All Forum Posts by: Fidelis O.

@Ram B.

Let me know what you’re trying to sell in Toledo. I’m also from Ontario but invest in Toledo

@Ellen T.

Most physician lenders will not finance more than 4 units. If you have 6 units you’re likely looking for a commercial lender.

However I’ll DM you the list anyways.

Good luck

@Darrell Wallace

Another Physician here. Did you look into physician loans? Most of these are portfolio loans and do not count against Fannie/Freddie limits. Not sure if they will finance construction but you never know until you ask. If you want a list of physician loan lenders that finance multifamily deals let me know

@Tyler Smith

I work in 43609 zip code but I would personally not live or invest there. This is a C- neighborhood. It depends on what your investment strategy is however. But I honestly don’t think this is a place you should invest in if you are OOS. Even for folks on ground it could be a tough neighborhood.

Good luck on whatever you decide to do.

@Prashan Shanthakumar

Unless you are renting to students I think it’s going to be extremely difficult to rent out rooms individually. I tried it before myself and found out people just want their space. You’re better off buying duplex/tri/quad. Then live in one unit and rent out the others. There are few lenders that will finance a multifamily unit on a physician loan. I have personally done it however you must live there for at least 12 months. Google semi-retired MD - He has a good post about this published just 2-3 weeks ago.

Good luck

@Sarat Khandavalli

Yes sir you are right about the insurance part. The insurance had to cover the LLC. The typical practice is to add LLC's name as "additional insured" since to my knowledge most insurance companies are also hesitant about covering LLC directly.

I still need to my due diligence on all this. So forgive me if anything I’ve said is wrong.

Best,

FO

@Sarat Khandavalli

I would check with my attorney again but my understanding of how LLC works is different. Liability is based on what entity OWNs the property not who the bank goes after if mortgage is not paid.

If it was as complicated as your attorney is making it sound then no one will be transferring properties from personal name to LLC because it will be useless to do that since the corporate veil is lost.

Actually what I plan to do is create 2 LLC. One for day to day operations and the other to actually own the property. That way even if the operating LLC is sued, the owning LLC can't be reached.

Good luck and keep in touch

@Sarat Khandavalli

Another physician here. I'm a similar situation as you. I brought a property in my name last year and I plan to transfer it to an LLC this summer.

What do you mean when you say even though you transfer property to LLC, your name is still in the loan? Does the LLC not assume responsibility for the loan? I am yet to talk to an attorney but it is on my to-do list sometime this spring/summer.

Buying in the name of the LLC directly is very difficult except it is a commercial loan or except the LLC already had its own credit history.

Please clarify.

Good luck

@Andrew Fidler

You’re the man. Great explanation

@Keilan Nelson

Good luck!!!