All Forum Posts by: Brandi T

I started a topic yesterday - I have been able to access it when a message is posted until this afternoon. Now I get a message saying the "forum is private" - How does that happen and why?

I emailed Marta with questions about VA and she replied back with an immediate response - very professional. Thanks, Marta.

I'm starting to feel like I'm going in circles!

We have our first property under contract so I thought I should get the LLC set up.

My husband and I will be the members - but from what I have been reading that means the LLC will have to file a partnership tax return? and then I was just reading a post that made it sound like you don't really get that much protection from the LLC if it is either single member (which we might do to avoid the partnership tax return) or if the only members are spouses.

And then to really confuse me it seems like with the new guidelines that you can't quit claim the property into the LLC until you are absolutely sure you won't refinance which would seem like never to me - I guess I would always want that option.

So I guess my question is for a new investor team of spouses what is the best direction:

Set up an LLC?
If so, single member or both spouses and file the partnership tax return?
Get an EIN for the LLC or operate with the member's SS#?
Quit claim into the LLC and hope you don't ever want to refinance?

I'm so confused - this board is great but I get so overwhelmed at times!

It almost seems like a commercial loan will be easier to get except I won't have the 20% down. Can the owner carry that for me or do I have to have the cash?

Thanks for the opinions - I think I will feel most comfortable with a SFH as my first property but will try to pick up a multi-family once I get the SFH rented. My biggest problem will be the financing - I don't have a pile of money for down payment.

Financing tips would be greatly appreciated.

Glad to see your post - I have all the same questions. I would like to go straight to multi-family investments but don't have the capital for the 20% downpayment. I will be interested to see reponses.

As a beginning investor is it crazy to consider purchasing a 5-unit property - is it better to start with a single-family property? It seems to me if the 5-unit property is a sound purchase it would actually be less risky?

Opinions?

What are the options out there for 5+ unit properties?

How hard is it to get financing?

Can I get a source for this information - my mortgage guy is either in denial or doesn't know about it.

Thanks.

When does the new criteria go into effect? Specifically, the PMI insurance change?