All Forum Posts by: Gregory Cannan

@Nicole W.

Thank you for your correspondence! So since we are just starting out will I just leave our LLC formed but continue with personal loans as much as possible. How were you able to put only 5% down on investment properties?

@Nicole W. Hi Nicole, yes we set up a checking account but we opened it with a tiny amount of CASH. How do we make sure that initial deposit is paper trailed? Just keep the receipt of the transaction and write member contribution on it? We may have jumped the gun on forming the LLC as we are just starting out and it sounds like we ought to level up as much as possible through personal loan rates and then purchase through commercial terms after our personal loan ability is maximized.

Does that sound accurate?

@Stephanie P. Thank you for helping us out. We're going to figure out which properties and how many we will be able to personally purchase. Thank you all for your help.

@AJ H. Thank you for your response. It will help guide my decision making for sure.

My wife and I have created an LLC and are wondering what is the best way to raise capital to buy our 1st rental property?

Should we get a HELOC out of our primary residence which we have owned for a little over a year when we can or is there a better way?

@Greg Dickerson

Hey Greg,

My wife and I are not in an situation ideal for starting out in RE. However, bought a personal home (our first). And then started an LLC. My thought was I could bring in members to the LLC who want to see me succeed (parents who are in RE now, relatives, etc.) And using their influx of cash in exchange for percentages i could begin investing in RE (buying land and building on them and or buying vacant rental properties to fix up rent out and refinance.

My question is, how does the syndication aspect of my idea work?

@David M.

Thank you for taking the time to respond to a newb!

@David M.

We created the LLC because we want to bring on members for a percentage of the LLC so that we can have more cash to work with

Hello!

The wife and I purchased a home in Feb of 2020.

We formed an LLC in September. We haven't set up an account yet but when we do, we are thinking of bringing on some members so we can fill that account with some cash other than our own.

We want to buy the lot close by and are wondering if our LLC can obtain a loan to purchase the lot if we personally guarantee it with our home as collateral?

With Aloha,

Matthew C.