All Forum Posts by: Emzie Blankenship

Come tax returns I should have around $5-7k, I have a friend who has been saving as well. We've talked on multiple occasions about rental properties. The idea of the LLC would be so we have equal ownership of the LLCs assets, and we would invest equal amounts into down payments, inspections, renovations, property managers, and so forth. We would have an LLC bank account, which is where all profits would stack up after monthly rent and expenses are taken care of. We would let the profits stack and use the earnings to invest into more buy and holds. If it comes down to it, and we need to pay ourselves, our payments to ourselves would also always be equal amount as well, correct?

Has anyone done this, or have any information/experience with this? The idea of the LLC is to protect both mine and his investments, while growing the LLCs net worth, monthly income, and credit to reach for larger opportunities. Does this sound safe for the both of us? 

Start an LLC with equal ownership, each put in 10% or so on a down payment for the first property. All expenses/income would be managed in the LLC bank account, all lines of credit would be under the LLC, and so forth. Is this safe? Would he or I be able to just click a button and wipe the LLCs bank accounts dry, or no? We are both very serious about wanting to do this, but we want it to be secure for the both of us. I am really looking for good advice on this! Thanks BiggerPockets!

I have been crunching numbers, seeing whats possible, and so forth. I have been using the Zillow Mortgage Rates tool. I don't get any lenders willing to lend anything BELOW $80k, with a $20k down (so, $60k) and credit score 680-719 with my income, as an investment property. 

Now, with the First Time Homebuyers, and "Primary Residence" options checked, I can get lenders (mainly AimLoan) for $65-90k properties (with 5-20% down). The terms as I understand are that I would have to inhabit this house as my Primary Residence for at least 3 years after closing. Now, I obviously wouldn't be able to rent the entire house out, however maybe I could house hack and rent a room or two out? I guess I could also get a duplex, and rent the entire second unit out while occupying a unit for the 3 years as well. If I rent out a bedroom or two in a SFH, can I get an accountant so I can get this money taxed properly and raise my annual income (to better my chances for bigger and better things!)?

I was thinking if I went with the First Time Homebuyers options, I could get a property for less up front. I should be able to put any extra income into the Mortgage Principal, and build equity to look better for future loans. Does all of this sound correct? Any advice on what to do or my possibilities is very appreciated. 

Renting by the room would increase your monthly income by a lot. If you can handle it, do it. Like Nick said, if you're by any colleges, it'll be a lot easier to achieve, just rent each room to a college student. 

Thanks for all of the information everyone!

I'm going to continue using BP for knowledge, going to check out the local REIA, and simply work on gathering as much information as possible for my venture into real estate investing. :)

@Sean H. I'm leaving my options open to all of Virginia at the moment. I'm seeing some property near Lynchburg and I wouldn't mind going some way out of Hampton Roads.

I have mainly been looking at house hacking to start out. I'm also trying to learn more about FHA loans so I can possibly get a duplex or something then rent out the additional units. The reason I'm mainly focused on starting with a multifamily property is because I would have the ability to live in a unit and rent the others out. I could still maintain a normal 9-5 while collecting rent from the additional unit(s). Try to pay off all debt at a good pace so I could take another mortgage out on the property to invest into more. From what I have seen this is how a lot of people are starting out.

I just can't stop checking this post out.. Great job and amazing transformation. You got a wicked deal and done great on the rehab. Glad to see that you have finished it up and scored a tenant. This property is going to cash flow like crazy! $1050/mo gross over $28k in. Fantastic job. 

**DISCLAIMER** I know my profile picture is poor quality, however it is me, it was posted onto my Facebook in about 2010/11, so just hang tight for a higher quality picture in the near future! :)


I am 21 years of age, I'm currently residing in the Hampton Roads area of Virginia, however I am open to buying real estate in any part of VA, possibly NC. Currently saving up some money to put toward an investment, I have been looking into rental properties for the most part, duplexes-quadruplexes.

Since I am new to all of this, when I go to look at a property that I am interested in, will the realtor be able to tell me estimated repair cost, and ARV of the property, or should I bring a subcontractor to help me estimate the repair costs?

If the units already have tenants, or when I go to get tenants, what legal actions will I need to take?

I would like to try to get a FHA loan on a duplex in the $60k or less range. I have no credit history so I was thinking about taking out a $2k loan and paying it on time for a little while. What should I do before trying to acquire an FHA loan?

What steps do I take to finding someone to help me make some repairs or upgrades to a property? Do I just call up a local contractor?

What are some good websites to look at multifamily units?

If anyone has any little advice for someone whose completely new this industry and just now looking into getting their first multifamily property, please spill the advice. I've already found out that BP is great for advice.

I may have some more questions in the future, but this should be good for now. I've been reading around and their is a lot of helpful folks on here. Thanks BP!