All Forum Posts by: Andrew Thomas Sherman

Much appreciated, @Jonathan Orr! I agree with your analysis - the LLC will have some longer term benefits for me. In the meantime I'll keep paying the $800 yearly entry fee :)

@Paul Timmins - thank you for this feedback!  I've been looking to network more and more in the Los Angeles meet-ups after having such great success with this community here.  Thank you for these resources -- can't wait to dive deeper.

@Account Closed thank you for your feedback! I'm starting to feel like this LLC was a waste of money.

@Jonathan Orr - thanks for the input! I'm talking with a few banks at the moment to try and figure the best method. I established the LLC to protect against liability, but now it's starting to seem like that's not going to be possible for the loan.

Someone here mentioned putting a personal loan into a trust, then allowing the LLC draw it down for payments. Ever hear of this sort of thing working out?

@David Faulkner - I'll likely need to get commercial financing to keep the loan under the LLC. I'm aware Fannie/Freddie don't really like the transfer to an LLC as it may violate the "due on sale clause," as you've mentioned. I'm going to shop around -- I'll let you know if I come up with anything interesting.

Hello, fellow BP'ers! I'm new to real estate investing and I've just finalized my LLC here in California. I'm looking to open a bank account for the business and will likely choose a local bank or credit union. I've been told, however, that some banks are hesitant to give home loans to LLCs.

Has anyone had experience with a bank who is willing to give their LLC a home loan? Do you all just take out business loans instead?

@Tom Ott - thanks for replying!  I'm not necessarily confined to Los Angeles but I'd like to stick to California at first to keep the intra-state legal implications low.  Do you ever do business out here on the west coast?

@Penny Clark thank you!  Great to see some fellow Californians here!  I'm in the process of establishing the business' bank account and I'll most likely goto a local bank/credit union.  Any "gotchas" I should look out for?

Hello, all, from Los Angeles! I am new to real estate investing and am finalizing my LLC so I can begin controlling properties. My intention is to start by buying single-family homes, doing renovation, then renting the homes to lessees.

I live in Los Angeles and am looking to network with other professionals in my area.  Please feel free to reach out!

Great discussions here. Assuming I'd like to control a property via an LLC, could I get a mortgage in my own name and then lend that money to the LLC? As opposed to transferring ownership of the loan and possibly violating the due-on-sale clause?