All Forum Posts by: Account Closed

You and your wife can EACH get up to 10 conventional loans if you EACH have the income to qualify, but if you hold any of the loans jointly, that loan counts against both of your 10. This includes your primary home mortgage. So, for example, my husband and I have a loan for our primary home that is in both our names. He can get 9 more conventional loans in his own name for investment properties and I could get 9 MORE in my own name if I had an income (which I do not as I am a stay-at-home mom). If our primary home loan were in my name, my husband could get TEN investment property loans.

Also, if the bank finds out that you transferred the title to an LLC, they can call the loan. In order to sell a property that you have moved into an LLC, you will need to retitle it back into your name. Do NOT be calling the bank to talk to them about transferring the titles into an LLC! Most investors take the risk that the bank will not find out about the transfer of title, you just have to transfer it back into your name before a sale or refi.

I recommend Keith Weinhold's Get Rich Education podcast for TONS of helpful information about this sort of stuff. I recommend going all the way back to his very first podcast episode and listening to every single one of them--SO worth the time invested! :-)

Good luck!

I am not a wholesaler, but I own two buy and hold rentals in Indy. Hoping to buy at least one more there in the next couple of years, but I'm working on a couple other markets right now while my property manager works out a few kinks in their system. Glad to know there are other out-of-state Indy investors on BP! :-)

Hi Matthew! I am a stay-at-home mom with two kids and we just started investing in rental properties in August of 2016 using my husband's employment income to qualify--we are about to close on our 4th investment property at the end of this month. We have a TON of consumer debt but decided to get moving and start buying investment properties because we figure we seem to always have consumer debt so if we didn't get going now we never would. :-)

I recommend any and all of the Rich Dad Poor Dad books, including the ones by all of his advisors (I got most of them from the library). Also, The Richest Man in Babylon is what got us started with a specific framework to start budgeting (we've adjusted it somewhat, but it's still my inspiration).

The podcast that has helped me the most to get in the investor mindset is Keith Weinhold's Get Rich Education. I recommend going all the way back to the very first episode and listening to every single podcast from the beginning. :-)

I can tell you that I have gotten pretty much all of my education for FREE through podcasts, books from the library, and webinars. Tons of good information out on realwealthnetwork.com too.

Good luck!

I recommend checking out realwealthnetwork.com. It is a FREE network and they have about 15 markets they recommend for good cash flow. We have purchased rental properties in three out-of-state markets through them so far.

Good luck!

I recommend searching the BiggerPockets blog posts for "house hacking" and listening to a number of the podcasts. Josh and Brandon interview a TON of investors who started out by house hacking so there's a lot of helpful and inspirational info to listen to out there!

Good luck!

Our lenders pull the score from Equifax, TransUnion, AND Experian and then they use the MIDDLE score.

For asset protection we have a WY LLC as our holding company (what you are referring to as the "master LLC") with subsidiary LLCs in each of our investment markets to hold the investment properties in those states. Our tax advisors have warned us against doing ANYTHING with the holding company except use it to move money between our personal accounts and our subsidiary LLCs, so you would not want your holding company to own property. The tenants would sue the holding company that owns that specific property, not the holding company. If you have an attorney set up your LLCs correctly, the idea is that the tenant could ONLY get at the properties within that specific LLC. We use a bookkeeper and a CPA who are very real estate investor-savvy, so the taxes have not been complicated on our end.

I recommend reading Garrett Sutton's "Start Your Own Corporation" for very specific answers/example to your questions above. (Garrett is one of the Rich Dad Advisors.) You can also hear Garrett talk about these specifics if you search his name on previous episodes of Keith Weinhold's Get Rich Education podcast and also the Rich Dad podcast.

Good luck!

We live in a market where the current purchase prices vs market rents means we would have negative cash flow. We have purchased three out-of-state turn-key properties since August of 2016 though affilitates of Real Wealth Network and are under contract on our fourth now. I highly recommend the following resources to learn more about out-of-state investing:

realwealthnetwork.com (FREE network of 26K investors--invaluable!)

Get Rich Education with Keith Weinhold podcast (this one is worth going back to episode #1 and listening to ALL of the episodes!)

The Real Estate Guys podcast

Good luck!

I am not familiar with Homepath but, in general, you can rent out a home that you originally purchased to live in. You would need to contact your city/county to find out what the regulations are--they may require inspections, etc.  Also, if you rent it out for a number of years, there will be tax implications when you go to sell it that you will want to be aware of up front.

I just listened to a podcast on this EXACT question today: The Real Wealth Show with Kathy Fettke, episode #556. If you can't listen to podcasts on your phone, you can go to her website realwealthnetwork.com to access the podcast. All FREE! :-)