All Forum Posts by: Kyle Fitzpatrick

@Anastasia G. Obviously the LLC helps you with liability issues and I am aware that the corporate veil can be pierced. Just because I do not know anyone getting in trouble by owning a personal residence does not mean it will not happen. I am asking how to insure against getting sued by a tenant in my quadplex for a variety of reasons.

I want to house hack a quadplex preferably using an FHA 3% down residential loan . However, this would leave me personally liable for lawsuits without using an LLC (which I have). What is the best strategy in this situation? I have the option of using a commercial loan 20% down taking a mortgage out in my LLC's name but that leaves me very inflexible to start in case something were to happen. Thanks

What all goes into a partnership where the partner is supplying the financing? How do you incentivize these investors to partner with you? Is this different from a flip to a rental investment?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $17,500
Cash invested: $17,500

Foreclosed home with about 1,100 sq ft and originally 3 Bed 1 Bath. I plan on opening the layout and adding a master bath as well. The property has an oversized detached 2 car garage that has heating access. Photos to come.

How did you find this deal and how did you negotiate it?

I found this deal through Realtor.com. Listing price was $12,900 and initially bid the full price but got into a bidding war and decided to pay enough to ensure the deal would go through, what it was worth for me or my "HomeRun Number".

How did you finance this deal?

Cash for property and credit cards for Rehabs.

How did you add value to the deal?

Completely gutted the property, opened the concept, added a full masterbath and everything brand new/ up to date on the interior with modern design.

Thanks George. I am currently working on a property now and will look into it tonight.

Hello,

I just recently started my LLC for Real Estate Investing in central Illinois with a business partner and want to network and learn from other investors as well. I was researching the Illinois REIA and was not finding too much feedback on it. All suggestions on how to further my knowledge/ network in this area are appreciated.