All Forum Posts by: Carissa Holmes

I'd love to run the numbers on these... and Yes! you will kick yourself later.  IMO do what you can to keep the properties managed by someone other than yourself - even if you breakeven on cashflow your debt is still being paid down by someone else.  AND you can "pass" this properties to your kiddos (generational wealth! woot woot!!).  If you decide you'd like to sell, let me know, let's chat but first, please be sure that that's what's right for you and your fam! :) best of luck!!

Thank you so much for the detailed responses! I truly appreciate it! (and I'm sure others do/will as well)  

This will be our first purchase not in our personal names. It will be purchased by our LLC. I'm trying to understand the process for purchasing 2-4 doors under a llc and how it differs from buying 2-4 doors under our personal name. For context:

It will be 2 - 4 doors in Texas / LLC est. 2021 / LLC has a DUNS # but no credit / LLC has checking & savings accounts with WellsFargo that are solely used for our very small (2door) rental business / we have an existing relationship with a mid-size credit union / our personal credit scores are both 800+ / very solid W2 income

I understand the process of getting pre-qualified, showing POFs when purchasing in our names but can someone please lay out the steps to being able to prove you have access to the funds when submitting your offer as a llc (please talk to me like I'm 5 :-)) 

Specifically for DSCR loans - I assume you must identify the property -> get the loan -> make the offer, is that correct?

Also, when buying under a llc is that automatically a commercial loan?  Even if the door count is less than 5?

Other than the "pre-qualification process" please feel free to share any other meaningful differences between these two types of transactions.

Thanks SO much in advance!

Newbie here! and ready to "Professionalize" a bit - I've purchased a few properties over the past few years in my personal name. I want to make the next purchase - a 2 - 4 door property in Texas - in my LLC's name (also based in TX).

My primary question is: how does the process of acquisition (soup to nuts - your details will not be wasted on me!!) differ between these two “buyers” (residential funding vs. commercial). For example, proof of funding - with a loan in my personal name, I get a pre approved, and my agent on the deal sends that pre-approval along with my offer(s) yes, I generally submit more than 1 :) and the process moves forward from there but how do I show a seller (likely another investor) as well as the agent(s) I engage with that I have access to the financing to make the acquisition. 

Adjacent question - Am I correct in stating that (based on the above), I am looking for a residential property that I can purchase with commercial financing?

Thanks (a bunch) in advance!

Carissa

thanks for sharing! 

FWIW - I agree with both of these comments - - while I'd find "possibly haunted" to be fun, I'd never bring my kiddos to stay somewhere that used that as a selling point ('cause dang... what if it's true ;-)).  

I suggest keeping your description respective to that aspect of your property vague; with things like "we've been told of...", "we've heard of.....", etc.

@jordanmoorhead true be told, they don't need to be local but I need to be able to build a relationship with them virtually if they aren't - I need someone I can email with questions once or twice a quarter.  Would appreciate any recommendations you're willing to share :) 

@joemaris Thanks for your note and holy moly, I totally agree! " build your team", "your team is everything", and on and on yet.... how does one build such a team??? no one can tell me 

hahahaha 

Best of luck to you as well Joe!

I'm in need an account and tax strategist in the Austin area, ideally someone who also invests in real estate themselves.  Any recommendations are greatly appreciated.  TIA

@Bryan Noth the lender is.  Apparently they have put it out to two networks (not exactly sure what that means) and no one has picked it up.  I would be fine with just pushing out the closing a bit but my rate lock expires on the 4th