All Forum Posts by: Dan Travieso

Traditional mortgages usually have the best interest rates. Assuming you plan on living in it initially, and have decent credit, you should have no issue getting a traditionally mortgage at a bank. But don't wate too long as interest rates will continue to rise.

John - the purpose of forming an LLC is to offer protection to your personal assets. An attorney can provide more specifics but basically by having the LLC as the owner of a property (versus you and your family), you are somewhat protected if a tenant decides to file a lawsuit.

In regards to forming separate LLCs per rental, some people do. Again, best to speak to an attorney but unless you are buying large multifamily properties it may be overkill to establish separate LLCs for every property. 

my property manager has used Rently for a number of years and has never had an issue. I believe viewers have to enter their credit card number as security.

I have used a HELOC numerous times in order to have cash for down payments. If you include the payments for both the primary mortgage and HELOC when doing your analysis and the deal works, then it works! It all comes down to the numbers.

Doubtful that any of the big/ chain banks will however you can check with the small community banks. You may get lucky. Traditionally commercial loans for properties with more than 4 units will consider a portion of the income but not duplexes. The only other option would be to find a private lender. Biggerpockets has many private lender members.

Not on the forum. Up top there is an option for "Find Deals". Click there. You may need to be a Pro Member to post but I may be wrong. Good luck!

 May folks post the particulars on the forum and your peers will comment. 

I formed an LLC in Florida and did so thru an attorney. They used their address as the physical address. My PO Box is the mailing address. Legal Zoom is great for some things but does not replace getting advice from a real life lawyer... especially the first time you do something. Good new is that it is not too late. You can still get an attorney to modify your Articles of Organization with an updated address and file with the Secretary of State office.

@Michelle Williams each state is unique in regards to what needs to be in a purchase agreement. Some states, especially in the South, are very lenient but others, California for example, are very strict. If you plan on purchasing several properties I would recommend getting with a closing attorney and paying them for a template. The small investment will ensure you are above board.

Recommend you visit a couple insurance brokers. Brokers (not agents) can shop around to find you the best deal to meet your needs, however not all brokers are the same... hence the reason I suggest speaking to 2-3.