All Forum Posts by: Franklyn Gutierrez

Really up to you since LLCs only add liability protection and make it a bit more complicated to get a loan. Most advice I have read is to start looking once you get past the 5-8 unit mark but honestly a proper sized umbrella policy will serve the same purpose. I recently did it and I kind of wish I could go back to the way it was. I guess only time will tell if it was a good decision but so far it has only caused more headache.

Thank you.

I will look into what an umbrella policy is

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Originally posted by @Mike Dorneman:

@Franklyn Gutierrez This comes down to your desire for separation of your personal assets and that of your “business”. I’m for forming the LLC and purchasing the property under said LLC. This way you have immediately created separation and should something terrible occur and you be found liable / negligent, your primary residence and bank account are more so protected. If you purchase the property in your name, it’s a personal asset. You will pay a slightly higher interest rate when purchasing as an LLC “commercial loan”, but it’s worth it especially if you plan to scale up and

thanks for the advice. Makes much more sense.

does it make sense to open an LLC now even though I won't be buying properties until next year?.

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Hi everyone. I'm looking to start investing into buy and hold real estate by next year June ( once I raise enough capital). My question is, how long before should i start opening up an LLC before I buy my first property?.

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@Michael Plante Thank you.

Ill put that on my to DO List. Thank you , Ill definitely look into those areas

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@Vinay H. Thank you.

Great Idea. Ive been looking myself for Multi-families around my area, very difficult since I need to be within 30 minutes of my job and the area is so expensive. Everything around here is upward of 400k for a multi family.

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@Eric Adobo, thank you.

I don't like the idea of turnkey providers. I like to have more control over my investment

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@Ernesto Hernandez Thanks for the reply.

I would like to buy and hold rental properties. I'm mostly interested in Single family Homes in the 30-60k price range. I can fund the project with a conventional loan of 30years with 20-25% down.

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Hello everyone,

I'm new to the community and would love some advice. I will share where I am today financially and what are my future Real Estate Investing goals are. Any advice would help and be very appreciated.

Where I am

My name is Franklyn, I am 30yrs happily married and have a 2 year old boy and another boy on the way in September. I currently own my apartment (co-op). My current balance on the mortgage is $150,600 and it is currently worth $205,000. I am in the middle of opening a HELOC which should be approved for 10-15k (depending on the appraisal).

I currently am working on funding my emergency fund account with 6 months of security. As of today it has 15k and I'm missing 6k for it to be fully funded.

After All of my monthly expenses (mortgage, maintenance, utilities, allowances, food...etc) my net income is 3k, which I funnel into my savings as of now until its full funded.

I also have $33k in my 403b. (which I intend to borrow from once I am ready, can only borrow 50%).

This is my plan, by June 2019 I should have $18-20k cash (separate from my emergency fund of 21k). A HELOC of 10-15k, and A 403b which I can borrow about 15k from which should be a total of $43-50k.

I live in New York and everywhere I look around here is too expensive. My question is what would you do in my situation?. Would you in vest in New York?.. Out of State?. Please any advice would help

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All Forum Posts by: Franklyn Gutierrez

Franklyn Gutierrez has started 8 posts and replied 18 times.

Post: When and if to Start LLC?

Post: When and if to Start LLC?

Post: When and if to Start LLC?

Post: What would you do in my shoe?

Post: What would you do in my shoe?

Post: What would you do in my shoe?

Post: What would you do in my shoe?

Post: What would you do in my shoe?