All Forum Posts by: Kunal Mishra

@Kimberly Johnson You can be the sole owner. You don't need professional email and a separate address for your LLC. You can run your LLC from your home address.

@Kimberly Johnson If you want to acquire the property using HML you will definitely need to purchase it under a LLC and yes they will ask for articles of formation and possibly the operating agreement.

Forming an LLC should not take a lot of time. Operating agreement templates are available on google, I created one myself recently and it worked fine with the HML

@Devang Patel

You cash out refi on your appreciation, which is tax free and then go buy more today or wait for 6 months and see where the market is going.

But need to do the cash out refi today when you were sure of that higher appraisal value.

@Kunal Pathak

In Philly duplex and triplex are still very hot. It's just how the city has been .. all row houses connected back to back...

Philly I believe had a housing shortage hence it has skyrocketed significantly.

But I don't understand what's happening in Buffalo that prices have increased so much .

@Zoie Holley

Thinking that you need a lot of money before getting started , yes you do need some money to get started.

And people around you who might stop you from taking the first step.

@Lisa Renko

Happy for you . Nicely done!

Waht other areas did you look into before locking in on this mountain region in NC

Do you already have a cleaning crew in place for cleaning in between guests

Lastly, how did you manage only 10% down. Did you purchase it as a secondary home?

Thanks

Kunal M.

@Kris Laku

Definitely start with purchasing a house where you live.

House hacking would be good , look for a 2 to 3 unit on FHA Loan. Put down lease that 5%, I think to be precise it is 3.5% but remember FHA loans have a upfront MIP which is from closing costs.

This is a very good way to get started and get your hands dirty.

@Sandesh Ghodke If you think the property will have a fairly low vacancy and/or turnover rate and you can get a better quality tenant then:

1. You can refinance the 15yr loan into a 30yr and lower your monthly mortgage below $1400/mo

2. Take a HELOC on the property and use that money to purchase other properties either on cash or towards down payment and then renovate , rent and refinance again .. a BRRRR basically, this way you keep your current property and use it to help you refinance other properties.

I say this because it looks like you are already getting a pretty nice cashflow on this property. 

If this property is not too far from where you live may be you can start self managing or even if it is far away it is high time since your purchased in 2013 that you make some local contacts that allows you to manage the property on your own. 

@Justin G.

I just started this year and currently have one triplex in Harrowgate and a duplex in Frankford