All Forum Posts by: Brian Lybert

hey Nicole, I was having trouble finding a property down here as well. I ended up borrowing against my 401k and bought my first property in Baltimore. I am going to revisit Hampton roads again once I go forward with the cash out refi and get some more money to invest.

@adam Schneider  

I have just purchased my first investment property earlier this year ( working on my second), but I have no experience with vacation rentals, and only know ocean isle from my one week out of the year when we go every year. I wanted to see if anyone on the forum had success or pitfalls with this this beach, or maybe some contacts I could get with to figure out which type of properties they would suggest. 

Thanks!

Brian

Hello BP!

My family and I have vacationed down in ocean isle beach now for the past 5 years and fell in love with the beach. Was looking to possibly invest in some real estate down there, was hoping to get some advice from someone with some experience. Any contacts would be greatly appreciated. 

Hey Audra,

I recently purchased my first property in Baltimore, and like everyone said it is pertinent to either learn the area or find someone that does. I live in Va beach and found a property management company and realtor from Baltimore to help me find a property on a "quiet street" that I could afford. I'm only a few months in, but so far so good. Without their advice, I would have been in way over my head, in an area I probably couldn't handle, especially remotely. 

Brian

thanks everyone for the valuable responses. I think I am going to try to find an attorney I trust, and speak with him if it would fit for me to do. I appreciate all the advice, and I will be sure to update with how it goes! Now I just need to find my first property!!

I am debating forming an LLC prior to acquiring my first rental property. However, I have not decided which state I want to start in. I live in Virginia (Hampton Roads Area), but have been looking in the Baltimore MD and Atlanta Georgia Areas to invest.

Few Questions:

1) Do I wait till I find my first property before I create the LLC?

2) Does the state I create the LLC in matter? (EX IF I create it in VA, does it matter that Im buying properties in Maryland?)

3) Who do owners of LLCs' recommend working with in forming an LLC?

Thanks in Advance!

Brian Lybert

 I am from Virginia beach, but my soon to be partner lives in Rome Georgia. We were looking to pick one area to start our investment partnership, and with the low cost of entry, Rome seemed like the more viable place to start. Would love to hear/meet some people from the area who have some experience with the market before we decide to dive in!

Thanks!

Brian 

 Thanks for the info Chris. I definitely don't want to get started in a sketchy or illegal format. I will pursue other avenues for financing now that I know this is fraud. This was "recommended" to me by the lender I was communicating with, but definitely did not know this was illegal, or pushing the envelope.