All Forum Posts by: Devon Dobson

Originally posted by @Gulliver R.:

thanks for the advice everybody! @Jeff Filali This would be a buy and hold property. I live in Seattle, and I would have a property manager. I intend to have one LLC own all my properties (including my Washington state properties). The way I would structure it is have the LLC own each land trust. Each land trust would hold title to each of my properties. So my question is: the state of the LLC doesn't matter then?

Hi Gulliver-- 

Curious what you ended up finding here. We are Connecticut residents planning to buy and hold a rental property in Indiana, hiring a local property manager there etc. Does it make sense to set up the LLC under the state of Indiana - or does it even matter? Appreciate any advice!

Thank you all for responding so quickly!

Very good points by all.  My brother has never owned a home or condo so this would be a conventional loan. Mortgage would be in both our names (I assume that's best)

Per Marcus's question about the why for this investment. My brother currently lives in UT and is paying someone else rent. I visit Utah frequently in the winter (to ski) and can see myself doing that for years and years to come. The thought is that it makes sense to go in on a 2 BR condo, where his quality of living is increased, and we sublet the second bedroom which covers the cost of our monthly payment and perhaps helps him out as well. We believe that this area of Utah - Park City, will appreciate in time. 

For an example, if the 2br condo is $500k - we each put $50k down (50/50 split). Say the mortgage + expenses comes to $3k. Would the best (and fair) way to structure it be that I am responsible for $1000 and my brother is responsible for $2000, since he is living there? Say the bedroom gets rented for $1500. Would it be fair for me to receive $1000 and him to receive $500? Now I am paying nothing, while building equity (yes, I give up my ability to visit and enjoy the place), and he is paying $1500 (instead of $2000) to live in a nice condo while building equity (yes, he does now have a roommate but I'm assuming he is happy living with this roommate).

Thoughts on this example? How would you structure differently?

Thanks so much for all of your

My brother and I plan to purchase a two bedroom condo in Utah. He plans to live in one of the rooms and rent out the other room. At times, he travels for months at a time so we may also Airbnb the condo out. Our plan is to put 10% down each and maintain a 50-50 split of ownership. How should his monthly mortgage payment be structured (should he pay more since he is living there?), and how should the proceeds from the rented room be split? I feel it needs to be structured in a way where he has incentive to rent the other room, or else his monthly payment goes up. Appreciate any help on this!

Interested in taking on our first real estate project and have our eye on a short sale that needs A LOT of work. WIthout prior experience flipping, what are the best ways to estImate and strategize how much rehab wIll cost up front (resources, professIonals, etc?)? The house has good bones, but has “toxic mold”, an old septIc, broken well pump, etc etc. Any advice greatly appreciated.