodriguez Maybe there is a way we can work together, to expand each other's level of knowledge, grow professionally, and reach our respective REI Objectives. If you feel this is possible, let's connect.

@Yun Hendricks Welcome to the community, of BiggerPockets! The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. I am located, in Miami. I am a Rehabber as well as a Buy and Hold Investor. Please free to reach out, to me, if you feel I may be of assistance, to your Real Estate Endeavors. Much to your success!