I am part of a multiple-person LLC (Primevets United LLC); we are actively looking for properties in Milwaukee, Wisconsin. We would like to link with a realtor who is well-versed in the area above and knowledgeable about purchasing with an LLC.
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
1y
No special knowledge required to purchase in an LLC. But you need commercial lending, lately hyped up as DSCR loans. I would be more concerned about your decision-making process and your exit strategy. Putting it bluntly, close to every partnership I have ever seen in REI broke at some point, most of them not pretty to watch. It works best when partners are passive and only one person makes decisions. And when you have a clearly spelled out exit.
I am part of a multiple-person LLC (Primevets United LLC); we are actively looking for properties in Milwaukee, Wisconsin. We would like to link with a realtor who is well-versed in the area above and knowledgeable about purchasing with an LLC.
Hi James, I am a realtor in Madison, WI and primarily work with investors. I may have a contact for you in MKE. Feel free to send me a DM.
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
1y
No special knowledge required to purchase in an LLC. But you need commercial lending, lately hyped up as DSCR loans. I would be more concerned about your decision-making process and your exit strategy. Putting it bluntly, close to every partnership I have ever seen in REI broke at some point, most of them not pretty to watch. It works best when partners are passive and only one person makes decisions. And when you have a clearly spelled out exit.
No special knowledge required to purchase in an LLC. But you need commercial lending, lately hyped up as DSCR loans. I would be more concerned about your decision-making process and your exit strategy. Putting it bluntly, close to every partnership I have ever seen in REI broke at some point, most of them not pretty to watch. It works best when partners are passive and only one person makes decisions. And when you have a clearly spelled out exit.
Solid advice on this one. The only thing I'd add here is that if you want to understand the tax implications of purchasing a rental property with a multi-member LLC, discuss with a local CPA that WORKS with investors (not every CPA has this type of knowledge)