All Forum Posts by: Addam Driver

Hi @Christopher Evans, I'm doing the exact same thing right now. I'm purchasing a piece of property and transferring them into an LLC. at closing. The benefits are the LLC will own it and the loan rate is much lower for me than my LLC. because it's too new to have credit history. need like 2 years for that. So what will happen is all payments will be made to the LLC and it will be paying off the loan. I did my banking with BB&T for this. They are handling the property insurance which will be under the LLC and as long as I can show proof that the LLC has been paying the mortgage, over time they will extend more credit so the LLC can technically purchase it from me or just transfer the loan all together. I'm still fairly new to this but so far so good. I completely straight up with them when I told the small business rep what I was trying to do. They help set all of this up for me. hope this helps!

Originally posted by @Susan K.:

Addam, could you let me know what lender you used?  Thanks.

 Hi Susan!

I used BB&T for this deal. The main reason I went with them is that they allow me to quit claim the properties to my LLC at closing w/o penalty. I used my personal credit to get the lower rate, but the LLC owns the properties. I wanted better cashflow.

Cheers!

Originally posted by @JP A.:

Amazing deal! In a little over four years you would have recouped your 100k and have those properties paying for themselves.

What state did you invest in?

 Hi JP!

I invested in Georgia outside of Atlanta.  Rual areas and small towns.  Tenants are hardworking good people too. 

Originally posted by @Malcom Smith:

2.2K off 60K is very good! How much of that is profit after you paid the lender, management, turnover etc?

 Hi Malcom,

That $2.2k is the profit.   

Purchase price: $67k

Finance: $67k - 20% = $53,600 ($13.4k)

Rate: 4.875%

Mortgage: $283.66

Tax + insurance = $77

Prop. Mgmnt = $108 (9% of rent... Kind of high)

Operating cost = 283+77+108 = $468

Total rent per mon. = $1200 ($600*2 units)

Cashflow per duplex: $1200 - $468 = $732

Cashflow: 3 (duplexes) * $732 = $2196

Granted this is best case scenario and doesn't include vacancies and random repairs but it's still a good return.

Cheers! 

what is your cashflow goal with this property? if it meets that and at least 1 tenant pays the mortgage, on the surface you're looking pretty good.

@Bob Razler thank you so much! lots of helpful information. cheers!!

hi @Matt Katsaris no the other structure doesn't have an address.

HI @Bob Razler!

Thanks for the reply. My agent JUST got the official map from the MLS. It does show that 1 property is that 1 large chunk of land. I think the seller must have just put another duplex on it and has it rented. It's a pretty large piece of land. Addition to that, I'll take your advice and contact the city and see what the story is. If it is true, then what? 2 for 1? :)

Hi BP!!

So check this out.  I'm purchasing my first duplex and while on google maps I noticed that the structure I am looking to purchase actually has 2 properties on it (another duplex).  This whole time we've been going off of 1 property address.  I'm not sure how to proceed...

I'm assuming the address of the parcel/property covers that piece of land.  So does that mean IF I went through with this (pending the banks financing), I would basically end up buying BOTH duplexes since it's on the same land?  or would I have to do something extra to get the property I was originally looking for.

Thanks in advance!

@John G. I am on my 3rd mortgage under my personal.  BB&T allows 5 before they automatically switch you to portfolio lending.