All Forum Posts by: DaVina Williams

First hey neighbor! I’m not far. 

1. If real estate is what you want to do, commit to it and don’t take the opinion of anyone who doesn’t have an educated position.

2. I would rent out my home. It allows you to earn money 2x (monthly rental income & equity because you retained ownership).  

3. You don’t “need” a property manager but I would hire one. I think they are a wise investment and allow you to use your time more effectively. Just make sure you interview a few and understand their range of services and cost. 

I say take it with a grain of salt. There could be underlying reasons why those people are frustrated - bad analysis, contractor challenges, not properly screening tenants. I am also new to REI however, I expect the challenges. I've had a few but not enough to discourage me, mainly because this is what I want. So, when a challenge presents itself, I figure out a way through it. I also consider that I know people personally who are really successful at REI. They haven't done anything extraordinary to be successful so, if they can do it so can I. I get to learn from their experiences as well and they too have challenges. If this is what you want keep going. Listen to their experiences and figure out how to prevent them or quickly resolved them, should you ever have to face them.

Hi! I don’t have a recommendation for an attorney but there are plenty of them in GA.  With that said, If you’re simply registering a business you don’t really need an attorney. Just go to Georgia.gov/register-llc. All the steps are on the page. It’s really simple. The fee is just above $100 for the year. After that get your EIN from IRS.gov (for free). And you have a business. Nothing wrong with using an attorney at all. You can probably get decent context or ask questions if you have them but you don’t NEED an attorney and you can save some cash if you are comfortable completing the steps without one.  

Hi all! Some valuable perspective is being shared here and although I'm not the original poster, I appreciate it. My mentor suggested forming an LLC but for me the LLC is less about anonymity or warding off issues from litigious tenants -I agree that the best way around lawsuits is adhering to law, insurance, and treating people well. My choice in an LLC is about tax savings. If I need to say it, I do not work in an accounting or tax capacity and am not offering or suggesting advice in this post. As I understand it, there are greater tax benefits to holding property in an LLC than there are if the property is held in a personal name. Open to any thoughts or other perspective that you all have.

I'm in almost exactly the same position. Recently acquired an investment property and am soon quit claiming it to my LLC. I considered keeping the property in my personal name for a short moment and during that time did a bit of research into financing options. If this is the route you want to go (keeping it in your personal name) there are definitely banks/credit unions that require you to hold the property for less than one year before financing. I spoke with one who required a min of 6 mths and another who gave the most favorable conditions if it was in your personal name for 6mths but would still finance if you held it for less than 6 mths. I say all that to say if this is what you want, keep calling banks and credit unions. There are more options. If you choose to put it in your LLC (like I will) search for the DSCR programs that Jason mentioned. I was able to find some options worth looking further into. I've also been told there are other Small Business loan options but haven't researched that far yet.

I would (and did) go the 401k route.  A prior responder mentioned the reason why. You pay yourself back. Not the bank.  Check your 401k policy of course, but for me there are no closing costs, application fees, or other associated fees.  

Thanks for the walk through Jason. Definitely a few extra options here. I'm unfamiliar with DSCR but I'll be doing my research.

Acquired my 1st Investment Prop. It needs some work & I'm trying to choose the best financing strategy. Hard money? Small Business loan? It is held by my LLC so I've been told that a HELOC is not an option as it's a personal mortgage product.

Are there other financing options that I’m overlooking? Can you share any suggestions, opinions or experiences? 

Thanks in advance