All Forum Posts by: Joe Geist

@Lance Lvovsky - can you recommend or list any of the commercial lenders you have found that lent for 2-4 unit acquisitions?

thanks

Absolutely!!

Ok i guess the other missing info i should have provided is we are looking at duplex - my understanding is you cannot get commercial loan for <4 units? 

Thanks for your response

hello BP

I have saved those hard earned dollars and my wife and i are ready to get our first rental property. In performing my research and attempting to get my team lined up i have started calling banks to inquire about financing. I am going to form an LLC for protection and was seeking traditional financing 20-30% down. Unfortunately i seem to keep getting the same answer ( we don't lend to LLC). I hear about people buying then moving the asset into the LLC but i am concerned about the "due on sale"..... Any in sight would be a great help!

yes thats my understanding as well. I think its clear there is one option and its not relying on the umbrella coverage to protect personal assets. Thanks for your response!

Hello BP community.

My business partner and I are close to purchasing our first rental in New Brunswick NJ. Recently I had a conversation with an established flipper/investor who recommended not worrying about an LLC for asset protection right now as this would be the first property - an instead purchase an umbrella policy on the property to protect against claims etc should they occur. My partner and i have decent 401k and we dont want to be unprotected. I have reached out to an attorney but while i wait for their response i was hoping for some opinions.

my original thought process was that insurance companies are in the business of collecting premums - NOT protecting you, and often look for reasons to not cover. so his comment didnt sound totally correct. 

Anyone have experience using an appropriate (if there is such a thing for investors) umbrella policy in lieu of LLC.

Thanks in advance NJ NEWB   

Hello BP community.

After getting married, first home (townhouse) into second home (SFH) and job stability I am finally ready to acquire my first rental property! I am living in NJ just outside the NYC area and have found that the cost of property VS rental&taxes just doesnt seem to add up for my budget (250K). Therefore I am turning my attention toward eastern PA. I have heard from many, that areas with large/medium Universities can be promising. I have some experience as I rented all through college and later during grad school. So in short, I thought this would be a good place to start. I would love to hear any feedback for any of the above regarding location or strategy in general. Also if anyone knows a good agent in Monroe County PA that would be great!

Thanks In Advance! Looking forward to making new connections!