All Forum Posts by: David Codamo

I have seen a lot of real estate investors talking about setting up an LLC in Wyoming as holding company etc for the privacy and protection. My question is what banks are allowing you to open a business account in the state you reside in when your LLC is from another state? This is the problem that I have come across when wanting to open a business account with a national wide bank. They state that because LLC is from another state they can not open account. Is there a national wide bank that will do so? Or are you all having to create a Foreign LLC in your state in order to open business account for LLC not located in your state? I know investors are not traveling to Wyoming just to open an account. Thanks in advance!

@Marielle Walter

O very cool, is there a management company that you work with that does the screen processes and manage the tenants and property? Or self managed?

@Shuang Wang

Yes this would be helpful to know.

@Marielle Walter

Great strategy, I have heard of other investors doing this. I’m curious though, when you say group homes are renting your homes out as Section 8 or renting out individual rooms?

Great! Look forward to working with you

I am new to BiggerPockets, as well as new to the Real Estate Investing. I have been making my way through books and also I attended an all day 4 day boot camp training class about investing in Multi-Family real estate earlier this month. I have been doing my due diligence and have gain a large amount of knowledge in REI but still lack real life experience.

But what I do have is a lot of knowledge and experience is design and marketing:

Sure you can go the route of using free website builders like Wixs and Sqaurespace, but your sites won't be very professional compared to industry standards. Why use Fiverr or outsource work when you can get your work handled by a professional here in the states. Don't worry about very limited communication with viturual assistants or the simple fact of them being overseas the time zones and responses often do not work very well together. Using local people that understand know what your business needs always works best.

I am looking for REI mentors to help me gain real life experience and hopefully close my first deal and more in 2017. In exchange I can assets you will all design/marketing needs. Looking to network and form real mentorships/partnerships. And very interested in Multi-famly investing.

@Juan Barajas yea I have been hearing mix things about this topic. I guess it really depends on the area and what the local banks are willing to do. Need to research it a bit more and see.

@Franklin Romine this would be actually my first investment so unfortunately I could not use equity from another investment.

I am new to the community, and I have question about a deal on a multi-family property of 16 units. If the agreed price on the property is less than 80% market value, would a lender give you the 80% with no money down?

For Example:

1. If the property is worth $400,000, (Market Value) but the transaction is agreed to as $280,000, ("Transaction Value"), which is 30% less than Market Value making:

2. the "Difference" is greater then 20% of the $400,000.

Then would a lender fully fund the deal with no money down? Since it has been pre-negotiated in the Transaction?

Any information about this topic would be great as well as more resources/terms that you could point me to.

Thank you in advance!

I am new to the community, and I have question about a deal on a multi-family property of 16 units. If the agreed price on the property is less than 80% market value, would a lender give you the 80% with no money down?

For Example:

1. If the property is worth $400,000, (Market Value) but the transaction is agreed to as $280,000,  ("Transaction Value"), which is 30% less than Market Value making:

2. the "Difference" is greater then 20% of the $400,000.

Then would a lender fully fund the deal with no money down? Since it has been pre-negotiated in the Transaction?

Any information about this topic would be great as well as more resources/terms that you could point me to.

Thank you in advance!

@Ciprian L. thank you! Appreciate it!