All Forum Posts by: Mallika Akkala

@Evan Polaski Thanks a ton. I believe, that's the best option.. However, if we find a bank that finances to LLC, my partner will be present during closing and i will be added to the LLC later.
Considering the covid situation, I wasn't planning to fly to Denver as the closing is in the next 20 days. Not sure if we can do it that way. I know that this is something a RE Lawyer can answer, just wanted to know if you are aware of best way to do this.  

@Peter M. Thanks a lot for your response. We were not aware of issues we might get into in the future by using Quit Claim Deed. Great to know before we started. Will research more on this.   

@Mike Wadsley Thank you for your inputs. Yes, we were looking for a traditional Lender. However, planning to contact few credit unions or smaller banks to see if they can accommodate our plan (lending to the LLC).. Really appreciate if you have any referrals for the banks and RE Lawyer.

Hi @Xavier Strong

I understand this in old post, just wanted to check if you can help me with a similar situation.  

I live in New Jersey, my partner in Denver and we are planning to buy a property in Denver. We came up with a similar plan forming an LLC, as you mentioned in your first post. Can you please let me know what was your final strategy and if there is something you can suggest in this regards.

Hi 

Need expert advise. A partner and I are in the process of buying a property. I live in New Jersey, my partner in Denver and the property is in Denver too. Since this our first property together, banks are not willing to provide financing unless the property is deeded to the person vs LLC.. The plan is for him to purchase the property and Quit Claim it over to the LLC. I understand only the rights and ownership transfer, and the loan stays in his name.

Can someone please let me know if that sounds like a plan or if there are any risks involved.

Can you please suggest a way to do this. 

@Heath Ryans Thank you so much for your response.

Hi.. I have been looking to invest in a condo. I currently rent an apartment, so i thought of starting out by owning a condo to live in. I live in New Jersey and i am looking to buy a condo with attached garage in North Brunswick area. My plans are to rent it out eventually, an year or two later. This is a bank owned foreclosed property, which is completely renovated and seems to be a very decent buy (in good location, close to transportation). This being my first property, a bunch of questions are running in my mind. I would really appreciate if someone can help me with this. 

1) In general, i believe foreclosed properties would be listed way under the market price, but this one here is almost close to the comps in the neighbourhood and its renovated and move in ready. Why would someone renovate the property and lose it to the bank? Are there any chances that the bank renovated it? 

2) I am not buying it off of an auction, rather i got this through my real estate agent. Should i be concerned about tax liens? Should i approach the title company to check it for me?

3) This is a 1970's built condo, should i be worried that this is an old prop? 

I really appreciate any comments.

That makes sense. Thank you for sharing. I live in middlesex county and looking to invest in my first property. 

@Kevin Umberger Hi Kevin.. I know this is a pretty old post, but i am curious if you got a chance to invest in adult communities, if so could you please share your experience. I am from New Jersey and i work in a neighborhood where 3 out of 5 properties that I come across are from a 55 + community. As you mentioned, i find them really affordable.