All Forum Posts by: Christopher Taylor

Hey Nicholas thank you for providing some great insight! I was under the impression that I could get a second fha loan if I were to show underwriters/lenders that I personally needed somewhere to live because all my units are spoken for. I dont intend to transfer the ownership of my current multi unit to my LLC that would still stay under my personal ownership. Thank you again for sharing your experience I'll be checking that link now as well!

If I currently own 1 owner occupied multi unit that I utilized Fha funding for, and then form an LLC which I use to acquire an investment property with partners for the purpose of flipping, will I still be able to personally use fha lending a second time in order to acquire a second live in multifamily home assuming I had leases signed for all units in the first multi unit?

I understand that getting funding for properties to invest in under an LLC will most likely require me to use my own credit and or assets to guarantee the loan and my fear is that having another investment property on my credit report will somehow interfere with me utilizing fha a second or even third time.

I know this is an extremely long and vague question I just cant get to the bottom of this and it's really gnawing at my head as I try to scheme. Any insight is much appreciated!

Hey @Scott Smith thank you for taking time to reply! At this time I do not have any experience in fix and flips but some members of the prospective LLC are contractors and home remodelers so our hope is that they will be able to do the work for our team. This group of friends I've known for about 10 years or so but have not worked professionally with them. I'm asking mainly about the type of entity I should form that would allow us to invest but protect our personal assets and maximize tax benefits. Since I am new I'd love any insight around finding deals as well. Any information is much appreciated, thanks again!

Have about 4 or 5 buddies that have some capital they are looking to invest, looking to start an LLC and buy properties with their investments and fix to flip. How do I go about this the right way, I'm having trouble figuring out my next step and where to go next. An info will be greatly appreciated!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Phila.

Purchase price: $192,000
Cash invested: $12,000

Owner occupying a duplex, no cash flow yet but will generate cashflow once we rent out the unit we occupy.

What made you interested in investing in this type of deal?

Cutting my monthly living expenses by more than half while acquiring equity in my property!

How did you find this deal and how did you negotiate it?

Worked with a great realtor that was familiar with the area and the goal I was trying to achieve.

How did you finance this deal?

Fha loan