All Forum Posts by: Joseph Hurysz

Hello Colorado Springs, BP Community!

I am ready to start viewing properties for my first SFR in Colorado Springs and beginning to build my real estate portfolio. Like any investor, both ROI and asset protection are very important to me. I am looking to start a Colorado LLC to hold the properties in order to limit my personal liability. As I understand it though, banks/credit unions in the area typically do not like to finance LLCs. My plan is to house-hack a SFR putting 5% down while living in the property. Has anybody found success with local Colorado Springs lenders that will allow you purchase a property inside an LLC with a personal guarantee on the loan? If so, I'd love to know who I should talk with. If these types of loans are available, how do they compare in its terms and interest rates offered?

Does anyone know which banks/credit unions in the area offer portfolio lending and do not sell their loans into the secondary mortgage market? How do portfolio loans compare to conventional loans in its terms and interest rates? It is my understanding that portfolio lenders are typically more comfortable lending to investors inside an LLC.

I know many other investors have bought properties in their own name to get favorable financing and then performed a quitclaim deed in order to transfer ownership to the LLC. Banks also sometimes have a problem allowing you to do this. Has anyone found a bank/credit union in the Colorado Springs area that allows you to transfer ownership to your LLC? How do the fees and tax implications associated with a transfer of ownership work in the area ( administrative, filing, Due-on-sale)?

Planning to talk with lenders in the area soon but would like to hear where you've had success with LLC financing in the Colorado Springs area.

Thank you BP, I'm counting on you!

Joe Hurysz

@Daniel Innarella

Will do, I'll shoot you a message and a connection request.

Thanks @Stephanie Jacobson for the warm welcome, as well as the plethora of other investors in the Binghamton area!

Can't wait to get in contact with some and learn more about the area.

Hello!

I am a Binghamton University student graduating in May of 2020, who accepted a job to work at Lockheed Martin as an engineer following graduation. I am interested in purchasing buy-and-hold rental properties on the westside (student rentals) as a vehicle for financial freedom down the line.

I am looking to buy my first property sometime during the summer of 2020, and have been (unofficially) preapproved for $165,000 from the bank.

Are there any investors/realtors/property managers in the area that deal with student housing that I can reach out to for a crash course on investing in the area, and the essential basics of buy-and-hold investing for beginners. Willing to meet in person over a cup of coffee or something.

Thank you,

Joe