All Forum Posts by: Adam F.

Other than an intro call, I haven't started working with my lawyer, so that's why I haven't asked him. But I should just reach out. Thanks John. 

 Super helpful, thanks Jack. Let me know when you hear back. 

My lender suggested moving a multi-family from my personal name to an LLC immediately post-closing via quit claim deed. Does anyone have experience with this (even better if in Chicago)?

According to the City of Chicago tax code, it costs $5.25 per $500 of the transfer price. At property value of $800k (my budget), the transfer tax will be $8400 alone. Adding in county and state tax, record fees, legal fees, etc., I estimate that this will cost over $10k.

My assumption is that it still will be better to purchase in my name (better loan terms, ability to put 20% or less down, and I'm already pre-approved) and move to an LLC, but this seems like a steep cost of doing business. Is there anything I'm missing?

My sister has expressed interest in providing capital to buy a multi family in our area. For those out there that have made similar investments with family, did you invest under an LLC or under your own name? I'm leaning towards creating an LLC for the sake of using an operating agreement to avoid any issues that could arise in the future related to equity ownership or investment decisions. With that being said, I keep reading on BP and elsewhere that using an LLC is not worth it to many investors (particularly young investors without many assets they'd need to protect). At the end of the day, I'm wondering if my logic in wanting to go the LLC route is sound or if my case is not different from that of every other investor out there that is doing business under their own name. I'm also aware that the money would have to be seasoned under my name if we go the personal route. Thanks in advance to anyone out there with advice!

@Matt K. @Harjeet Bhatti @Account Closed 

Good to know! Thanks everyone

Hi BP, 

I am currently renting in a HCOL city (moved for work), but I am considering purchasing my first investment property in the city I grew up in. I'm wondering if it's possible to get an FHA loan for a house hack, say a year from now, despite purchasing that investment property earlier in the year. Thanks in advance for any insight!

Hello everyone! My name is Adam Ferraco and I'm based out of downtown Chicago. I'm a management consultant looking to get into the real estate game... I haven't truly decided on which niche/strategy I'd like to pursue, but leaning towards flipping single family / multifamily properties. I travel 100% of the time for work outside of Chicago, with the ability to travel almost anywhere in the country on the weekends. Therefore, I could potentially explore the idea of investing outside my hometown if the opportunity presented itself. With that in mind, I'd love to hear advice regarding how to tackle such a large opportunity or where I should start. 

I'd love to attend a meetup in Chicago in the near future if possible... very excited to explore this network as well as the world of real estate!

-Adam