First property

[Theresa Nguyen]

We are looking to invest in our first single family 3BR/2B property as a buy and hold rental. I'm so excited to no longer be just a lurker and actually put my feet in! Baby steps, right??

I have read everything that I could read in the forums.  But when it comes to actually doing this, I have many questions.  Can somebody hold my hand?  This is a huge learning curve!  I am a fast learner and an engineer by trade, I am good at running numbers.  But I am not good at making decisions.

Also, do I need to form a LLC? If not yet, when? I'm interested in using the name "Dalton" but a Google search shows that there are so many Dalton Groups out there already. Should I choose another?

[Michael Seeker]

Hey @Theresa Nguyen - congrats on getting started, that's the hurdle so many people never make it past!

Regarding somebody to hold your hand...your best bet would be to use a realtor, preferably one who has other investors as clients or even better if they own the type of rental property you're interested in themselves.

Regarding an LLC - that might depend on how you intend to buy the house. If you're paying all cash or using a commercial loan then an LLC is a good idea. If you're using a residential loan then they will require you to purchase the property in your own name and you could trigger the "due on sale" clause if you transfer to an LLC. There are many threads on this forum about that topic so feel free to search around for those discussions if that is the route you intend to choose.