All Forum Posts by: Andrew Lake

@David M. So I'm not asking if it makes sense to form an LLC as I see that question has frequently been asked. I'm asking if we were to decide on this first property that we don't want to set up an LLC, is there any sort of additional partnership agreements to be made beyond the joint loan between us being of equal contribution?

I'm a new investor with plans to purchase my first property, a house hack 2-4 unit in Chicago, in Summer 2021. My friend and I will be partnering on this deal with 50/50 contribution. Our down payment will depend on the price of the property, but we'll be using an FHA loan. I'm curious about how we should manage our partnership on this deal. I've seen that LLCs are a popular topic on the BP forums and have read through many discussions on the pros and cons of forming them for a first property, transferring loans to an LLC, etc. I'm just looking for any advice on managing the formal details of a real estate partnership with a friend/roommate. Thanks!

@Joe Villeneuve "Leave 2% for the way you analyze milk" I love this answer. @Craig Story I'm also a  new investor. In the Chicago area, using the 2% test would truly lead me to analyzing no deals as the price/rent ratio here is quite high. I imagine it's much higher in DC. I've quickly realized there's no quick way of assessing if a deal is good or not, you just have to run the numbers. Best of luck to you!

@Brandon Sok congratulations! It looks great. I'm a beginner investor with goals to do a house hack next summer with a low down payment. In my market and price range, a lot of the properties I'm finding are in need of some renovations. I'm curious, did you finance with a FHA 203k loan or did the funding for renovations come outside of the loan?

@Craig Curelop Thank you for the introduction and recommendations! I've been reading through @Brandon Turner's book recommendations along with listening to the BP podcasts. I'm registered for tomorrow's webinar as well. These are all great resources I'm excited to continue to use.

@Account Closed thank you for the introduction and kinds words. I'm already realizing how helpful of a community this can be. I look forward to working with the BP community in the future.

Hello everyone,

I am a newbie to real estate investing. I’ve been reading books and listening to podcasts about real estate investing the past few months. I want to get started early as an active member and begin to network with others in this community.

A little bit about myself:

I’m a graduating senior and I’ll be starting my career in software development in Chicago this summer. I’ve grown up in the greater Chicagoland area (Northwest suburbs, near O’Hare) and have lived on the north side of the city the past year. After a friend’s enthusiastic recommendation, I decided to read Rich Dad Poor Dad which made me really excited about real estate as an investment. Since then, I have been using a variety of different resources to get to know the subject better which brought me to the BP community.

I plan on saving a significant portion of my income to use for my first deal in Summer 2021. I’m interested in multifamily residences, specifically a House Hack to get started and take advantage of the low down payment. Until then, I plan to learn as much as I can about real estate investing and get to know the markets that I’m specifically interested in. My ultimate goal is to achieve financial freedom with a diversified portfolio of properties in different areas.

Feel free to reach out and connect with me! I look forward to it.

- Andrew