All Forum Posts by: Nicholas Mahon

Thanks @Christian Carson. This definitely seems to be a complex issue, so I'm definitely going to consult both a RE attorney and a CPA. And thanks to the great responses I got to this post, I'll be better equipped going into those meetings. Thanks again everyone.

Wow! You guys are amazing! @Jeff B.. My plan is in fact to live in each property as my portfolio grows. So in that case maybe it's better to deed them into a series LLC once I move on to the next property? And my LLC should have at least 2 owners, say me (99%) and my girlfriend (1%)?

That's right @Ned Carey , my girlfriend and I would get a multi fam, live in one of the units, rent out the others, then after a couple years lather-rinse-repeat with another property ;)

Thanks so much for all of your insight everyone! I really appreciate you taking the time. I think I'll consult a RE attorney in my area. You've all given me some great perspectives to think about. 

@Chris RG, I'll definitely listen to that BP pod episode!

Hi BP Carebears!

My girlfriend and I are looking into buying the first of many income properties. We'll be taking it slow to start by doing the House Hack technique, but we would like to eventually build a nice portfolio of passive income. We want to start things off correctly though. Like many of you, we read Rich Dad and were very inspired. He recommends buying all assets through a company to minimize taxes and liability. However, I know that most lenders will not give mortgages to LLCs or Corporations. I could be wrong about this though. 

What do you all do? Is there a way to transfer ownership to an LLC/corporation after I buy a house? Or does this limit me to alternative lenders? What is the best approach to this?

Just want to be as smart as I can in going down this road.

Thanks so much in advance for any thoughts you have.

Nicholas

Thanks Brandon! Big fan of the pod too BTW. I just signed-up for the webinar and then immediately realized it's my anniversary that night. I'll have to get some really low profile headphones and maybe she won't realize I'm listening to it on our date.

Hi there BP Carebears!

I'm new to BP and really excited about it as a resource as well as a community. I'm a puppet builder/designer, and if that isn't weird enough, I'm a puppet guy who isn't a weirdo introvert. 

My girlfriend and I rent in Brooklyn and are ready to stop being dumb-dumbs with our money and are looking at doing an owner occupied multi family in Jersey City. Looking forward to learning from all you folks and maybe getting a coffee to talk about JC investing.

Go team!!

Nicholas