All Forum Posts by: Tiffany Murokozi
Tiffany Murokozi has started 3 posts and replied 22 times.
Post: How to utilize my current LLC
- New to Real Estate
- Posts 22
- Votes 6
That is something to consider. I was leaning toward the LLC owning the property, but i'll have to do due diligence to consider the pros and cons of that.
Post: How to utilize my current LLC
- New to Real Estate
- Posts 22
- Votes 6
Hi everyone! I have an LLC that was registered a few years ago to provide project management and business consulting services. I am new to REI and was thinking of using my current LLC. But since real estate is a different category than business services - is it best to create a DBA and new branding, etc? Or is it perfectly fine to continue my LLC as is and simply add this as an additional service?
Post: Dallas/North Texas Meetup
- New to Real Estate
- Posts 22
- Votes 6
I'm new to REIand interested in a meetup as well. I am in the Arlington area.
Post: Newbee Here! Question on financing
- New to Real Estate
- Posts 22
- Votes 6
Thank you @Kristen L Garner!!
Post: Newbee Here! Question on financing
- New to Real Estate
- Posts 22
- Votes 6
@Brian Bohrer - Thank you! That's great advice! I don't have the down payment yet. We used it for our primary purchase recently. But it sounds like my first step is working to get my down payment saved first.
Post: Newbee Here! Question on financing
- New to Real Estate
- Posts 22
- Votes 6
Quote from @Brennen Thompson:
Hi!
We use hard money for all of our fix/hold deals. Given the market and your experience, its going to be tough to get a lender to finance 100% of the deal. I'd recommend wholesaling to build your capital.
If that's not an option, and you have a W2, I always tell people that one of the most valuable skills I learned was how to save $25K. If you can do it in less than a year, you'll be a killer in this game! That, $25k in the bank will help you come up with the necessary down payment to do your first deal and it'll teach you a hell of a lot along the way!
I think we can save $25 in 9-12 months yes. It sounds like saving from employment income, plus wholesaling for like 6-9 months might be my best start?
Post: New Investor 2023 STL
- New to Real Estate
- Posts 22
- Votes 6
Hello! I am in the Dallas area, but born and raise in STL and my family is still there! I travel there often so if you have any meetups, I may attend one day!
Post: Newbee Here! Question on financing
- New to Real Estate
- Posts 22
- Votes 6
Quote from @Account Closed:
You can get a hard money lender to fund anything. I'd try to come up with the cash for a down payment and earnest so you aren't 100% leveraged. If you don't have any cash and finance 100% of a property, you aren't in a better place once you own the property. What happens when a tenant doesn't pay rent? What happens when there's a $2,500 expense that requires immediate fixing? You should have cash for the down payment as well as plentiful cash on hand for unanticipated expenses because those WILL come up.
Just my take.
Post: Purchasing property with a private lender, how does closing work?
- New to Real Estate
- Posts 22
- Votes 6
Okay thanks. Asking because my savings at this point is basically non existent. My husband and I recently purchased our primary residence and it took all of our savings. So I am not sure if we need to wait to get into REI, or is there a possibility to still jump in with very little (less than $5k) of our own money? Specifically speaking about flipping for now, until we build savings.
Post: Purchasing property with a private lender, how does closing work?
- New to Real Estate
- Posts 22
- Votes 6
Quote from @Matt Devincenzo:
Based on the terms you're using, they would send funds to escrow/title and you would execute a promissory note and mortgage/deed of trust. This would create a 'loan' of their cash to you....the promissory note is you promising to pay them back, and the mort/DOT is recorded so that 'the world' knows they have a loan on the property that needs to be repaid. Really there's nothing different between a private lender and a bank lender as far as what happens. The difference is just in what they want/need to document in order to lend you money.
Do they require a down payment? Or will earnest money be required from me prior to closing?