All Forum Posts by: Wyatt Wolff

Love this! Good job! 

Hey Kevin, I would say what you do should depend on how you want to grow. Keep in mind, GENERALLY, cheaper out of state properties are going to come with more headaches. If you want to do that, by all means, go for it. If you want to stay in your market, I would say try house hacking. The cost of capital is going to be high right now. 

Honestly, you can use a lawyer if you would like, just make sure that you have a good understanding of what you need to do to keep the LLC separate from your personal funds

I mean... depending on how you look at it, that's what everyone does. For instance, when I worked at a mortgage bank, they sold the loan off and it was transferred servicers. Most of the time, the originating company is not the servicer, nor the investor. 

I would say its fairly common, just make sure that you do your due diligence on whichever lender/broker you use! 

Hey Sidney! 

What kind of investment are we talking about? FHA does not allow investment properties, realistically the only one you can get away with is a house hack.

That said, there are other low down payment options that you can get into! Hope this helps!  

Quote from @Tyler Case:

Hi,

My partner and I are hoping to dive into the Cleveland or Columbus rental market very soon. We are planning to purchase the property in my name on a conventional mortgage and then move it into an LLC. We are looking for lenders that allow the conversion of a loan from an individual to an LLC. We are also looking for connections to handle this type of transaction.

First question, why do you need it in an LLC? Taxes? Liability? Both of those can be mitigated other, easier ways. 

My second question would be, why buy in your name and then move it? Why not just buy in the LLC in the first place? Would be much easier on the back end. You don't want to end up with the headache of a 'due on sale', and its just as simple to buy it in the LLC.

Hope this helps! Feel free to shoot me a message if you want to talk through further  

Quote from @Sarah Downey:

Hey @Jason Russell,

I would look for opportunities to work in the industry before you take off on your own. It is important to understand the industry and build relationships. 

I like @Wyatt Wolff idea of maybe starting as a loan assistant/processor to build more knowledge/experience. 

 Thats what I did. Worked as an LOA for two years. Learned a lot and loved it 

I heard somewhere that servicers are much more favorable to assumptions if they are the Original servicer... does anyone know if thats true?

Welcome man! You will definitely find answers and knowledge here! Best of luck to you, and if you are ever in the Charlotte area, let me know and Ill buy you lunch. 

Cheers! 

Quote from @Jason Russell:

Quote from @Wyatt Wolff:

Work really hard, for a long time. Attach yourself to someone or a team that can teach you... this is not something you learn on your own. Learn to prospect, learn to talk on the phone, and learn to present. 

Best of luck, Jason! 

Thank you Wyatt, I appreciate the response. How would I go about finding someone or a team to teach me? 

 A mixture of self starting (youtube, books), asking questions here, and then where you go to work. I would recommend working as an LOA for a while first to learn. Maybe a processor if you can t find LOA work.