All Forum Posts by: Kim Rock

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $40,000

Single Family Investment - Buy and Hold

Investment Info:

Single-family residence buy & hold investment.

Single Family buy/hold investment

Jumping into this thread! I will likely be doing a 1031 exchange this week and not have something identified in 45 days to replace it since the market is nuts right now.. Looking into a DST as a backup (thanks to @Dave Fosters recommendation) and intrigued by all of this information.   

@Mike Jacobson - youre about due to update the thread :) How are things still going for you? What DST broker did you use to make your purchases?

Hey Tim - did you end up buying your first investment? I am also an agent at KW Langhorne and work often with investors and own 5 rentals myself.   

So technically if you buy in your name and convert to an LLC after, the lender COULD call the loan if they find out... so it's a risk. I will PM you my contact at providents information.

Anyone have a lender who will do a condotel in NJ in an LLC name?

Ouch.. 

I am considering buying a "condotel" unit.   Most of the time these deals don't work, but this one does for me.   We own another vacation rental currently where I manage the day to do, do the bookings, coordinate the cleaners/handymen etc and it takes a good chunk of time that I don't have to do for another property.   This condotel is involved in the rental program at the hotel, and even with the 22% taken off the top it still would turn a small profit (assuming 25% down payment).    The seller is willing to sell to me with a December closing for 470k, or an April closing for 485k.   (reason being, the rental season is summer, so if I buy in the dead season he is willing to sell for less since no rental income is coming in).    The pro for buying now would be the ability to lock my rate and not worry about rates increasing between now and closing, and of course the lower price.    The con would be no rental coming in for the next 6 months (aka 24k out of pocket to carry the unit through those months).    Thoughts on this?

Hi Stephanie! You definitely don't need an attorney in PA in order to conduct the transaction. But like you said, an attorney may be helpful to help you create an LLC to put the property in. Thats what I personally do for my rentals, my attorney creates an LLC for each property before I purchase it. Now one thing to keep in mind though is that your bank needs to be okay with lending in an LLC name.. most residential banks/credit unions will not. I do have a contact at Provident bank that can do LLC lending for residential without any extra fees or higher interest rate. Let me know if my team and I can be of any help to you!

I spoke to the folks at evolve but decided it's not for me (I like to play an active role in my VR, screening guests, talking to them personally, making recommendations for them etc..) I find it keeps me on top of things and I get better guests because of it.   The second things become automated I will wind up with prom groups and bachelor parties and things I filter out currently and my house will wind up trashed.   I am on the other hand considering using them for future rentals we pick up that may be too time consuming for me, but if the profit is greater at those than our current home, it is worth the risk.