All Forum Posts by: Tim Matthews

Hello, all. 

I've gathered lots of material on the purchasing process of a rental property, but there are a few things that I haven't seen described clear enough. During the purchasing process of a BRRRR property or even simply a buy-and-hold property, at what stage of the process should I, the seller, bring in an inspector to inspect the property and the contractor to see what type of problems there are and the cost to fix them? Should they be brought into the process before making the offer, during the offer, or after? Or do they come in at different times?

Congrats @Jesus Sosa

@Jacques Ikolo thank you very much! 

@Mark Ainley thank you!

@Jonathan Klemm I will PM you

Thank you all for answers!

Hello,

I am still in the process of preparing to purchase my first rental property. Most likely, I will be buying property in Chicago with a partner. Based on research I've done on BiggerPockets, it is recommended for the investor to set up an LLC when partnering with someone on a rental property. If someone can recommend to me a lawyer familiar with setting up business partnership for rental properties, can you please recommend them to me? I would like to seek advise for this venture.

Thank you!

Hello,

I am beginning my real estate investment venture soon starting in the Chicago area and would like to talk to a CPA. Please recommend to me some very good CPAs. Thank you!

I don't own any rental properties at the moment. I'm still gathering info so that my business setup is appropriate for my investment strategy. 

Thank you very much for your answer. I assume the fire policy in your example is part of the landlord insurance, right? Based on the collection of answers provided thus far, it seems the best way to have the most protection of my assets in case of a lawsuit (except in cases where the corporate veil is pierced) is to form an LLC to provide that layer protection, get liability insurance and an umbrella policy. This does seem to be a thick composite of layers. One could forego the LLC route and just get landlord insurance and umbrella policy, I suppose.

Thank you both for your responses. The differences in your responses are why I prompted my initial questions. What is an umbrella policy? I saw the term floating around but I'm unclear what it covers when it comes to rental properties, and why this is recommended over forming an LLC.

Thank you all for your help. I understand how monthly payments work now with a hard money loan. So I assume that there is no hard money program that offers a 100% LTV loan, right?