All Forum Posts by: Dillon Loomis

Hey guys! I am looking for an all-encompassing book for first-time landlords. A book that covers everything to consider before taking that first step and buying a rental property. Things like creating an LLC, protecting yourself, insurance, lending options, tenant screening, etc.

I know this site has all of this information in various places and I am learning a lot, but I'm wondering if anyone has any great books for me to compartmentalize and get my thoughts/plans in order so I can cover all of my bases before making my first purchase. 

Thanks, gang!

@Raymond B. Awesome, thanks for the input! Appreciate it. 

@Yazeed A. Just keep in mind that if you plan to stay at home with your parents, that investment will be treated as in investment meaning that you will probably be required to put 20% down as a down payment. Compare that to living in one of the units as an owner-occupant where you could qualify for an FHA loan and only be required to put 3.5% down. Being younger, having enough cash to put 20% down AND have enough cash reserves for unexpected maintenance, repairs, vacancy can be very challenging. Just something to consider! Best of luck :)

@Greg N. got it, thanks man!

We seem to have very similar goals/interests. Best of luck, I'll be following this feed for sure!

@GregNowicki do you plan on living in the duplex/triplex?

Also, do you know how I can "tag" people in comments. When I use the @ symbol, it does not seem to create a link when I do it. Thanks!

@RobBeland @SteveBabiak Thank you for the input, I appreciate it. I will definitely look into those things!

Over the next twelve months I would like to purchase a multifamily rental unit, owner occupied, using an FHA loan. I want to learn all I can about lease agreements, tenant screening, potentially forming an LLC, etc. to ensure I am protected and can be a top-notch landlord, without missing any important aspects.

Whether it's a book to read, a forum to peruse, or a podcast/audiobook to listen to, any advice or recommendations would be wonderful. Thanks!

This may not be an appropriate place to ask this question, but can someone explain to me the "vote" button and when it's appropriate to use it?

Seems comparable to a "like" on Facebook perhaps?

Thank you in advance!

Hey guys!

My name is Dillon Loomis. I am currently 26 years old and I am the sales director of a fitness club in town. 

I have always been intrigued with real estate (sales has been my only profession since I graduated from Penn State University Park). I worked as a financial advisor for Edward Jones for three years prior to making a career change. 

I currently live at home with my parents (LOL) but am looking to move out sometime in 2016. I am planning to buy a duplex between $150-$200k to be an owner-occupant and rent out the other unit. I'd like this to be my first "rental" property and the beginning of my real estate career!

I'm looking forward to learning a lot from everyone on here and am VERY excited about this community, the resources, and hopefully being able to help others as well!