All Forum Posts by: Kenny Smith

@Colby Wartman

If you absolutely had to, you could always refinance with a different lender. Could be an option if rates drop below what your rate is over the next year or two. And put the property into your LLC at that time.

I've never done this, but I believe this could be an option for you.

@Asare Nkansah

I would highly recommend getting additional insurance on the property first. If you are doing an STR, look for a policy that has a "home share" clause in there. I have one through liberty mutual, and I am not sure any of the other big insurance companies offer it, but I could be wrong there. Do some shopping, maybe contact an insurance broker that can do that work for you.

As far as an LLC goes, I'd say it can't hurt to create one and put your property into it. It also depends on what your future real estate goals are? Are you planning on moving out and buying more real estate? If so, I think it may be the best habit in creating an LLC for each property for ultimate protection. I guess it really depends on your risk tolerance, and what you are most comfortable with.

Best of luck!

@Michael Pilcher

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Lastly, there are certainly some creative financing options such as negotiating seller financing for a down payment would be an option. If you have another home currently, you could always pull out a HELOC for a down payment.

Best of luck!

Kenny

@Darrien Linton

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Lisa Roehrl

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Ancil Castillo

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Carlos Garcia

I wouldn't look at it from a flat number, but more of a percentage. As homes get more expensive, so does your risk if the market flips. As an agent, with the market constantly changing, I'd say at minimum 10% of the ARV.

Best of luck!

@Karim Kane

Starting as young as you can is the way to go!  If I had to do it over, I would have started as early as possible.  If you can make the numbers work, and potentially live for free while doing it, 100% go for it!  

I'd start by chatting with a lender on your options to get pre-approved and you can go from there.  DM if you're looking for a good lender or mortgage broker.

@Richard Gomez

100% use a broker!  They can also really help with what you need within your policy and where to look.  I have a great one, DM me if interested.

@Henry Zhu

I am not familiar with that market, but check out furnished finder for stats on your market!  That is where you'd want market the property.  Click on "property owners" tab at the top and enter your city.

Best of luck to you!