All Forum Posts by: Luther McIntosh

Hey I'm licensed agent in the Union/Essex County Area. I had a similar situation where a friend and I decided to partner up on a JV deal. Just to protect myself and him we both formed our own individual LLC. Just for the fact that we were both thinking about our own legacy and also the protection from our personal name. Down the line we may decide to work on individual projects that the other isn't interested in. Either way it was best that we had our own LLC.

Anyway I know the post is over a year old but I'm curious to know what you ended up going with and how did the deal go. 

@Kj Lee I’m not sure if your working with an agent but I know of some great areas where you can househack. Let’s connect

@Daniel Gonzalez Correct, If Purchase a 3 family home I have two options. Assuming there is equity in the house I can refinance under a con. loan (since you cant have two fha loans out at once) and use the equity pull for down payment. Once that's done I can get a two family home (fha) and pretty much repeat the process until I'm in my SFR.

2nd option would be to Purchase the 3 family and sell it down the line for a two family. You wont get hit with capital gains tax because it looks like your just improving your living situation. 

So on the flip I'm aware of the 20% down payment/tax/reno cost. This is why I would like to know if I can do the flip solely under my LLC without it affecting my plan to do the 3-2-1.

@Daniel Gonzalez Thanks for the feedback. I wanted to purchase the multifamily under my name to received the $15,000 first time homebuyer down payment (FHA). With the multifamily I can go from a 3 family to a SFR without paying capital gains tax. My plan is to do a 3,2,1 and keep the 3 family and 2 family as a rental property. As mentioned the market is scarce with the multifamily so I would most likely acquire the investment property to flip first.

The investment property would be a something small like a townhome or SFR. My thoughts was to purchase the investment property under my business name so I don't lose out on the first time home buyer option since I will most likely acquire the investment property first. The rule for the program is that you can't have owned a home in the past 3 years. So if purchased under my own name I would miss the opportunity of using the down payment on the multifamily once it comes available.

I live in New Jersey and I qualify for the first time homebuyers program. However at the moment there isn't much on the market in terms of multifamily properties (plan is to house hack). I also have my LLC that I'm looking to do flips under. My question is, is it possible to acquire a property under my LLC to fix and flip and still later on use the first time homebuyer option under my personal name?

I'm familiar with Fayetteville. I used to live there. If you have any contact info or address on the property and the numbers are right I can definetly do something and still bring you in on the deal. Let me know.

Thanks for the info Justin Valedon . After doing my criteria on Listsource I only came up with 300 absentee owners, so I need another list to mail to. So yeah, thanks again.

did anyone find out any more info on how to go about finding probate leads?

Welcome aboard Charles. I'm a wholesaler from Linden. I'm fairly new to investing myself. There's a lot of info here on BP for whatever your looking to do. So dig in as much as possible.

I'm planning on starting my bandit sign campaign. I used google voice in the past, but it seems you have to have credits in order for it to work now. Are their any other apps that I can use for a free throw away number?