All Forum Posts by: Nicholas Q.

@Austin Lohr I haven't seen anyone answer your original question about whether you should put your partners name on title (deed). If you later want to transfer the property into your LLC, all of the names of the owners in the LLC should be on the original deed. All of the other advice you receive it good to consider but if you don't set it up right in the beginning, many of those options won't be available to you. One more consideration, if you do end up transferring ownership to your LLC, consider how it makes a refinance more difficult in the future.

@Jackie Anderson I never did end up hiring a VA. I've kept my property manager in place. Although I did find an online company, Hemlane, that does exactly what I was thinking of. They are basically an online property manager with all the IT to make life easier while still allowing the owner to have some control. I will probably be trying them out for my new property once the rehab is finished.

@Jonathan Cevallos You absolutely can and should invest at least part of your 401k into alternative assets such as real estate and other areas. Since you no longer work for you that employer, you are allowed to roll over your 401k into a self-directed IRA and you don't pay any taxes in the rollover. Once in a SD-IRA, you can invest in real estate in many ways including buy a rental property, but probably the best way is use of those funds as a private loan to other investors. You can safely and securely get 8-12% return on your money while also backing up your loan with a deed of trust on the property. Shoot me an PM and I can get you more info.

@Shweta Bharti you should look at the Kitsap peninsula. High speed ferry from Kingston or Bremerton takes half hour and beats sitting in traffic and the prices are lower out there (but not for long).

@Janine Huang I’m still finding deals out there but you have to get creative. In general, Kitsap is going to be a better place for rental property investments than Seattle or King County.

@Tiffany Royal I had some vacancies two months ago in Bremerton and tried renting again at the same price as before but couldn’t fill it. I had to lower rent by $50/month and it then filled quickly. There does seem to be a bit of a pull back on rents in Bremerton as a result of the rent drop in Seatte but not much. That said, I agree with the others that $1,600 is a bit high even for walking distance unless it is completely brand new remodel.

Good luck!

@Andrew Postell Okay, so I just closed on my property this week.  I'm ready to send in the deed of trust to the county.  However, I'm not very sure what the lien amount should be given my remodel costs could fluctuate quite a bit.  I'd like to wait until I get into the remodel and have a better idea of the end costs of the project.  Is there any reason I need to submit the deed to the county now or could I wait until much closer to when I plan to refi?

@Andrew Postell Do I need to actually transfer the money from my LLC to my personal account when filing the lien and deed? I have enough cash to purchase the property at closing. Then, after closing I was going to process the note and lien for the purchase price + rehab costs from my LLC. However, I was planning to use 0% credit cards for the rehab so I won't be able to actually transfer the money when the lien is filed. I am not sure if this make sense, but hoping you can reassure me. Thanks!

@Andrew Postell I am under contract for a property and going to use this strategy. I have an existing LLC for a separate investment property with a partner. This new property I am buying under only my name and not with my partner.

In order to close quickly, I was thinking of using the existing LLC instead of opening a new one. My partner is okay with me using the LLC as the lender for this deal. Is there any reason why I should not do this? I am thinking the accounting could be difficult because I have to transfer a large sum of money from my personal account into the partner held LLC and somehow have to account for that transaction. Can it just be recorded as an owner contribution?

@Zach Schwarzmiller, yeah it’s not going to be a big deal in the end. Relatively easy fix. 

Glad to hear that you weathered the storm and have forgotten about the difficult times! A good reminder that no crisis lasts forever. We will get through it and learn from it.