All Forum Posts by: Daniel Cody

Hi BP Community

I'm in the process of purchasing my first small multi-family property in New London, CT and looking to connect with other investors in the area to hear about their experience.

Would love to see if I can provide any support and also learn as much as I can from people that have had success in the area. 

Feel free to reach out in the comments! 

Thanks! 

My business partner and I are purchasing our first rental property (single family) and we're trying to understand if we need an LLC, or if there's another route that allows both of us ownership along with protection from personal liability.

I'm aware that in many cases purchasing with an LLC means that we may need a commercial loan for the property, which is less than ideal for what we have budgeted, but given that there are two of us who want to have ownership of this investment property, do we need an LLC?

Any advice would be greatly appreciated! 

@Jackson Babcock

Thank you. This is really helpful. 

We plan to narrow down to the city then neighborhood, but we were debating between a few states/regions to begin with. Namely Colorado, Ohio and Indiana based on factors like property taxes, landlord and tenant laws, statewide population and job growth, and a few other metrics along with thinking about connections we have in those areas.  

Once we land on a state based on those determining factors we plan to dig into the specific neighborhoods more, but we were just getting stuck for a moment at the state level. 

Currently we live in the San Francisco area of CA - Getting into the local market to start is a bit expensive. 

@Charles Carillo we hadn't thought about eviction moratoriums with COVID. That's a great point. Thank you!

Hey friends - My partner and I have identified our 'mission statement' for the type of rental property we're looking to invest in. Cashflow focused, residential 2-4 unit property and are now narrowing down the target markets to focus on. We have it down to 3 or 4 states and aren't necessarily concerned about not being located in these states and I am wondering if there is a stream lined way to research and compare these markets. Currently putting together a sensitivity analysis of the different markets based on metrics like landlord laws, prop tax, insurance, economic growth, vacancy rates etc. Should we be focused on the states as a whole or be looking at cities individually? Curious how the gurus have identified target markets successfully and what the best process for research is. Thanks!