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All Forum Posts by: Derek R Schiavone

Derek R Schiavone has started 2 posts and replied 6 times.

Hi all! Any updates? I'm also looking as using this software, so any hands-on insight is much appreciated.

Originally posted by @David Pere:

As for the property manager that really depends on how involved you want to be. Using a property manager can allow you to qualify for a larger loan though because their landlord experience would allow you to use 75% of the anticipated gross rental income to be used towards your debt to income. 

Very interesting. Can you elaborate on this a bit? 

Originally posted by @Mark H. Porter:

Derek, why are you even doing an LLC? Unless you have substantial assets already, just get an umbrella policy.

Interesting. Honestly I'd never heard of that. Will have to look into the pros and cons of that.

Hi all,

I'm looking to get my first investment property sometime next year, a triplex or quadruplex. This property will be in an LLC. But I'm also looking to use my VA Loan to get myself into a househacking situation with a duplex or higher. In this case, since I can't put the property into an LLC, what would be the best way to maintain asset protection? Aside, if this property were a 4-plex, would it be worth getting a property manager?

Post: Newbie looking in El Paso

Derek R SchiavonePosted
  • Posts 6
  • Votes 2

Hi all! I'm looking to purchase my first house within the next 6-12 months. Currently in El Paso for temporary work on contract, but originally from NYC. I figure if I'm going to buy my first house it should be a multifamily with the prospect of house hacking and using my VA loan (hey, El Paso ain't so bad!). Also would be using a property manager since I'd likely still be traveling for work, and would be setting up a TX LLC for liability protection, etc. I'm 34 and never thought I'd be able to buy any property (did I mention I'm from NYC?) so this is exciting and I'm trying to learn as much as possible. Shoutout to the mortgage lender who directed me to this website!

I'm on the market for one as well, in preparation of buying a rental property here in the next 6 or so months. Had my eye on Northen Pass. I did see Reliant but that 15% seems excessive. How has it been so far? @Daniel K. Kim