All Forum Posts by: Brian Ky

@Jay Hinrichs and Paul, until I started out reading bp, I had no clue that wholesalers existed. If I am reading it correct, this wholesaler added 66% to the sale price instead of a realtors 3%. Maybe you two could shed light on why as an investor I should even bother with a wholesaler if I knew the address. I could go direct with the owner or have a realtor do it. Also is it legal or ethical to talk with a wholesaler to inquire about an address then bypass them once you realise how much of a markup they want? I am trying to wrap my head around why you would want to wholesale when a buyer doesn't need you. Thanks for any words education as again I am new to this community.  

Sue has some great techniques to help detect/deter renting to illegal immigrants. Keep in mind they are not fool proof.  I have a very close friend who was an illegal immigrant, had a social, bank account, and worked for at&t. Don't worry my friend had since gotten her citizenship and a property owner. 

As for the mention of deportation for criminal conviction, any felony triggers this. It is supposed to be automatic, and you will see immigrants plea to a lessor offense to prevent the deportation. Think balloon boy's mom or Justin Bieber. 

You can get a mortgage for a place you intend on living in.  You are paying a bank instead of paying rent to a land lord line you currently do.  The loan is typically less money down if you plan onliving there and longer loan terms for a lower payment, if that is what you are looking for. This technique is called house hacking if you want to look it up. 

depends on what you are planning and where. I have two houses rented in two different cities. One city has a business license just to rent, and that isn't in an llc. Best to go to your city hall and inquire about it. 

If only he made a profit he could have afforded better lawyers for that burglary charge. 

As others have mentioned, banks don't like having a loan with you, but property owned by a company. They don't see it as the same person but instead separate entities. As such they may compel you to transfer the loan from your name to your company's name. This is where the debt forgiveness may kick in as you personally lost the loan debt. The government doesn't understand moving money from one pocket to another. 

If you intend on going to an llc consider starting the purchase that way. You will get push back since your company has no incom or credit score. Therefore Co sign the loan as a person. You get the same loan but in the llc to begin with. But again, work with your bank telling them what to do and get a lawyer or tax accountant that can explain your situation and work on a best plan. 

Welcome, be sure to take advantage of the fact you have one of the largest military installations in your back door. When I bought my first house hack near a military instalation I checked the BAH rates and compared it to the mortgage to make sure I could rent it easily. Good luck with your investing. 

You are able to move a property into your llc from being personally owned. A big risk you face though is if you still owe on the property, you may get taxed on the debt forgiveness even though you are the one owning the mortgage in the llc. Definitely read llc for dummies as they break down all of the ways to use llc for real estate and the big mistakes. Also verify your plan with a lawyer / accountant to make sure you don't accidentally tax yourself. 

I am starting out as well in the REI field and plan on getting my real estate license as one of the first moves. In addition to all of the tools you get, you also now have the ability to work part time to make extra funds. The commission for the sale of a house may be the funds you need for your next investment property.

When it comes to financing, you can get smaller down payments and longer loan periods if you reside in the property as apposed to renting it.  So simply going on your desire to use the smallest amount of money and lower monthly payments I would suggest moving in.