All Forum Posts by: Dustin Leonard

Thank you Alex. That’s great info.

Thanks Joshua. That was right in line with where my head is at on it but I have absolutely no idea what I’m doing so I really appreciate the feedback. 

I was just talking to a potential partner about a similar scenario and was wondering the same thing. I hope you can get some perspectives from others on here because I could sure learn a lot about that too. Thanks for asking.

I just talked to my mortgage guy and he made it sound like either way you go, the mortgage will still be in your name personally and its quite difficult to obtain a mortgage through an LLC. If that is true, then I would assume that it doesn't matter if you start out with one or not. He also said that he doubts a lender would call the note upon transfer of ownership to an LLC unless they had a reason to do so like you were missing payments. Still seems risky though to just hope they don't call it. I would love to hear a more solid answer. Or even, what can you do if they call the not? Can you take just that property back into your name? Can you refinance to get it back into your name? Or is the amount due that day?

Should I start an LLC right off the bat or wait until I actually have an asset or 2 and then transfer. If I should transfer later, what do I do about the "due upon transfer of ownership" clause from the bank? Can I get a local bank to agree to a transfer into my LLC? Obviously I would love to capitalize upon the lower interest rate of acquiring the financing through my personal name.

Thanks Tom S. I think that is the plan. We may even wait until late winter/early spring. We just want to get our ducks in a row so we can pull the trigger when the time is right. Thank you. 

I am some what new to real estate. I was a landlord by default back in 2011 but I have since sold that unit. I've been interested for a while in investing in real estate and my wife and I think that now is the time (probably not the best time with such a high market) but we are moving forward anyhow. 

We will have about $100,000 to throw into hopefully a couple of different units plus another $50,000 for repairs and emergencies. One of our biggest hurdles is going to be that everything is selling fast and for top dollar. How do we go about finding deals? Do we go throw our names out at a local bank to find foreclosures? Any advice would be great because buying high and selling low doesn't sound like the best strategy but we don't want to put off investing for 30 years because the time was never right.