All Forum Posts by: Jacob Lamar

I am considering getting my Broker's license so that I can shave down closing costs when buying a rental property. Since I'm a licensed attorney I just have to pay a small fee so its no sweat. However, once you get the Brokers license what else is there to do? How do you get access to the MLS? If I only use Zillow will the seller's broker deal with me?

Let me know!

Hey I am new to the property auctions sector. My main question is how can I get around buying with all cash? But some general tips or what to expect would be appreciated.

I am preparing to buy my first property. I've noticed that a lot of people start their investing career with a conventional mortgage and personal ownership of the property. This appear to allow them to get portfolio loans in the future for an LLC owned property. Long term I want my properties in an LLC so that it is easier to manage long term.

So with my first property do I go the easy route and get a conventional mortgage in my own name. Or start with an LLC owned property with a portfolio or commercial loan?

Thanks for comments!

Thanks Koleton. Very helpful!

I am preparing to buy one or multiple rental properties in the Memphis area. I am considering the BRRRR method for larger growth, but also staying open to a conventional mortgage for simplicity. Does anyone have any suggestions on finding a financial person with knowledge about the loan needs with these methods? I have been directed to a few people but I need someone that is knowledge about them.

Thanks for all the responses. 

@Jonathan Greene my view so far is that I need to be able to do two things at once with my money. My student loans are highly structured and will take 10-20 years to pay off so I can’t wait that long to make an investment. However I can use the case flow from my investments to pay my loans. But I take your point. 

I am considering buying my first rental property and wanted some feedback from people that have done it before. Feel free to tell me it’s a bad idea, give advice, encourage, or tell me your process. Everything helps. 

My situation: I am a late 20s attorney in NYC. I want to build and invest my nest egg before aggressive loan repayment so that I have something growing on the side. I currently rent an apt in NYC and will not move. But property is too expensive  here. However, I am from memphis and have lived there and know the market. 

I am thinking about buying a light renovation or turnkey 3bed house in a stable neighborhood in memphis. My goal will be to grow to 5 properties that are self-running through cozy.co, a retainer of maintenance pros, ensuring the property is well maintained and worse case my mother checking in. 

This is a massive leap for me so please be critical.