All Forum Posts by: Robert Leonard

Hi everyone,

My team and I are purchasing a 3-unit multifamily rental property using a conventional residential 30-year mortgage, but we want the property to be owned by our LLC, not in our personal names. I've called dozens of lenders and they all say that the mortgage must be in our personal names, then we can have an attorney transfer the deed/ownership to the LLC after closing.

Does anyone have any experience doing this? What have you done to protect yourself personally for the period of time between the LLC being on the deed, and you owning it personally? For example, if we purchase the property in our names and rent it out immediately, we may have 1-2 months where the title is in our name prior to it being recorded in the LLC's name. What have you done to protect yourself during that period of time? Obtain a personal liability policy to cover just a few months?

We want to make sure we are personally protected for the short period of time in which the deed is in our personal names.

Thanks for the information.

Robert Leonard

@Jeremy Cura I have a spreadsheet I use to analyze properties that I can share with you if you'd like. PM if you want the link to it.

@Rich Tirado Thank you! I'm going to give the mortgage and insurance guys a call now.

Robert Leonard

Does anyone have any great recommendations for lenders and insurance companies in CT? The property is a tri-plex (3-unit) in southern CT.

Ideally, we'd like the property to be under our LLC and on a residential mortgage, but that's often hard to find, so we are open to commercial lenders as well.

Thanks for the recommendations.

Robert Leonard

Does anyone have any great recommendations for lenders and insurance companies in CT? The property is a tri-plex (3-unit) in southern CT. 

Ideally, we'd like the property to be under our LLC and on a residential mortgage, but that's often hard to find, so we are open to commercial lenders as well.

Thanks for the recommendations.

Robert Leonard

https://www.amazon.com/Rejection-Proof-Became-Invi...

Although it is not real estate related, it is a book I greatly enjoyed and I would highly recommend to others. It will likely help you with rejection in many aspects of your life, real estate included (making offers, negotiating, etc.). If anyone reads it, I'd love to hear what you think!

Robert Leonard

@Enzo Pazos Good luck!

@Kevin Pereira On paper, the numbers make a lot of sense. I'd just make sure you're 110% confident in all your numbers. It's even more important now, given where we are in the cycle. Good luck!

Robert Leonard

@Jeremy Cura Welcome to BP and real estate investing! I'd highly recommend picking up @Brandon Turner 's 2 books on rental properties, the newest BP book on How to Invest In Real Estate, and Rich Dad Poor Dad. Read those four books, digest all of the information and make sure you understand it completely, then start searching for a deal. In the meantime, work on improving your credit, finding partners, networking, practice analyzing deals, and saving cash to invest.

Hope this helps - happy to answer any questions you have.

Robert Leonard

@Eric Lee The best way is to do your own due diligence and to not assume anything. Run the numbers from the perspective of what you think you can do with the property and go from there.