All Forum Posts by: Ganessan P.

I would recommend to consult with an asset protection lawyers. Typically i have seen something like this.. create you LLC where you property is and have the LLC report to another LLC in WY or NV. Something like this...

Create "TN LLC" which will be "Member Managed" where the Member will be Wyoming LLC

The Wyoming LLC will be "Manager Managed" where the Manager will be anonymous so that no one can trace you back. It is a "Holding" LLC. Again, i am not a lawyer, run the same with a lawyer. I have also heard that it's just not having a LLC matter, you need to manage and file the following docs every year without fail.

1. COF Certification of Formation
2. Company agreement.

@Etienne Dubois Welcome to the REI space, and it's a very fascinating one . I would start with the below book and watching the BP podcasts. Having said that nothing can be like playing in the field along with the others and making your hands dirty. Also, i would start analyzing deals. Wish you all the best !

https://www.biggerpockets.com/store/rental-property-investing-ultimate

If you plan to pay down the debt in 1-3 year and have good monthly cash flow i would go for HELOC. It's your own locker you can manage it, you can put the money and take money out from the locker. With Cash out refi.. you can take out unless you go for an refinance again.

@Rich Hupper - It is possible to get financing for an owner occupied home though they are not a green card holder. I assume they work for a US employer and receive W2 . Having W2 income for non-citizen and non-green card holder is a must. Lender would also ask for work permit/visas related paperwork. They might also make a phone call to the borrower employer. Definitely it's possible.

@Joyce Williams I have not. But what i heard is ...you can put it back through "Land Trust". Looking forward to hearing from others.

@Harrison Sharp What do you mean "I don't have my properties in an LLC because i have limited equity in them right now" . Forgive me for my lack knowledge. 

To my understanding, i believe you can put a property into an LLC with limited equity ( i assume lender holds majority of the equity ) through "Land Trust".

Before the creditor comes behind you, they will do the research and find out if you don't have equity anywhere, they would not come behind you. I am learning... looking forward to others to comment on this. Of course, i am not an "Asset Protection" Attorney. Forgive my if i have said anything wrong.

@Justin K. Typically they would not be concerned about this. Interested to hear others opinion as well. Why not HELOC ( which is not amortized ) than Home Equity Loans ? It acts as you locker where you can put the cash and withdrawn whenever you want. Wish you all the best for your next property. Keep climbing.

@Chris K. around 1M.

@Himanish Gupta - Try for local Credit unions, local banks and would check HSBC too.

I have come across 3.125 % for excellent credit score with no points. Closing costs depends on the purchase prices, lenders are offering with no origination fee but you need to pay for the actuals for Appraisals, underwriter fees etc..