All Forum Posts by: Jacob Lapp

Hey Everyone,

I bought my first triplex last August with the plan to claim residency for the first year.

My plan is to do this every year. Buy, claim residency for a year and repeat for the next 4 years.

When I bought the first one, I bought in my name. But plan on creating an LLC for the next 3.

I talked to my mortgage guy and told him I was planning on waiting until August to purchase next one. He told me it did not need to be a full year.

My questions are;

1.) What does the process look like for switching title from my name to LLC on my currently owned property? Is it expensive?

2.) Is my mortgage guy correct? Can I buy next property in less than a year?

3.) Are there any differences between the first purchase and the 2nd?

Unrelated

4.) Has anyone rented out furnished apartments? Pros and cons?

Thanks!

@Justin Seng Thats awesome! Might be a little far for me to go regularly but I'll definitely check it out!

@Eudith Vacio Thanks!

@Charles Crossan Awesome man feel free to reach out if you have any questions on starting since its fresh for me!

@Eric Goldman Thanks! I will!

@Spencer Gysi Awesome! I will definitely take you up on that!

@Shain Ismailovski Thanks will do!

Pretty new to investing and brand new to bigger pockets!

I am also a licensed real estate agent with Keller Williams! (Not my full time job)

A little of my background,

Grew up in Souderton, PA. Went to Souderton High School and North Montco Technical Career Center for HVAC & Plumbing.

Worked for Carney Plumbing Heating and Cooling for 3 years in High school along with selling news paper subscriptions door to door in the greater Philadelphia area.

Got accepted to Williamson College of the Trades for Paint & Coatings technology. Williamson in like a military trade school. 100 financially deserving young men are accepted every year. Everyone accepted gets a full scholarship!

While there I started my own business doing gutter cleaning, power washing and painting. I had 3 to 6 guys working for me every night and we did most of our work in Delaware County, PA.

Once I graduated, I started to work for an engineering firm as a field technician working all over the country on Cathodic Protection systems on pipelines.

Last April I decided to get my real estate license because I wanted to learn about the industry and save on the commission for each rental property I acquire.

Bought my first multi-family in Quakertown, PA August, 28th of 2019 ( I was 22 years old). Single family in the front and split level duplex in the back.

I rent the single house and bottom apartment. I live in the top apartment with my girlfriend of 4 years. The rents cover all my expenses while we live there and an additional $400 a month.

My plan is to buy another similar property after I've been here for a year (August 28th 2020) and do so every year until my passive income affords me to stop working for someone else.

With my job I spend a lot of time in the car and listen to tons of audio books (Rich Dad Poor Dad got me started) and am working my way up the BP podcasts now.

Would love to connect with more local investors who has the same goals as me or has exceeded my current goals!

Thanks guys!