All Forum Posts by: Emeric Harney

Hi all, 

My husband/business partner and I own 3 rental properties in NC. We're getting ready to invest in another property and wanted to know if we should consider setting up an LLC now. Some places have said to set up an LLC per property, I'm kind of inclined to do 1 LLC for all our rentals. What are your pros and cons and suggestions?

Hi all, thanks for the notes.  The attorney's estimate apparently was boilerplate, rather than tailored to my actual closing.  Purchase price was $130k and we are waiving inspections etc. 

Looks to be more like $575 for attorney fees, the title insurance $300 or so(tack on hopefully), recording fees. So looking to be less than $1000, which feels more appropriate for a cash buy.

Hi all! Just got a great deal on a place in Raleigh, NC, cash buy. Just got a quote from the RE agents recommended law firm and I’m looking at nearly 3500 in closing costs, more than half of which go to the attorneys office! I only paid 500 on the last two closings in Connecticut. Is this normal for the state of NC or am I being had? Thanks

Justin Yeager interesting stuff. Not sure how to PM you though - don’t see any contact info for you!

Hey everybody, I wanted to get peoples thoughts on how to best handle my 401k investment portfolio. First the background info: I’m 30 years old and unfortunately have only been contributing for the last 3.5 years. I’m at a place where my budget comfortably allows me to contribute 8k a year and my company matches half of that (the max match). We use Principal for our 401k. Now that I’m paying more attention to growing my personal wealth more though, I’m super confused on where to move the majority of my investments and where to invest my weekly contributions. For instance, I use the app Personal Capital and first it tells me that I’m going to be losing a large chunk of my money to fees, so I tried to find some funds that had low fees, and was contributing a majority of my money to my 2050 goal fund (low fees to my knowledge). But then personal capital was saying that my portfolio wasn’t diversified enough to really be protected. So I’m sure it depends on my comfort and investment strategy, but if I’m generally comfortable with market swings and want long term growth, what should I prioritize? Diversity (I️ currently have small cap, medium cap, large cap, foreign research, black rock but most funds available to me seem to have 1.15% fees or more) or do I emphasize the target date? Or if you’re not comfortable giving out advice - any idea where I might find someone? Personal Capital offers it, but I️ don’t have a large enough portfolio. Thanks for your help!

Thanks guys! Unfortunately not much in the markets I’m looking at is at that price point! 

Has anyone ever gone the route of creating an LLC and trying to get funds through the SBA?

@Chris Jensen thanks for taking the time to respond! We’re in a bit of a tricky situation here unfortunately. We bought our primary residence using a USDA RDEV loan with nearly 100% financing. While there is some accrued equity, I don’t think there’s enough just yet!

Alternatively the rental property has a lien so we're not able to leverage it for another couple of years. I guess part of my question is that if we can get the down payment with savings or OPM, is there a specific way that you approach banks to say that it will be an income property making X$/month and so that it keeps your DTI in a more appropriate range?

Hi there BP Community! My name is Emeric and I'm 30 years old, living in rural Connecticut. I discovered Bigger Pockets through listening to a couple of podcast episodes and now am starting to browse the forums to get a better understanding of how I can start to branch out into more real estate investing. My day job is Marketing Director for an international tea company, but I'm looking to add an alternative revenue stream. 

I own a primary residence in rural Connecticut as well as an investment property in Raleigh (my spouse owned before we met).  As we look to acquire our first property together, I wanted to know if anyone had tips or suggestions on how we can go about to get our next property.  With 2 mortgages and other expenses, how does one get another mortgage?