All Forum Posts by: Jonathan C.

I want to have the property put in the name of the LLC with me and my partner as the guarantee on the mortgage but I hear that that is unlikely. We will be dealing with a lender.

The property purchase will most likely be in Montgomery County, Pennsylvania.

Anyone able to offer a perspective that deals in Pennsylvania or more information about our options?

Originally posted this in General Real Estate Investing but I think it probably belongs here instead.

What is the best method we should use to buy a property and put it into a newly formed LLC?

Our LLC currently does not have a property, but when we buy one we want it to be in the name of the LLC. It looks like from what I have read that a Quit Claim Deeds is the best way. As we are based in Pennsylvania, I'm aware that there is a 2% title transfer tax, would that affect a Quit Claim deed? Would we need to deal with it twice, once when purchased from seller, and again to transfer to LLC? Is there an exemption or some way around this?

Completely new to this. Thanks for the help.

How do you know the Local Market?

My friend did grow up in the neighborhood so he knows the streets to avoid, the ones that deal drugs and is able to say if it's good part, bad part or if the people are lousy.

But if we looked at a neighboring town how would we know the market? And thanks for the welcome.

Greetings.

I am the accountant at a small business but always wanted to do real estate on the side. I love my job but know how fickle employment can be so it never hurts to be prepared.

I have 0 real estate experience but plan on pursuing the landlord route with a friend. We wanted to start a year ago but due to various issues things got delayed. Now we are ready to go and looking into properties.

We currently are equal partners in an LLC, have pre-approval for a $180k mortgage and have a real estate agent who knows our plan and is a landlord himself in the area we are targeting.

We're targeting duplexes, triplexes and quads and made 2 offers so far, one countered but still not realistic so we'll revisit them in a few months when they're hopefully more desperate. The other is a short sale which we are waiting to hear back from.

In the meantime I'm trying to figure out what to actually price houses at. We don't want to overpay and be screwed but figuring out what to offer is very hard. We each have no experience so we are making it up as we go.

I'm looking forward to learning what I can here and receiving solid advice so we don't screw up or screw up too badly.