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Updated 3 months ago on . Most recent reply

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Ilina Shrestha
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First time investor- lost & confused

Ilina Shrestha
Posted

Hi everyone!

I'm just getting my hands on real estate investing, I know it's not a good time with high interest rates 🤦🏻‍♀️but I'm looking to get something by this year. Will refinance if rates go down in the future. 
I opened an LLC with sisters and we were thinking of purchasing through the LLC. However we are not getting loans and interest rates seem higher for LLC. Should we rather buy under our name and then transfer to LLC?

Also does anyone know if Oklahoma is a good market to buy multi family property? 

Like I said I'm very very new to this. Any tips and tricks and knowledge will be much appreciated. 🙏🏼

Thanks in advance 

Most Popular Reply

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,601
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

How many real estate investor meetups have you gone to? Most people answer zero. Do that for six months before you think about buying so you meet other people who are doing what you want to do. The LLC is irrelevant unless you are paying cash or getting a DSCR loan. If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.

You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying. All states are good to buy multifamily if the numbers work and it fits your buy box.

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