All Forum Posts by: Katherine Rossell

Thank you Vincent Aiello. That was helpful. I think I am going to talk to my attorney and put one of my houses into the LLC. I already have separate personal accounts that I use for the rental income and expenses now.

Hello,

I need a little advise or feedback about my current situation with my LLC. I currently own two duplex's (one that I live in) and I am in the process of buying a 4 unit with a conventional loan. At the start of this real estate investing journey, I was reading books and took some other coaching courses and seminars for real estate investing. Through those outlets, I thought at the time that I needed to start an LLC. My coaching course provided my information to an affiliate company which conned me into purchasing an LLC through them with the promise of education and hand holding through the process. Needless to say, I ended up setting up my LLC through this company. I then opened up two business accounts at a bank for the LLC. After spending some more time on Bigger Pockets and reading more books, I think that I jumped into getting an LLC to quickly. I don't have a lot of equity in my houses and I don't have any large sums of money or cool stuff that someone could get in a law suite.

Now, I have an LLC that is sitting empty with no houses in it and two bank accounts that are stagnant. Should I put one of my houses into the LLC? Can I use the business bank accounts that I set up in my LLC for the expenses and rental income on the properties even if they are not in the LLC? Would putting one of my houses into an LLC hurt my ability to get another conventional loan for another building?

Any thoughts or shared experiences would be helpful. 

Thanks

welcome to BP. You will find the real estate path that works for you! 

Hi Amy,

I am also in a similar position. I purchased a duplex in Lyndonville with an FHA which I live in. I then purchased a duplex in St. Johnsbury with a conventional loan where I had to put 20% down. I want to purchase another 3 to 4 unit building in the area but am struggling because I don't have the equity in my two houses for the 20 to 25% down payment and I don't have the cash.

One of the options that I am considering, which you could to. Is to refinance the house that I live in now into a conventional loan and get another FHA on the 3 to 4 unity building that I want. This would require me to move into the building but an FHA loan only requires 3.5% down.

Yes, right now we are looking at two 3 unit buildings and I already have an FHA loan out.

Does anyone know a Bank, mortgage lender, or mortgage broker in Vermont who will do a Freddie Mac or Fannie Mae loan. I have just started learning about Freddie Mac and Fannie Mae programs. 

I would love to attend any real estate groups/meetings to network with other investors in VT. My partner and I currently own two duplex's in the St. Johnsbury area and we are looking to expand. Do we have to register for the existing REIA meetings on the first Tuesday of every month or can we just show up?