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All Forum Posts by: N/A N/A

N/A N/A has started 20 posts and replied 67 times.

Hear are the details:

The property is a 3 story victorian style end townhouse(SFH). Big front and back yard.

Place is newly remodeled. New heater system in 2006, and newer plumbing. Very new throughout.

Place is also huge, with 5 bedrooms!!

Seller is motivated!!

Asking $97,000, place was renting for $1,500/mo.

I would obviously try to knock the price down a bit, but overall what do you guys think???????

THANKS!

REI;

Can you explain, " Use the cash you have and work with a local commercial bank to create a working line of credit" ???

Thanks!!

Thanks John for your reply. I am looking in a market with SFHs that range between 55k-85k. I am looking to rent the properties to qualified tenants. I will be slowly acquiring rentals and running it as a business. I am just not sure of the proper approach to starting this business if my goal is to maximize cash flow. With 300k cash, should I be looking at multiple down payments or ALL cash right out the gate. Can anyone give some insight into the finer working of a LOC established on a rental property. I was told that is the best a pproach to starting this business. Or should I pay off my primary residence which would still leave me with plenty of cash and use that as my LOC. Which would be a much larger LOC. As for the commercial part of the bank, would they be interested in working with someone buying residential property???

THANKS!!!

If a new investor has around 300k to begin acquiring rentals, would it be wise to buy the first property ALL cash, and then draw on a LOC from that first property to buy the second ALL cash. Or just begin to purchase properties using as little as possible as down payments to conserve cash. I have heard arguements on both sides. Some say that lenders prefer the ALL cash LOC method as oppossed to the small down payment method. Any thoughts would be greatly appreciated!!!!!

Thanks....

Post: Land Trusts with LLCs??????

N/A N/APosted
  • Posts 67
  • Votes 1

Just got done reading Wealth Protection Secrets by William Bronchick. The book came highly recommended by REI. Anyway, in the book the author recommends using a Land Trust in conjunction with a LLC. In essence the LLC becomes the beneficiary of the Trust(s). So each rental property besides being in a LLC will be titled to a seperate "trustee". Has anyone ever used Land Trusts in conjuction with LLCs????????

Thanks!!!

I am in the suburbs of philyy and I am just starting out. Good credit, and flush with cash. Hope to hear from you. PM with details if you wish.

Post: LLC issues

N/A N/APosted
  • Posts 67
  • Votes 1

I am assuming that "quit-claim the deed" is as good as saying transfer??

Post: LLC issues

N/A N/APosted
  • Posts 67
  • Votes 1

Thanks rehab!!! :D

Post: LLC issues

N/A N/APosted
  • Posts 67
  • Votes 1

We have established that to truly protect ones assets, one needs to hold all rental properties in a LLC. D/B/A is not the same thing. This gives the property owner no protection. How should a new investor approach this situation?? Should the LLC be set up before a property is purchased?? Should the LLC be in my name or with my wife?? Since I will be using a lender, won't I be REQUIRED to sign my loan documents personally?? If that is the case, won't I then have to transfer the property(s) to the LLC? Won't that then trigger the "due on sale" clause on the loan? And finally, is it a problem if my wife and I both sign the loan documents on the property(s)???

Thanks so much, sorry for all the questions!
Chaz.....

Post: 50% rule and the 2% rule

N/A N/APosted
  • Posts 67
  • Votes 1

Thanks Jon!!

ThanksMikeOh!!!

:wink:

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