All Forum Posts by: Cory Dean

@Wayne Brooks & @Hattie Dizmond Thanks for the response!

"If you and your wife will actually live there for more than a year, forget the LLC transfer."

Question for Wayne: We discussed living there for a year then doing the transfer, yes. What exactly do you mean "forget the LLC transfer" ?

"There are several ways you can handle this transaction, each with its own set of requirements."

Question for Hattie: Do you happen to know off the top of the head, or know of a specific resource, I can see these ways you're talking about?@Hattie Dizmond

Also, we weren't looking to do this for every property we invest in. We were only doing this for the first investment property, so we could start generating cashflow to circulate back into the LLC to invest in another property.

Either way, thank y'all again for taking the time out and helping out a newbie! :)

Good afternoon everyone!

Me and a business partner are in the process of forming our LLC, in Dallas Texas, which will own all properties we buy and hold in order to build equity.

Due to low investment capital up front, we were throwing around the idea of my wife and I applying for an FHA loan, in order to take advantage of the low down payment, and possibly transfer this property to our LLC.

Is this something that is done regularly? I mean, I feel like there has to be something preventing a move like this.

I have also found documentation on a quitclaim deed transfer and wondered if this, given that the transfer process to the LLC is doable and legal, is the way to go for transferring.

If the quitclaim deed transfer is not the way to go, but the transfer process mentioned is something that we can do, what method would you suggest for executing the transfer?

Thank you in advance for your time and input!

Good morning everyone!

Me and a business partner are in the process of forming our LLC, in Dallas Texas, which will own all properties we buy and hold in order to build equity.

Due to low investment capital up front, we were throwing around the idea of my wife and I applying for an FHA loan, in order to take advantage of the low down payment, and possibly transfer this property to our LLC.

Is this something that is done regularly? I mean, I feel like there has to be something preventing a move like this.

I have also found documentation on a quitclaim deed transfer and wondered if this, given that the transfer process to the LLC is doable and legal, is the way to go for transferring.

If the quitclaim deed transfer is not the way to go, but the transfer process mentioned is something that we can do, what method would you suggest for executing the transfer?

Thank you in advance for your time and input!

@Adam Roberts thanks for the advice and I look forward to meeting you as well!

@Paul Timmins Great idea. I'll throw that on the to do list. Thanks a lot!

Awesome. Thanks again.

@Andrew Herring Thanks for your suggestion of Tarrant County and adding confirmation to Arlington.

With Arlington being the home to the, newly named, Globe Life Park (don't get me started lol) and AT&T Stadium, are prices of real estate in that area outrageous?

@Manzur Y. Thank you for you quick reply! I will definitely start looking into those areas.

Hey everyone! Just to keep this short and sweet, is there a specific market / area in the DFW metroplex you would recommend for a beginner to start evaluating?

Or better yet, what are the markets / areas in the DFW metroplex you would suggest to stay away from?

Thanks

I'm just going to throw out that, though I don't have any personal experiences with owning these types of properties, this is a great thread for the beginners like me trying to start out in the DFW metroplex.