All Forum Posts by: Tyler Dennison

Great advice.  I should have made it more clear. We will have an inspection no matter what, but should I be worried about someone who might be more concerned with pleasing my realtor. 

Hi Everyone,

We got our offer accepted on our first rental property and now the process is moving forward.  This is a scary time but we are excited to move forward and build our portfolio.  What I was hoping to get some guidance on is two fold... 

Is there anything in the next few steps of the process we really need to stay on top of?  Our realtor is recommending a home inspector and although he has given us no reason to not trust him, should I be worried about someone who might not want to ruin a deal for our realtor who refers business to him?

My wife and I are excited but a little nervous, we would love to hear the top 1 or 2 things you wished you had known when you started on your very first property. 

Thanks again everyone and keep rocking.  This forum has been invaluable to us in our process.

Tyler

So the plot seems to thicken. I have had several financial instiutions tell me that I have purchase this on a residential loan (30 year mortgage) and then transfer it to a LLC, if the loan gets audited when they sell it to the secondary market, it could breach the Fannie and Freddie guidelines and force the total payment of the loan at that time. How are people getting around this issue out there?

Mike,

Great advice. I need to figure out the best way to set up the banking for this kind of thing. So much to learn but loving it so far. Hoping that I can just create a business account and have all check written yo main LLC.

Tyler

Awesome information Rick. I will for sure be bringing this up to the lender I am talking to because I do not want to get caught having the loan called due. I am going to be picking up some stuff off the internet and books to go over LLC and the implications and benefits to managing properties under LLC.

Hi Everyone,

I just wanted to touch base on a subject that has been causing me some confusion when talking to financial institutions. I am starting to pick up rental properties but wanted to put them under a company name or LLC. The issue I am having is when I have is when I talk to the banks and they hear LLC they want to be under commercial lending which has much higher rates and very short term loans. Can anyone provide some guidance on the best strategy to handle this situation? I have heard horror stories about taking properties from private ownership and transferring into a LLC (maybe a different kind of incorporation is required). Want to lock in that 30 year residential rate. I appreciate any and all help on the topic. Keep rocking.

Tyler

Great Ideas.  Thanks for the information everyone.

Thanks everyone for the welcome and information.  I am sure I will be all across the forums with questions.

Hi Everyone,

My wife and I are new to real estate investing but we have been looking at a few duplexes nearby that are coming out as a good deal when we run the numbers on them, but I wanted to get some input on lease agreements.  We are ready and willing to go to a good lawyer to get it done but what are somethings we should know and do with a lease agreement to make sure we don't get screwed.  This is the part I am most concerned about with buying rental properties.  Glad for any help.

Tyler

Hi Everyone,

My wife and I are starting our journey in real estate investing.  We are reading some books and listening to some podcasts from BP and trying guzzle all the information we can get on the topic of buying homes for a rental income.  My family has a combined 80 years in real estate sales and her family has a combined 80 years in new home construction and contracting, so we are trying to tap our families for knowledge as well.  We have started to analyze some properties and build some contacts with local realtors here and hopefully by the end of the year will have our first property.  I would like to move faster but the market here is way overheated and finding the right deal could take some time and effort.  I am looking forward to talking and learning from the members here on the site and progressing my real estate investment career.  I am sure I will have be asking for some basic stuff shortly, like recommendations on good contractors locally for rehab work and realtors who are good to work with.  Please ask me any questions you like.

Tyler