All Forum Posts by: Matt Dickson

I closed on my first rental property earlier this month.  Yay! My real estate snowball is small, but it exists. I got a conventional mortgate for it.  I plan on buying more such properties and building my portfolio up.  The way I'm thinking about it now is that I'll build up towards my 10 mortgage limit, portfolio those properties, and keep going.  Seem reasonable?

So when it comes to getting a portfolio loan, I have two questions.  First, is there a total number of properties or total value that a portfolio lender is going to be looking for?  Secondly, is it advisable to buy more properties in the same market so I could find a local bank to make such a portfolio loan, or is it just as easy to find a national portfolio lender if my properties are in several markets.

Thanks for the responses. I'm probably overly sensitive to the legal protection issue. It's hard to break out of that mindset though. As far as the due on sales clause, I brought it up with the the lender they basically said it was a nonissue for them, so in not too concerned. Worst case scenario if they did call the loan due I have ways of scraping up the needed cash. Not at all what I want but I wouldn't be caught with my pants totally down.

I'm very close to pulling the trigger on my first property. I was speaking with a lender and they have a policy of NOT lending to an LLC. My question is this: if I get the loan through my name and transfer the deed to the llc, I'm still personally paying the mortgage, correct? If that is the case, does that situation undermine the protection provided by the LLC? If so, is there a way to make it legit? for example, my llc can pay me to pay for the loan, something like that? This stuff is confusing.

I did ask my lawyer this question, and he says not to worry. The LLC will still provide protection, but I just want to hear other people's ideas. Thanks.

Hello all! First post for me. I'm still educating myself about real estate investing, but right now I'm interested in acquiring turnkey SFR properties to hold long term. For numerous reasons I'm looking out of state as I'm in an expensive area in NY.

My concern is that I've got significant personal assets I want to protect. Naturally I'm considering forming an LLC. I'm learning about some of the complexities of having an LLC and obtaining funding. So I have a few questions.

Whats a good financing plan for buying my first property? I have really great credit (840) and have high w2 income. So I think in some ways I'm a lenders dream. Can I get a loan through a brand new LLC? Am I better off getting the property in my name and transferring it to an LLC? Am I better off going to a national bank, a bank local to me, or an out of state bank local to a property of interest? Or lastly, should I pay cash for a property via the LLC and let it sit awhile to show income for the llc? I'd rather not do that.