All Forum Posts by: Troy Gandee

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000

In 2021, myself and a partner wholetailed 20+ properties. We noticed the need for inventory for our investor colleagues. Rather than flipping properties that we found, we decided to take title and circulate them to our investor friends instead of immediately beginning renovations. We were able to rapidly dispose of every acquisition that we purchased in 2021. We were very intentional to offer enough discount to make the deal for our buyers while still maintaining a very profitable enterprise.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000

In 2021, myself and acquisition partner wholetailed over 20 properties. We noticed the desperate need for inventory for our investor colleagues. Rather than flipping properties that we found, we decided to take title and circulate them to our investor friends instead of immediately beginning renovations. We were able to rapidly dispose of every acquisition that we purchased in 2021. We were very intentional to offer enough discount to make the deal for our buyers while still maintaining a very profitable enterprise. We intend to continue that strategy into 2022, but will begin picking some off to be flipped, as well.

Investment Info:

Condo buy & hold investment.

Purchase price: $460,000
Cash invested: $90,000

Short term vacation rental in luxury beach community, bought from assignment.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $300,000
Cash invested: $70,000

6 Unit apartment building.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,200,000
Cash invested: $300,000

14 unit apartment building.

@Joe Splitrock very interesting! Thanks for sharing!

@Joe Splitrock that’s definitely the first time I’m hearing of that. Good to know. Seems like more people should be aware of that, if so. I’m doubtful that it’s as easy as it may seem, though. 

@Tom McMahon The lender will tell you not to do it. A quit claim deed is technically a "change in ownership", so the lender could call the note. I've never heard of it actually happening, but it could appear to the bank as though the home has been sold and they will expect their payoff. They loaned that money to you, not the LLC, so they'd prefer you keep it in your name. You'll want to consult with an attorney, by imo, it is usually not necessary to put the property in an LLC at this point. If you have good insurance and aren't negligent, you shouldn't have any liability issues. Once you have more assets to protect, that's when you should start worrying about rearranging things yet. If you really want to get crazy, you can try to go the trust route as it can be a workaround for the mortgage issue, but it's pretty complicated for 1 rental.

@Christopher Bell We have a couple of great referrals for the Columbia market if you'd like to reach out to them. As far as agents go, Dustin Johns with Realty Resource Group is a great investor friendly agent. He does a lot of lake transactions, too. And for investment information, Andrew Lucas is an investor and runs REI Live there. He would also be a great resource for you.

@John Anderson You can just set up a new LLC with new EIN and then do a quit claim deed to the new LLC for $5 or $10. You'll have to pay for the new LLC and the closing, but quit claim transactions are pretty affordable. There are recording fees and such with the County, as well. Should be around $500 depending on your attorney. I don't believe it will affect your tax assessment either since the consideration is only a few dollars and no new mortgage information is being recorded.