All Forum Posts by: Andres M.

I've always been curious about this. It's recommended to start an LLC to protect your assets in case of a lawsuit. But I've also read that banks don't lend to LLCs.

So how does that work? How do you get a loan and put your investment properties in an LLC to protect them?

Thanks in advance.

Thank you @Van Blackman for the great advice.

@Timothy Windfield. Good luck to you as well.

@Crystal Smith. I definitely plan to. I was just curious about what the experienced investors thought about a property that's been in the market for a long time and I've gotten great feedback and advice.

Thanks Pat. Thanks Elbert.

Thanks Tracy .

Great advice from everyone. Thank you guys.

@Eric Moore, this is all contingent on the property not having serious issues but this is what's been going on in my newbie head:

The asking price is $260k but since I plan on getting the funds from my HELOC and make it look like a cash offer, I have a chance to get it for a lower price.

I'm estimating the total between the price of the property and repairs to be about $300k ( hopefully much less than that).

Now, I don't know exactly how the interest on a HELOC is calculated but based on a HELOC I currently have (for improvements to my primary residence) and the interest I pay for it, I'm loosely estimating the interest on the $300k to be about $1200 a month.

That, plus taxes and insurance, I'm estimating total monthly expenses to be about $1960 ($1200 HELOC interest + $660 taxes + $100 insurance).

It's a 2 unit property and from looking at a couple of rental websites, I think it can generate about $2300 in rent between both units for a positive cash flow of approximately $340 a month.

Again, these are very loosely estimated numbers based on some very light research so far. Obviously, this all depends on seeing the property inside and getting more concrete information.

Please let me know if there are any other expenses or numbers I may have left out. I'm kind of new at this. :)

Thank you guys for the replies. I've run some preliminary numbers and as long as there are no serious issues, the numbers do look appealing.

The title report...is that something I should have done before I make an offer or after, if/when the offer gets accepted?

Hi guys. Newbie here from Staten Island. I've been searching for multi family properties in NJ to invest in and came across a couple that look interesting but have been in the market for what seems like a long time to me. One has been 180 days in the market and another 270 days.

My thinking is that something must be wrong with the property for it to have been sitting there for that long otherwise it would've sold.

Does the number of days in the market raise a red flag for you guys?

Should I even bother making an appointment to see the inside? Both properties looked ok on the outside (well, other than the boarded windows, lol).

Thanks in advance.

@Arjay Vergara, congrats man. $14k on renovations sounds like a great price.

I'm in the process of doing a lot of reading and educating myself on the subject. I hope to one day be able to share a similar story.

Best of luck.