OfflineSo far I've been refinancing one property at a time to cash-out and buy more. Is there a faster way you know of, possibly multiple properties at a time, or is that a question for the loan officer? Because of so many inquiries on my credit report this year, I'm worried that it will eventually have a negative effect. Of course every purchase increases our net worth and positive cash flow, so I would think that's a plus. At least I've been taking out the max on each property to reduce the number of closings, therefore closing costs. Any advice?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I would advise against a refi of more than 85%. Don't back yourself into a corner. Also, don't take out more than what will allow you to cashflow positive.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Hey cbr, good to hear from you. Got my LLC registered today with the state. I am now Buyers Match LLC. I'm really excited about what this means for me. I'll ask for your input. Do you suggest that I put all of our rental properties under the business right away? Any other advice?
Sincerely,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
There are a couple of stategies you can try.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Right now, eight. I'm also looking at a 4-plex tomorrow, am watching a 3bdrm/2bath REO, would consider 2 HUDs in town, and there are more listings every day. I can only handle so many at a time (as far as buying). Hopefully there will be a better plan through the business. I'm meeting with a business banker later this week and my insurance agent and I are restrategizing (is that a word?)in the area of coverage.
Your thoughts?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
What I recommend is very complex...but bulletproof. It involves setting up an additional LP in Wyoming as a holding company (1% owner). Then putting all of your properties into your LLC which is filed in your state. Wyoming offers some unique advantages. This blog entry is going to get to long and will spark a lot of questions from beginners so I am not going to get into detail. It is an advanced stategy. If you want to know more then send me a private message and I will tell you how I have set up my business.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
cbr,
I'll take you up on that offer! Talk to you soon.
Grateful,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
check you PM I sent you one for more info.
Anita
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Here are a couple of thoughts:
1) Think of your entire portfolio together rather than on an individual property basis ie if you refi one property and that property stops cash flowing but you use the money to buy another property and the entire portfolio is stronger, it's a good deal.
2) If you have "stuff" to protect.. I would go ahead and protect it. Insurance. Quit claim properties into Land Trusts with the LLC as the beneficiary. I believe that multiple LLCs are a waste of money.
3) Cash > Equity. And IM coming around to thinking that cash > cash flow. If you refi a property and put the cash in the bank then that cash will make the mortgage payments for a LONG time. Not that I am recommending you do this, but it IS good security.
good Thoughts. Thanks, Mark. I've always felt comfortable with "safe". I AM learning to take risks, though, and be more brave. Of course, I don't want to take too many risks when it comes to assets.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
There is nothing wrong with that. I sat out much of the market rise because I didnt find anything worth buying. Just let the properties I did own go up. Then sold a couple to pay down mortgages on long term keepers.
But now is the time to BUY. A lot of the bad news is priced in. We may not be AT bottom, but if you are able to hold for a few years (>5) then you will come out ok.
Are you in Southern Cali? If so let me know because I have some specific questions there. I live in the High Desert
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Yes. I am in San Diego.
So I can pick your brain? I have some really interesting things I am working on right now and to be truthful I could use all of the input I could get
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Go ahead. Post here? Or my address book? Or PM me... whatever you want.
Mark
How do you do.... "Quit claim properties into Land Trusts with the LLC as the beneficiary"
Thanks,
D - DE
Don't Wish the Past, Create the Future! - DH
Get a basic Quit Claim Deed form. (There are tons out there- maybe one on this site- I havent checked.)
You as the owner are "selling" the property to the trust. (I use the property address as the name of the trust.) So I, Mark, would Grant to 123 Main St Trust the property .
Then file it with the county Recorder's office. Cost 10 bucks or so when I did it.
Then just sign a change of Beneficiary Form on the trust so that the beneficiary is your LLC rather than your personally.
wmark....how do you setup the trust?
Thanks,
D- De
Don't Wish the Past, Create the Future! - DH
It's a pretty simple (though multi-page doc). Just need a trustee (friend, brother in law etc). There are probably some forms online or you can have an attorney set it up once, then change the property info and re-use for later transactions.
All of this stuff (deeding, trust stuff) does have to be notarized which is kind of a hassle.
But really.. with all this legal stuff... get it seet up on your puter in MS Word or something like and then you have a template. Just change the property-specific info each time and you are good to go.