All Forum Posts by: Kristen L Garner

Hi Kevin,

Congrats on your new job! As far as the HELOC goes you will likely get the best rates going with your own bank or a bank in general. Each bank has different qualifying standards. For future investment purchases and refinances I have great DSCR and other no income verification / alternative income verification loan programs available that would be a perfect fit your situation. Let me know if you'd like to discuss or ever have mortgage related questions.

PS - I also invest in Indiana (my home town)

My parents own their home in Indiana free and clear but they are planning to move to Florida in the next 1-2 years and buy a second home for their retirement. I currently live in California but am building a SFH and MFH buy and hold rental investment portfolio in Indiana. They want to keep the home in the family and I am trying to put together some options for them other than me buying it from them. How would I go about letting them remain as the passive "owners" while I rent out the property, oversee the PM company, and make sure it is as hands-off as possible for them? I would want them to receive a large share of the rental earnings to help with their retirement living costs and keep only a small portion for myself to cover my costs and place in a designated account for things like tenant turn over and repairs. Eventually the property inherited by me. Is this legal? What are the tax implications? And has anyone done this? Thank you in advance for any thoughts, tips, or help!

You are off to a great start by being proactive!  I wish I would have educated myself sooner on investing in general...especially the stock market.  Savings is important too, but now I have learned to make my money work for me.  Best of luck in your journey. 

Welcome!  I'm new to the space as well.  Best of luck in your journey. 

Thank you @Gloria N Gear & @Kerry Noble Jr !

Great perspective @Ric Ernst  My motivation was primarily for legal protection and perhaps tax benefits.  However, if the cost doesn't make sense in the beginning it could indeed be better to wait.  Would you mind explaining further the "umbrella policy"?  Thank you for your time!

@Katie Lepore Thank you for providing such great detailed and helpful information! What is your opinion on a Delaware Statutory Trust?

Hi everyone. I'm a resident of Los Angeles, CA and I plan on purchasing rental property in Indiana. Where is the best place for me to establish an LLC? I have read about creating a LLC in the state I plan to do business in (Indiana) versus my state of residence (California). I have also read that Nevada and Delaware (specifically the Delaware Statutory Trust) have advantages especially for Californians, but I'm not sure if these apply to out of state rental properties? Any help would be greatly appreciated!

Thanks for the warm welcomes and the offers to help / share experiences.  I sincerely appreciate it and look forward to growing alongside you all, stay in touch!

Hello everyone.  I'm new to BiggerPockets and Real Estate investing.  I am currently a producer of sports entertainment media but I'm excited to make the leap into Real Estate.  I'm based out of Los Angeles, California but am looking to start my portfolio out of state; in Indianapolis, Indiana where I am originally from.  Right now I am in the process acquiring as much knowledge as possible with the goal of starting my portfolio early this summer.