Rental Property Investor · St. Paul, MN · Member since 2015 · 3 posts · 0 votes
Hi All!
My name is Andrew. Is it me or does everyone here have Bigger Pockets?
I'm brand new to real estate investing after just having purchased my first primary residence in February 2015. I'm a chemical engineer by day and looking to be a real estate investor by night. I would like to add buy-and-hold rental properties to my investment portfolio.
I love the idea of having my own business, and I have even started my very own LLC called Aqua Casa Rentals. I'm doing most of the upfront leg work, but I'd like to get my younger brother and wife involved too. One of the main challenges I think I'll face is finding the financing for my first property. I would like to keep everything in the name of the LLC, but I realize I may have to get a few properties in my name first before I can get one in the name of the business.
Do any of you have suggestions on that topic?
Oh, by the way, I'm originally from Louisville, KY and am a huge Cardinals fan. I'm really going to be cheering on Teddy Bridgewater of the MN Vikings this Fall!
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@Andrew Payne Welcome to BP! I was a manufacturing engineer for 3 years before going into real estate full time in 2014. I've heard of people financing the property and buying with title in personal name then quick deeding property to LLC afterwards, however please consult an attorney as I am not one. I have a 2 million umbrella policy to protect me from liability. You may want to look into this as you build a business. It's cheap. Best of luck building your business. Feel free to reach out for referrals/suggestions etc.
I know when I was getting started with my real estate investment LLC, I had to buy the properties in my personal name and then later quit claim deed them into my LLC. I can point you toward financing options and attorneys if you want to send me a personal message.
@Theron Mathis it's nice to see a fellow Card's fan. I have a lot of family in Louisville still. If I ever make my way back or decide to do business there I'll look you up.
@Sawyer Lubke and @Jay Lohn thanks for the quick claim deed suggestion. I have read and heard this, but need to do some more research/consultation to feel comfortable that the note wouldn't be called.