All Forum Posts by: Jason Clarke

Hi Miles. Depending on your personal assets (i.e. what your willing to risk), in the event a claim is made against your investment property, and how much RE you plan to buy long term, those factors should dictate whether you should get an LLC. If you don't have much personally now and won't in the future, you're a less appealing target to be party to a lawsuit. Long term, if that's expected to change, you might as well start in a way that best protects you.

Even though commercial loan terms aren't as favorable, you should be able to find decent ones in your local area. Try getting a list of the local banks and ask to speak to a commercial or small business lender to have multiple data points to get a feel for the terms & rates you may be ok with.  To Tim's point about buying in your own name and transferring later, I've heard the same that banks rary exercise dur on sale clause, but it may be worth asking upfront to get a feel from the banks you're dealing with on whether they'd give you a hard time on it  if there is a local meetup or RE Investing Association, try to attend so you can see who other investors are using for their commercial loans. Good luck!

Best of luck to you, Chuck!  And welcome to BP. There are definitely some decent efficiencies and economies of scale with starting out with multifamily units. 

Hi Chris.  Welcome!  Buying in NJ is very tough particularly given price points typically aren't justified in light of the commanded rent & prop taxes.  David brings up a good point on finding value add properties (i.e. fixer uppers), which may make the numbers better. Just be careful about estimating the costs.  If there any bank-owned auction properties in your desired area, that might also be an option for you. 

Hi Sharon.  I agree with Steve. Based on the numbers, you seem to get the best of both worlds in being able to rent & generate substantial cashflow, while also being able to tap into your condo's equity. Given your goals in getting into multifamily, it may be worth considering the opportunity cost of selling now & potentially losing out on any additional appreciation or whether you'd be able to find anything in the multi space anytime soon. If not, you'd just end up sitting on a bunch of cash. 

Welcome, Justin!  You've certainly come to the right place.  The podcasts, forums & ability to network have been greatly helpful in enhancing my knowledge. I'm confident it'll help you as well.  Take care. 

Congrats, Ben!  Night & day!  That's pretty awesome what you did with the place!  And the prospects of making a nice profit, especially on your 1st flip.  Hats off to you, Sir!  I hope you have many more successful projects. 

Welcome & Good luck, Frank.  And I fully agree that Paul Thompson's episode was pretty inspiring.  Take care. 

Welcome, Melvin. I wish you the best of luck (preparation meeting opportunity).  You may want to consider online auction properties depending on your wilingness to pursue that process. 

Great, Courtney!  Please let us know what happens. I hope it works out. 

Hi Courtney.  The terms seem great! Hard to beat 0% financing not withstanding William Nelson's comment.   I was wondering if you considered big ticket fixes (e.g capital expenditures) as part of the analysis?  Given your interested in the cashflow, that would be something that could have a significant impact.