All Forum Posts by: Timothy J.

Jim Goebel great advice re: just using your own name. I have worked with people who have attached each property they have invested in to a separate LLC. Again, not entirely sure the reasons but I’m wondering if it is worth it for that additional layer of obfuscation, as you say.

Hi David and Nate,

I am also interested in purchasing a Lancaster PA rental property. I will reach out separately.

Hi,

I have completed one flip and am now looking to purchase a rental property in the Lancaster, PA area. This would be an out-of-state property. 

I am prepared to make a 20% down payment but am a little bit confused about the process for pre-approval since I would like to attach the property to an LLC instead of to my own personal name. Funds are readily available for this.

Is there an easy boilerplate way of doing this that 'just works'. E.g. 1) Form LLC 2) Find credit union that lends to investors 3) Supply proof of funds, etc. 4) Receive pre-approval?

Would love to hear from others who have more experience in this than myself!

Tim

Michaela G. Maybe you are right, but at one point I was in the 90% statistic - now I’m not. Probably similar to others here. However since RE is capital-intensive I would guess that the Pareto Principle (80/20 rule) is probably in effect. No surprise there! I would be more interested in reading about the background / capital of those who repeatedly take action vs those who don’t (e.g. do they have family in RE? Over $100k ready to deploy at any given point in time, etc.? Degree in RE?) and what are the differentiating factors.

False I signed up 3 years ago and did one flip now looking for rentals. Purely anecdotal evidence.

Thanks Kevin - will call later today.

Have 203k pre-approval, looking for realtor in southern Bergen / Hudson county (Hasbrouck Heights, Wood-Ridge, West Orange, Maywood, Rutherford, Nutley) to help find fixer-upper duplex for owner-occupant w/ second residence for long-term tenant.

I am also interested in a 203k streamline loan in New Jersey. Eager to work with someone reputable who can get things moving without a lot of hassle and red-tape (I hear some people have horror stories with these types of loans).

It took me a year or so to get on a number of wholesaler lists, get informed through various sites, etc. It is not easy and you need to be persistent, attend networking groups, sign up for email lists, etc. and then pursue leads that meet your criteria.

3 Weeks, 2 days in

Siding is up and demo has been completed on the inside! We need to do a few more things on the outside (gutters/ fascia), but the big ticket items are done. This weekend / upcoming week will be painting, starting tilework in kitchen / bath and drywall.