All Forum Posts by: Account Closed

Also is getting a mortgage manageable with LLC?

We are first time investors with a 30% down payment.

Thanks @Matt Motil  for your quick reply. We live in NJ. How long does it take to register a LLC? We have an offer accepted by bank for a REO property and the attorney review might be kicking off as soon as tomm.

We converted our primary residence to a rental in 2015 and purchased our second home which is our current primary residence. 

a) Are there any specific tasks that i should do like inform our first property bank or update the home owners insurance ?

b) Are there any tax activities that needs to be taken care as i earned 4 months of rental income in 2015? What forms are we talking about ?

c)We spent around $1000 on paint and some repairs before renting out the old property. Will they be declared as expenses on the property ?

Please let me know. REI is not our full time thing but did it with self interest. Now i am a little worried that probably i missed out on anything that i was not supposed to during the process of converting primary residence to a rental.

This is my first RE investment and i am partnering with a friend. Our plan is to add more Buy-Hold properties to our portfolio.

Should we be registering a LLC for this first property ? Or purchase it on our personal names ?

We are doing a 30% down payment and rest is using mortgage.

Please suggest!

Dear All,

I am newbie here on BP and it's amazing to see so many like minded people contributing and helping each other!

Here is my situation and any help is greatly appreciated. My friend & I decided to step into REI and our first property is a BUY & HOLD property. It's a bank REO property and bank accepted our offer.

a) Should we register a LLC and purchase the property on LLC?

b) Will it be easy to secure a mortgage with LLC ?

c) We currently have sufficient funds to downpay this property. But Is it advisable to downpay the whole amount on a single property Or spend our funds towards minimum down payment needed to secure mortgage and accumulate multiple properties ?

This is in NJ.

Thanks!