All Forum Posts by: Kevin Carraway

Every situation is different. If she is really okay with it then there should be no problem with it, but you won't know until it happens. You'd really have to gauge the situation for yourself. Honestly do you think everything would go smoothly if she knew you made a thousand dollars, five thousand, (ten thousand??)off the sell of her home that a real estate agent might have done for the standard 3-6%?. If not maybe you could do a deal with her (% of profit) to keep the strong ties.

This sounds like an opportunity for some real experience, but be cautious.

Good luck!

Big banks get to cherry pick what loans they do since they are so big.. That being said they might be able to. I work at a national bank and I can't touch rental properties. I asked our mortgage originator if she could. She said it'd be hard to get past underwriting because we sell most mortgages. Our larger buinesses side of the bank can do a portfolio loan if you have 250k or more to be held as collateral.

I personally called small banks and expected to get shot down. They actually are a lot easier to work with. More than likely the guy you'll be talking to will the guy under writing your loan if you go to the small banks. 

Good luck!

That's awesome! Congratulations man!

Ashely, That’s what I get for using Wikipedia!
Steve, I was thinking that leaving SFH/Small MFs in my personal name. I read somewhere that when you put them in an LLC that you lose some tax benefits. Is that true?
Also since a 5+ apartment complex is a commercial property, does that make it active investing compared to passive?

Edward, I'll just keep everything in state to lessen the complexity of it all. I'd like to take advantage of every position I can when it comes to taxes/protection without going into crazy elaborate situations where I form a special trust in FL to register it to an LLC in Nevada, who operates in MO lol….
The equity portion makes sense though. I’m not worth a bazillon dollars right now lol. We’ll cross that bridge when we come to it. Haha

I understand FHA loans and strategies for 4 units and under.. After 5+ units though I am pretty green and unsure on. Are there any books that are recommended for 5-50 units investing?

Thank you all very much!

Ashley, I wasn't familiar with what a series LLC was until I just researched it. What I can find is that only a handful of states are able to form them. MO is not one of them. Although I see you're from IL, which you can there.
Thanks for the tip! Makes me wonder if I should open my LLC in IL.

Okay, so you group properties together in terms of price points? Example would be, 10 SFH's for 100k a piece gets an LLC for all 10 propertiesand the 850k apartment complex gets its own LLC?

Thank you for your reply!

Hey guys! I'm interested in multifamilies to smaller apartment complexes here in Springfield MO. I'm wondering if you have set up a LLC or Inc for apartment complexes or maybe leave them in your personal name? I'm not sure, that's why I'm asking!

Thank you!!

Thanks for the welcoming! I cannot attend this coming meeting but I will be sure to attend when I can. I saved the URL!

 Thank you!

Hello everyone,

My name is Kevin Carraway. I live in Springfield, MO. I’ve had an account here for a few months now but after listening to podcast after podcast I decided it’d be a good idea to join the day to day discussions on the forums! I currently have no properties, I am looking to get into a nicer duplex, house hack it until I move to duplex, and continue on until I have a few nicer duplexes. I’m hoping to be able to get involved in whole selling as well, but that I don’t have a road map for. If anyone is in or around Springfield and needs a partner or someone to mentor (I’ll work for free!) PM me! At least let’s network a bit.

Thanks everyone!