All Forum Posts by: Michael Richardson

Hi BP experts

I'm planning on investing in Louisville, KY Real Estate in the near future. I'm a physician with good income and excellent credit, and I can easily qualify for a mortgage for the types of properties we'll be looking at. However, I want to invest within an LLC that I formed with my father, rather than having myself listed on the mortgage. I'm doing this to protect my personal assets from potential future lawsuits. I know this can cause an issue in obtaining mortgages since it's a brand new LLC. What about doing this in reverse? I can come up with enough cash to buy the property myself. Could I then refinance within the LLC, or would I still have to be personally listed on the mortgage? Thank you in advance for any input or past experiences you might be able to share!

Thanks @Chuck B.  This is why I love BP - already good advice after only being on here for a couple hours.  I assume don't buy finished basement b/c the value has already been added by another investor, so you'd be paying a premium.

Hi - I'm Michael and I'm new to the site and new to Real Estate investing.  First off, a big thank you to @JoshuaDorkin and @BrandonTurner.  You have changed my podcast binge-listening addiction from Triathlon to Real Estate.  Great stuff all the time!

A little about myself:

I'm a 37 year old physician in San Diego, but I'm looking to invest in Louisville, KY. Why Louisville Real Estate you ask? Well, most of my family lives there including my Dad who will be my partner in this adventure. He is a retired chemical engineer, but he has also built/contracted a couple of homes from scratch and has done a bunch of rehab jobs over the years. So, he will be the property manager, maintenance, rehab guy, and I'll be bringing the cash to get started. My feeling after listening to a lot of BP podcasts is that I would probably be most interested in small multi-family buy, rehab, long term hold and rent for cash flow. Wouldn't be opposed to SFR either. Probably at this point, would be more interested in a property that might need a little work, but in an established neighborhood, rather than speculating on a great deal in an up and coming area.

What I have and what I don't:

Yes:

1) Access to cash to get started. Maybe not enough to comfortably get started in San Diego, but fortunately, Louisville has lower entry points.

2) Local property management, area knowledge, and rehab manager via my Dad.

3) Excellent credit and a decent understanding of finances.

4) An LLC already set up in KY to get this underway.

No:

1) Any sort of experience. I'm a physician, not a real estate guy, though I do get excited learning more and more about this field. I have a rental condo out here in SD, but we just rent it cheaply to friends.

2) Time (full time physician) or expertise (brand new to real estate) to search out good deals

3) Real Estate contacts in Louisville. Seems like finding a good wholesaler would be ideal, but from some of the posts on here, it looks like Louisville is a little scarce on wholesale deals. So, I guess next best thing is to try to find properties on the MLS without getting hosed.

Sorry if this intro was a bit long.  Thanks again for all the education on the podcasts and in the forums!  - Michael