All Forum Posts by: Ian Middleton

Hi Zach, I will put this on my calendar as it sounds great. 

Hi Christopher, it all depends on what your overall plan is. If you are looking at a few buy-n-hold properties then it might not be worth the admin and cost to do this in a business. If you do however put the house in an LLC, then this entity will need its own bank account.

Personally i think you would be better off with just buying the property in your own name/s (which will also make it easier for the refi down the road), and bypass the need for the LLC. I know that people like to say that they have an investment company that owns the properties, which is a great vehicle if you intend to build a portfolio, but there is some additional admin and cost. While it is not impossible to refi a property owned by an LLC, it is considered a commercial loan and handled differently. (on a side note i will put the next house i purchase in my own name specifically for this reason).

One of the main considerations of being a landlord is the liability risk which should be covered with adequate insurance, applicable to owning both directly or in an LLC - please don't neglect this. Also if you are doing this with your partner you should both agree on the approach and ensure that your affairs are in order specifically w.r.t the property ownership.

Otherwise good luck and all the best. 

What is your objective?

Thanks for the suggestions and a solution has been found for this, always good to get input from people in the know. 

Looking into a rehab which includes opening up the kitchen area to make the living space more open plan. This will require the removal of a support column which may require beefing up the support beam as the span will be longer. With this in mind can anyone recommend a structural engineer (i guess this is the profession who would take care of this), to advise / consult on a solution, preferably based in West side of town (Katy area). 

Hi Garrett, 

Not sure about Harris County, but the Fort bend county auction (which i attended last month), was conducted pretty much as normal except that everyone was required to wear a mask and some form of social distancing was requested. This is obviously a lot smaller than the Harris County deal which was usually pretty busy. Not sure if this helps and maybe others have more pertinent experience. 

Welcome and good luck,  my journey is similar, let's have a chat sometime soon. 

Agree with Ethan's post. All the info you need is in the podcasts. You can also post any questions you have on this forum and get a broad spectrum of views and comments. 

Thanks and I will check out the commercial loan option before pulling the trigger on this.

@Luke Rorech thanks for the feedback and the main challenge is the fact that this loan is not secured by a W2 job (life can be challenging when you dont follow the safe path of corporate employment...:-)). I checked a few other options and managed to get a better rate (although not a huge change). 

The main point is to refresh the finances to move onto the next deal, which will now be possible.