All Forum Posts by: Andrea Lane

Kirk

I have never purchased a tiny home, but I do not know why you would not get the same benefits as a normal size home. 

Are you struggling to find lenders, do you have questions about how to speak to them? This is your opportunity to get your questions answered.  Amy Mahjoory will be hosting an open forum to answer all your questions about Private Money Lending and how to speak to lenders.  

Amy is an expert Real Estate Investor & Educator, HGTV Personality, Best-Selling Author, and Keynote Speaker and will be available to answer any questions you may have.

Martin,  I hope you got some value from the meeting.  I was on vacation and my partner Brian presented.

Eric

Have you reached put to hard/private money lenders or brokers.  Most have a $75K limit, but there some that will work with a $50k home.

Joe,

We purchase all of our properties in an LLC (we are in 5 states including NJ). It is easy to do on your own. If you get a good registered agent, they can help you set it up and for a small fee will do your annual renewals an reporting. We create our LLCs in Wyoming and create a foreign entity in the state we are working in (just some added protection).

You will get a higher interest rate when using an LLC, but the difference is not as great as you think. There are banks that will allow this. Almost all hard/private money lenders require an LLC. I would not recommend transferring to an LLC if you have a mortgage. This is something banks really frown upon and if you have to refinance, you may pay more in the long run.

Good luck, reach out if you have any questions.

Hi Natalie and welcome to Bigger Pockets.  You have some wonderful dreams.  

There is a wealth of information here and many really informative webinars to help move you on your way.  Feel free to reach out if you have any questions.

Chaka,

If you are first starting your LLC as an investor with no partners, you can just create a simple LLC. We use Wyoming to create our LLCs and have a foreign entity in the state we are working in. Wyoming & Nevada probably have the best protection for your privacy. You can also just create the LLC in your state. It may depend on your state and the type of investing you are doing.

If you are going to use lease options instead of renting, I would suggest you speak to a professional real estate attorney in the state you are working in.  There are pros and cons to each method, but you need to be aware of the laws for options in your state.

Jon, 

Since this is your primary residence I am not sure you will be able to get a loan in an LLC. You can check with lenders and see if this is possible.

Belliny

I believe it is important to network online and in person always, but especially when first starting out.  You will grow your network and meet people who may have good insights or work with you on future projects.

I think business cards are important when networking in person.  Make sure you have your name, email address, and phone number.  Leave the back blank so people can make notes and make sure you information is easily readable, no matter what colors you choose.

More importantly is following up with people who give you their cards.  I write notes on the back of cards so I can start an email conversation with them.  If possible meet for a cup of coffee (virtual if you can't meet in person).  You will learn more about them and have a good contact in your rolodex.  

Please let me know if you have any other questions.

I have never heard of any law like this.  I am not sure how anyone would know haw you got their info.  If you use a service for skip tracing?  I am very interested in learning more about this.