All Forum Posts by: Jeremy C.

Hi Gurus, I am expanding my search to O'Connor Hospital area, West San Jose, Cambrian Park, Campbell, etc. for a commercial unit that is hopefully below $800,000. Please let me know if you know one for sale.

Hi Gurus,

I'm hoping to find something around 800 - 900 sq ft in Los Gatos neighborhood. It's a very limited market, so I haven't found anything in the past month. If you have leads, please let me know. This is for practicing family or internal medicine. Thank you!

Take my advice with a grain of salt and see if it fits your need. For your budget, you may want to consider Pflugerville, Kyle, Buda, and even down to New Braunfels or some part of San Antonio. I am also from the bay area and also invested in Austin area (a key reason is that I am familiar with the area, having graduated from UT). I prefer class A property (see definition here), because it will have less hassles (I'm aware that cap rate and cash flow is lower for class A property, as compared with the other classes, but I still prefer class A). I used a property manager, because I lack time & expertise, and because I believe that I've found a great property manager. Please consider my realtor Mike Hall, who also manages property (Disclaimer: I don't get paid for referring him, but I'd like to see that people get professional advice from him, because he is great).

Hi @Dave Carpenter, did you choose to use seller financing because it's faster and requires less scrutiny as compared to conventional mortgage? Did the seller have worry about you not paying on time and requires a clause to foreclose the property if that happens?

I found Episode 109 insightful. You can read the transcript. Scott Smith talked about an advanced strategy, where you can let a "trust" be the owner, and let an LLC series be beneficiary. Note that I'm not a lawyer, so you need to consult a lawyer to confirm if it's suitable for your need.

@Brian Coleman Austin, San Marcos, and San Antonio has potential to become a great metro, just like DFW and Houston, in my viewpoint. I lived in Austin for 5 years. It depends on what you do though. If you do wholesaling, make deals with seller financing, finding suburbs outside of Austin, it might be possible to find opportunities there. Of course it depends on your current available down-payment and W-2 salary level (which can help you get a conventional loan).

@Alec Sithong I'm curious how your journey went. Do you mind sharing on the BP forum a little bit? (Of course I hope it has been a great success.)

@Jordan Bentley your approach sounds good and feasible. However, if the mortgage is still under the original names, is it enough to claim segregation of liability?

@Miguel Vasquez usually a conventional loan has a clause saying that they disallow the same condition of the loan to be transferred when you transfer the property to a different "person". I think LLC counts as a person. However I know some attorneys that work with my investor friend to transfer property to an LLC but keep the bank happy. I didn't ask them details but I could ask for you if you need.

It has pros and cons. pros: the liability is within that LLC, I.e. if you are liable in a lawsuit, you don't owe more than the value of that LLC, I.e. the house. cons: might be harder to get financing. also more paperwork. There are more to it, but the points above stand out from most people's consideration.