All Forum Posts by: Blake Williams

Hey everyone!  I'm very excited to say that next week Monday I will be going to see a property I'm considering for purchase for the first time!  

This is my first time going to see a house at all as I am a beginner, so I was wondering if there was anything people more experienced than myself might suggest I keep in mind when I go? 

Any good signs or even red flags that I might not be thinking of?  As always, any reply is greatly appreciated. 

Thanks for the reply, and the advice.  I should get better rents from the better units!

Hello everyone, I feel like I'm full of questions lately!  One of the properties in looking at for my first deal is a three family that is fully rented. 

I'm curious how I would approach this as I'd be required to move in to one of the units. 

Alright thanks, I'll need to find some other way then 

Hey everyone, so I know that the fha 203k loan lets you borrow more money than the purchase price of the house so that you can fix it up, but I was wondering if it needed to be used immediately?

Specifically, what I was wondering is if you could take out a 203k loan and use that as a cash reserve in case something goes wrong with the property after the purchase? 

Since I've begun to take steps towards my first deal, I've heard a lot of people say that "something is bound to go wrong, things will break etc..."  I'm trying to find a way to protect myself against that because I personally don't have much in the way of cash reserves for repairs and such and I fear my cash could be depleted quickly if something did go wrong.

Thanks for the feedback everyone.  I'll drive by there tomorrow night and see what it's like then! 

Hey everyone, another question today.  Just for a quick summary, I'm planning on using an fha loan to buy either a triplex or fourplex and live in one unit while renting out the other two or three depending on what I end up with.  I'm aiming for a buy and hold strategy, and want to keep the property and continue to collect rent when I move out.

I am currently looking at a triplex that looks nice from the outside.  I haven't seen the inside yet and I have no information about what the property makes in terms of rents and what the expenses are just yet, but I'm working on getting that information and seeing the inside as soon as possible.

I can only go off of what I have seen, and the neighborhood itself seems pretty nice.  The house I'm looking at doesn't appear to have any problems that I can see from the outside, the other houses in the area seem to be very well taken care of as well.

My biggest concern with the property so far is that there is a liquor store extremely close to the property.  How close close is extremely you might ask?  I was able to take the picture of the property below (Blue doors) without any zoom from my phone while sitting in the parking lot.

I'm concerned this might make for unruly neighbors or worse yet tenants, potential congestion on the street, and other situations that I might not even be thinking of.  It also doesn't help that the liquor store itself is the most unsightly thing on the street.  What do you think?  Am I reading too much into this, should I stay well away, or just be cautious of the situation?

Wow I'm in my break from work and didn't expect so many responses! I was mostly interested in an LLC for asset protection as was mentioned in an earlier comment. If it won't make much of a difference to that end, I'll probably save my money until I'm operating at a higher level.

Hey everyone, I'm pretty new at this and am working on having my first deal done before the end of the year.  I have my strategy for acquiring my first property pretty much down, but there is something I am concerned about.

I was planning on starting an LLC and getting the property in the name of the business. However my most likely source of financing (A bank that I work for) does not give mortgages to entities.

My question is, how difficult would it be to transfer the ownership of a property from myself to an LLC after the fact? Is it something that could be easily done, or should I search out another source of financing?

Hi Jahmel, I'm in a similar situation. Recent college grad and CT resident looking to begin investing. As long as you're looking into an FHA loan, you might as well look into CHFA since you're from Connecticut as well. You might be able to use their downpayment assistance program so that you can use even less of your own money on your first deal. That's what I'm trying to do as well.