All Forum Posts by: Jason Morris

One of the reasons I am considering an LLC other than for protection purposes is to not effect my personal dept to income ratio. I don't want it to be where I have three rental properties, but then cant ge a car loan or some other types of credit line.

Than you. I will check with them.

 OK thank you. I will contact them.

 Yes I would appreciate it.

Hello everybody. I'm interested in purchasing investment property in the Philadelphia area, but am having trouble locating lenders who will lend as low as 60K. I've been Googling Philadelphia local banks and credit unions throughout the day. So far, one replied that they go as low as 75K. Another said 80K. Does anybody know any lenders with minimum loans between 50K - 60K?

I fired my accountant, which is the reason I am asking the question.

Hey guys! I just closed on my first investment property a few days ago. Unfortunately for me the lender and the title company were not seeing eye to eye. I was unable to close the investment property in the LLC. I had to close the property in my personal name. Now I have an LLC with no business. What are my options? It's too costly to move the property to the LLC after the fact. Should I still have the rental income deposited in the LLC bank account? Or should I just keep this property separate from the LLC?

It's complicated because the LLC was named after the address of the property. It's pretty much useless now. I was considering attaching a DBA to the LLC then using the DBA bank account for rental income and to pay for repairs.

Any suggestions? 

@Ethan Giller @Chris K. @Mike McCarthy Thanks. Just the answers I was looking for. I am working with a real estate agent, but coming from a state that requires attorneys, I just always thought attorneys were necessary in buying property. I didnt know other state's did it different.

I'm a new investor, looking for my first purchase in the Philadelphia area. To my surprise, a real estate attorney is not needed to sign a contract or close on a property. I'm aware it's recommended to have one. I'm also aware Pennsylvania has the standard agreement for the sale of real estate. So how necessary is it to have an attorney if I'm simply purchasing a single family home?