All Forum Posts by: Kyle N.

@Stephen Chittenden

I Misspoke a little bit, it wont be an FHA loan, but it will be a loan that is locked for 30 yrs under investment terms. I'm definitely not trying t do anything illegal, but don't want to come across the due on sale clause.

-Kyle

I've come across a pretty amazing deal, and to make it better, I would obviously like to get 30yr Fixed terms.  I already have my four, but my soon to be business partner only has one. 

Is there a way to have him buy in his own name, then convert into our LLC down the road? If so, what are some ways that can be done?

I was thinking if he buys it in his name, then we move ownership into a trust, which is then owned by our LLC... Am I at least close?

I am actively looking for more deals in the Rockford area and would love to participate in a group. I would consider myself just past newbie, and perhaps in the novice stage of my investing career, so I'm not sure how much value I would bring to the group, but I would love to connect and network with other like minded people!

I currently have 4 4-plexus managed by Stateline Rental Properties. I don't really have any complaints as I just took the plunge myself in November. I've since networked with pioneer rental properties, and they seem knowledgeable while much smaller than Stateline. I would recommend looking at both and see what fits. Best of luck to you- Kyle

Welcome to the community! I'm pretty new around here myself but whatever knowledge you desire, it's here, just have to go find it. I am also a buy and hold investor in the Rockford area although I live in Freeport. If there is anything I can help with, give me shout! Good Luck! Kyle

Thanks Bill, I'll contact my title company!

I'm sure I can borrow a few bucks from my parents for my next deal, but how do you set it up legally?  I'm assuming I should have a lawyer draft something up, but does anyone have any suggestions or things to look out for to make the process go smoothly?

Thanks in advance for any help out there!

Hello BP!  My name is Kyle Nott and I'm a budding real estate investor from Freeport, IL, but am looking to continue my investing career in the Rockford area.  I currently have 1 single family home in Freeport, and I bought 4 fourplexes in Novermber of last year, and like the rest of us, always looking for the next deal!  I have a full time job and I'm looking to grow my real estate business (buy and hold) to be able to provide positive cash flow greater than what I make at work, then I will know retirement will be possible without relying on 401(k) which just gets drained after retirement.  I've always been looking for a steady cash flow in retirement, something where I'm not depleting my reserves.  I can't think of anything better than buy and hold RE investing to get there!  for some reason, I can't get a profile picture to load, but I'm working on it. 

My full time job is in heavy/highway bridge construction, and I drive to different job sites all day long, and while I'm not on the phone, I would listen to audible.com books (mostly on RE investing).  Then I came across "How to buy RE with no/low money down" when I got introduced to this great site.  Since then, I've not listened to a book in a month, but instead I'm addicted to the podcasts!  I started from the top, and am working my way back to the beginning, and I think I'm on show 71 now!

Anyway, I'm glad to be a part of this community and I look forward to interacting with all of you!

Kyle

Well, its a brick house!  it should be very strong and virtually maintenance free.  That being said, you have to watch the mortar joints between the bricks as they can erode and or wear away over time.  You might have to have them tuck-pointed, but other than that, I love all brick structures!