All Forum Posts by: Martin Nowak

I have 4 properties I want to get my payment lower, what’s the best way to shop refinance rates

@Jaden Adams I’m a dad of three sons, and my advice to them has always been to follow your passion! If you wake up every morning excited to tackle the task before you, then you’ll be satisfied on a daily basis and that means so much! Plus, you’ll be inclined to do your best work because you’re passionate about it. Now, a practical side, a college diploma is helpful when you enter the market place because so many employers want to see the diploma. However, if you’re an entrepreneur and feel confident this is your interest then by all means go for it! I get so angry thinking about the burden college debt has become to so many families it infuriates me! I lean toward going into real estate but you have to make decision for yourself!

@Mike S.this makes great sense. When you say WY are you meaning the state of Wyoming? Also do you think it’s necessary to have each property in individual LLCs?

Hello! I’m a novice that’s ready to start leveraging. Here’s a list of questions and my situation.

I’m 54. I’m still working and have slowly acquired single family homes and have them all rented.

I own 5. 2 of the 5 are paid off. I own a piece of land that’s zoned commercial that I’m carrying a mortgage on. Plus I have my primary residence. I’m very eager to build a commercial building (beer garden) on my property.

Here’s my questions:

1. I was told each property should be in its own LLC. What is the most economical way to do this and is an online service adequate? If so which one ?

2. What is the smartest way to leverage all but my primary residence to get the building built?

3. 3 of my properties have 30 year fixed rates of 4.625 - 5.5.(land) should I refinance?

Any recommendations would be fantastic!

Thank you!

@MichaelPearse Thanks for the info. What would be a decent price to do this?  Does the attorney do anything to keep my other assets protected?  The reason I ask, I bought an old house and need to demo it.  So I worry that anyone could come after me for something or another.  Thoughts?

I need some advice. I have an attorney who will charge $1,500 to place a new rental property into an LLC. The LLC exists already. Thoughts?