All Forum Posts by: Gustavo Lopez

Hello All,

I had made a commitment to buy a rental property by the end of the year, but we have a closing date of January 8th, so I am excited for that. As I am pondering on my next property, I realized that a strategy that I like is buying a house cash, renovating and refinancing so I can fund my next project. The issue stands with the bank i am currently working with, I asked about refinancing for rentals and they are no cash refinancing. This is not what I need so I am hoping to find a bank in the Augusta, GA area that offers cash refinancing, any and all suggestions or recommendations are appreciated.

Thanks,

Gus Lopez

@Nicole A., so if you have an LLC with no employees, is it beneficial to have commercial umbrella insurance? My situation is having started an LLC with a partner and both want to be protected in any issue from the rental we are about to purchase or any future rentals, currently it id just the two of us and we are partners in the LLC with no plan of having employees in the near future , what would you recommend?

@Joel C. so if I am not mistaken that would take place this Thursday, October 12? What topics do y'all discuss at your meetings?

Hello BP!

As I am getting ready to secure financing and the final touches are being put into an LLC for my partner and I, I was wondering if anyone had any recommendations for a good realtor with a focus on investment properties, ideally multifamilies. We are also in need of recommendations in the property management realm, we thought we had a good group set up but it seems that they are not too interested in our business so we are looking elsewhere. Any recommendations or rants of people that aren't good to work with in the Augusta, GA area would be greatly appreciated.

Thanks,

Gus

Dominic, Thank you, I had not thought of asking the lawyer about upkeep cost at all. It would be a great thing to know. Also, we had planned on asking him on his experience and how the day to day would be affected by an LLC. Thanks for you reply, Gus

Hello BP!

The process for my partner and I to begin our real estate venture is almost complete. We have talked to an investment group that we are happy to continue with at the time and have talked to a bank about different financing options that are available and plan of action. The next stop we have is to talk to a lawyer which will be this Friday October 6. We have been told by numerous separate sources that an LLC is the way to go and after some research of our own, we feel comfortable with that situation. The question that I have is what type of questions should I be asking the lawyer? He was recommended and seems to be genuinely interested in our situation, we will be asking questions on pros and cons on LLC, different things to go into our agreement; things of that nature, but I wanted opinions and questions people have in mind, any help would be greatly appreciated.

Thanks,

Gus 

Hey BP! My partner and I are meeting with a property management firm that also helps in seeking out potential investment properties. Any advice to the kind of stuff we should be looking for? What kind of questions should we ask? We have an idea of what to ask but there is always something more to ask. Any and all help would be greatly appreciated! -Gus

To whom can help;

In regards to starting an LLC, how does that affect things such as taxes and your investing directly with your money with keeping paperwork in order? The situation I have is a partner that I want to start investing with and have been back and forth on the LLC issue with getting different opinions from different lawyers. Is there any negatives to the LLC route? And how do you get financing with an LLC if there is no tax record or any record for that manner to produce any type of credit?

-Gus

Ryan Canfield, We are thinking residential properties such as multifamilies as well as condos. The idea is that the burden of a down payment doesn't fall all on one person, do you do a 3 Way loan if that is even a thing or is this spelled out in a partnership agreement and have some sort of silent partnership going on?

Hello BP!

I made a post with no replies so far so I figured to restructure my question. I have two co-workers that have been talking seriously about starting our real estate venture together, our concern is the actual path forward with this; to be clear, how do you get financing for three people? Do we all go on the deed? etc. Any advice or suggestions or stories of how this has been done would be greatly appreciated.

Thanks,

Gus