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Updated about 10 years ago, 09/25/2014

User Stats

5
Posts
1
Votes
Matthew S.
  • Charlotte, NC
1
Votes |
5
Posts

New Potential Investor in Charlotte, NC

Matthew S.
  • Charlotte, NC
Posted

Hey Guys,

I am new to BP and love the site. My name is Matt and I have been very interested in real estate for many years. I am originally from Charlotte and love it here! I have worked for a property management company, which was a great experience for me to learn a lot about the real estate field. I am currently taking a pre-liscening class in order to get my real estate license. I have really been interested in purchasing my first rental property to buy and hold. I guess it wouldn't technical be my first because I rent out 2 rooms in my primary residence, but it would be my first non-owner occupied property. I would appreciate any advice you have for starting out. My long term goal is to continue to buy properties until I can live off the passive income. 

I have a couple questions for those of you that have structured a small rental company. I am looking to go into business with my mom. She would have a majority of the equity for the company., I would like to be able to leverage as much money from lenders as possible (willing to put 20-30% down in) in order to be able to buy more properties. It is also important for us to have personal liability protection to protect our personal assets. I like the idea of an LLC, however I am afraid it will restrict our ability to get loans at decent rates, if at all. I have also considered a Limited Partnership with a property management LLC as the General partner and my mom and I as limited partners. However, this would still limit our ability to obtain loans with a newly formed entity. What would you recommend? Also how does a limited partnership differ from a family partnership? Tax wise which one would be smarter? I I know it would be easier to put the mortgage in our personal names, but my moms personal assets are not something I am willing to risk. I realized that we could also get umbrella polices with the mortgage in our name. Would both of us have to get polices?

I also have questions regarding the health of the investment market in Charlotte. I have heard all this stuff about the 2% rule. However, I can't find any properties that are even close to meeting that criteria. Obviously I don't have the biggest network, considering I am just starting out. I have only utilized zillow and online real estate listings. Where would you recommend me to look? Are there deals in Charlotte that meet 2% rule?

Thanks guys! Look forward to hearing from you! 

-Matt

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