All Forum Posts by: Daniel Smilansky

Hi all,

I am in the process of seeking out financing for my first out of state buy and hold deal. The properties I am targeting are in the 25k - 60k range located in Milwaukee. One of the lenders I contacted stated that FNMA Regulations won't accept any property who title is listed under an LLC. Given that this must be a strict rule, is there any way for me to set up an LLC for a property after obtaining financing?

I have heard that a Property Management LLC can be set up to shield yourself, but I am going to be hiring a property manager and don't know if that would help me. In addition to this, it appears that obtaining an umbrella insurance policy will give me another layer of protection. 

If there is no way for me to set up an LLC for a financed property, and I have the resources to buy a property with cash (vs. 2 or 3 financed ones), would it be preferable to opt for the cash route in order to set up an LLC even though I would be losing some short term leverage? 

@Miguel Garcia I was looking for local clubs as well, and I stumbled upon http://www.prosperitythroughrealestate.com/. Their next meeting is July 1st - I spoke with Robyn Love who invited me to the Real Estate Investment Club of LA meeting tonight in Culver City.

Let me know if you are attending any as I am a newbie starting out and I live in West LA. Would love to meet up as well.

Welcome to BP @Jewel Mack ! Aside from the wonderful advice above, check out The Millionaire Real Estate Investor, which I am currently reading. I have found it to be a great book for beginners like us!

congrats! How does one go about getting 100% financing?

Just wanted to congratulate you! This post has been tremendously inspirational.

@Adam Roberts - Thank you, I have heard great things about DFW and Houston as well. Will be sure to check it out.

@Chuck Catchings - I will PM you, thanks!

@Dante Devine - Absolutely, will PM you as well :)

@Curt Davis - Thank you for the advice, turnkey does seem like the way to go. Since turnkey can vary from what I see online, you mean with tenants already and property management already in place correct? I would love to explore the Memphis market a little more as well. How is the turnover there for tenants?

Hi Everyone,

I am new to BiggerPockets, and like many others, I have fallen in love with the lively community and wealth of information. Everyone seems to be very helpful and I hope I can pay it forward!

I ended up finding bigger pockets through google and I immediately read the beginner's guide to real estate investing. From there, I created a plan, and my goal is to purchase rental properties in order to implement a buy & hold strategy in secondary and tertiary cities that are rapidly growing.

From 9 - 5 I work as a Technical Recruiter and am actually transitioning into web development after taking courses for the past six months. Motivated by the desire to escape the rat race and fired by entrepreneurial spirit, I want to hit the ground running with my first property soon.

Being from Los Angeles, there are not many great buy & hold properties in my immediate area, and I am open to doing heavy research on out-of-area properties. Through many of the posts on here, I am targeting areas like Charlotte, Dallas, Houston or Memphis.

Not sure if it is inappropriate to share finances here, but I have 40k saved up and another 15k in retirement accounts at my disposal. I also have 780+ credit. Can anyone suggest markets to explore? I believe I will start contacting real estate agents in a few markets to see what is out there, but any referrals to reputable ones would be more than welcomed! I would love to connect with anyone in in the LA area as well.

Also, I would be happy to exchange expertise as I am heavily involved in the tech space and can offer quite a bit of advice in that area. Thanks in advance!

Cheers,

Daniel

@Phillip Dwyer - Thank you for the advice and, I agree with what you say, hence why I decided to do more research on my own and will now steer away from the AirBnB model since my goal is to build a long-term strategy. I also read the comments and figured that zoning/HOA could conflict with that model.

Regarding the Vegas market as a whole, it appeals to me due to its close proximity and potential for cash cow properties. Could you shed any light on the current state of the market there and any recommendations for potential areas to target? Perhaps you can refer me to a real estate agent or broker?

@Tiger M. - Thanks for welcoming me, I hope to see you around the forums! I agree that the article sounded a bit inflated for what it was.

Hi Michael,

I'd be interested in speaking with you as well. Can you PM me?

Thanks,

Daniel