All Forum Posts by: Daniel Brown

@Kate Daye Ruane 

Thanks for the reply!

In the scenario you describe above of having an attorney create one during the closing process, would that be feasible with traditional financing?

@Chris K.

Thanks for the input, a lot to consider here!

If my wife and I form the LLC together, will that reduce some of the risk stated above re: the participation theory?

I do feel that asset protection would be important, though I'm not sure if I'm being overly cautious, and perhaps I should start with one or two properties and worry about the LLC once I have gotten my feet wet.

Will send a PM.  Thanks!

@Bob Derwin

Thanks for the replay.

So is an LLC basically a non-starter for traditional bank financing, or is it more a case of having to jump through several hoops?

Thanks for the invite to the REI Group, I will try to go next month. I had a family commitment tonight, but it sounds like it would be a great idea.

Hello,

Looking to become an investor in the Scranton, PA area.  I live locally.

My initial plan would be buy/hold duplexes and eventually larger multi-unit properties in the suburbs around Scranton, such as Dunmore, Dickson City, Olyphant, etc.  

My plan is to find a property by the end of the summer. My question is should I form an LLC prior to purchasing a property? It seems that this would help with personal asset protection, and forming and transferring property would seem to be more difficult after the fact.

Also, any recommendations regarding a lawyer who could help me with this step and others would be appreciated.

Thanks,

Dan Brown

Thanks for the welcome, everyone!  If anyone has any recommendations on great local team members, i.e. real estate accountant, lawyer, agent.. feel free to PM me, thanks!

Hello BP,

My name is Dan; I am a physician currently living in Scranton, PA.  My goal is to buy and hold a 3+ unit property in the WNY area within the next six months.  I grew up in WNY, spend much of my time there, and may return in the future.

I am currently in the process of learning as much as possible about real estate investing and have found the BP site and podcasts invaluable.  

After buying my first property, I would like to continue to acquire multi-family properties, gradually increasing in size and scope.

As time is my most limited commodity at this point, and I am living in a different area, I am going to have my property managed by a second party.  I have a family member that is an excellent HVAC technician and is very interested in learning property management.

I am aware that I will also need to partner with other members of a team, including a real estate accountant and lawyer, though am unsure when those steps should be undertaken in the process.

Thanks for any advice!  Looking forward to future discussions.

Dan