All Forum Posts by: Chris Masons

Hi Dave,

Purpose of the LLC is because it will be owned by more then 1 person. It will be a Limited Partnership operating as a LLC between two people. Title will be taken in both our names intially but Mortgage will be in his name for reasons I won't go into here.

Once we close title we will form our Limited Partnership LLC and planned to quit claim title into it and add the LLC to the Insurance Policy.

thx,

C

Hi guys,

Has anyone had experience buying an investment property in their personal name, then shortly after closing title, quit claiming into the newly created LLC?

I am looking to buy a 4 family and will have a mortgage on this. My lender won't lend to a newly created LLC. my plan is to take tile in my name and then move it to an LLC via quit claim.

I am aware this can trigger the due on sales clause from the lender but I was wondering there are other things to consider as well, or if there is a better way to do this?

as always thanks in advance!

Chris

hi Joshua

You can have your 401k/ira in just about any security you chose, even real estate!

Can you give an example of what you mean?

Thx

Chris

Hi Jon,

Thanks for clarifying for me.  Are there Corporations out there that will match your contribution 100%? - say you put in 1k over 12 months, the Corp. will match it with 100% like your example.That to me is amazing!!!!

I see what you are saying in that if you have an opportunity to make a better return elsewhere pulling it out may make sense but then again you have lost opportunity costs to contend with as well.

me personally, I contribute heavily to my 401k as it A. gives me a nice reduction of my taxable income and B. diversifies me from just holding hard assets ( real estate)

regards,

chris

hi Joe

Correct me if I am wrong but are you suggesting to remove the invested money on a yearly basis and pay the penalty and tax on it?

This does not make any sense to me.why would you want to go that route as it defeats the whole purpose in investing in a company 401k plan.

Regards

Chris

Nothing good comes from making these blanket statements.. While your # 1 priority is to protect your investment, these types of statements shouldn't be made under any circumstances...

regards,

Chris

I heard there are  10 year tax abatements on some new developments in or right outside of Philly right now!!

Chris

Hi Randy,

Each roomate is responsible for their 1/3  so I have a 3 bedroom apt. each tenant pays 700 and has their own lease. I require two months written notice should 1 tenant decide to move. I have never gone a month with less then the 3 roomates and have owned this property since 2007.

Not to say it's a perfect system but I definitely cash flow much better this way using 3 roomates VS a family.

thx,

Chris

Welcome Neighbor! I am in Somerset county and invest in Union county.

Good luck,

Chris

Hi Corbin,

SOunds to me like you have a roomate situation going on? I generally rent to couples/families Etc. I do have 1 3 bedroom houser that I rent to 3 roomates. the benefit is I can collect more on a monthly basis then I would from a family but it does come with it's own headaches as well.

regarding security, I have each individual sign their own lease and pay their own security deposit based on their rent. When 1 moves out security gets returned and newn tenant signs lease and pays their own security...

It can be a bit cumbersome but I have worked out a good system to where i am comfortable.

thx,

Chris