All Forum Posts by: Nana Nkoah

@Caleb Jordan If i buy in my own name then transfer property to LLC, will i have issues with due on sale clause?

Also, if i just go the LLC route, will it be difficult to get a loan for a duplex or triplex? i hear interest rates are higher with LLC's and would require a personal guarantee.

Hello fellow BP members,

I'm at a place where i'm interested in buying my first multifamily rental property (preferably a triplex or a quadruplex). 

I've done some research about obtaining recourse loans, non-recourse loans and full recourse loans.

Based on my research, here are some options i've thought about

1. I found out that that recourse loans are the easiest to get. However, my worry is that i my tenants or anybody can come after my personal assets if anything goes wrong. Does anybody have any strategies i can use to help mitigate those risks?

2. Most non recourse loans are available only to investors in the commercial space and also require an LTV of like 50 or 55. Also, requires a huge downpayment and have high interest rates.

3. I also found another way which is first buy property in my name (so means i can get a conventional loan or FHA loan), transfer to a land trust and then transfer the land trust to an LLC. Has anyone tried and tested this approach? Will i have difficulty in refinancing or securing a loan in the future?

4. Just form an LLC and look for a loan because my personal assets will be protected. However, i hear its difficult to secure loans for a first time buyer and even if secured the interest rates are high.

Can someone with experience in REI help a beginner out?

Thanks in advance

@Clay Smith

@Clay Smith Thanks for the encouragement. I am learning a lot of things on this forum. The excitement is real. I'm currently working with a realtor to find me a property that fits my budget

@Clay Smith I have been at the point you were at 5yrs ago for the past 7 months. i'm ready to take action and would like to network. it's inspiring to hear others post on this forum.

@Dan Close Can you PM me the handyman if you're still in contact with him. what kinds of jobs does he do?

@Mike Dorneman Thank you for your response. I will definitely start looking into local RE groups in my area

what are some of the pros and cons of buying a duplex in the bad areas of town. What is a good number to even start with assuming i decide to buy. Just want to make sure it's worth the investment. I have heard that in the long run there might be gentrification which helps increase the value of the home. I was wondering if any of you here have experience in the area. While i view it as a high risk, what $$ will any of you be willing to spend. I understand it differs from city to city. The Property i saw is a duplex for 99k. i feel that's extremely high considering the neighborhood. thanks in advance

Hello,

I'm pretty new on here and very new to real estate investing. Can any of you provide me with basic advice on how to start gathering a team and what i need to look for. I've been seeing some cheap houses/apartments in the not so good areas of town and it's tempting to try and buy. What are some of the things i should be looking for. I'm also not very handy. So far i have gathered a list of people of  i think i may need.

1.Real estate agent

2. Contractor/Handyman

3. Attorney (maybe)

4.Accountant (maybe)

This is a short list of people. I may or may not need them right away but i'd appreciate it if someone could lead me to the right path and also how i can find these people.

Thanks