All Forum Posts by: Paulo Patam

Hello, I just recently purchase my second home as a primary and making my original primary home into a rental property. Should I establish an LLC immediately for the rental property or should I wait? Thanks for the advice!

@Joe Abughazaleh

Thank you very much for that information. I will definitely be looking into going that route.

@Jimmy Dang

Thank you for the information, and yes this is for me. Do you know how the corporation would handle file multiple LLC?

@Chris Seveney

Thank you for the response, But I also have other area specific questions for the lawyer as well. So I think I may need a local lawyer to help me out with all my concerns.

Hello, So I have recently purchase my first SF, and I am considering forming an LLC. From doing some basic research, it says that in order to obtain a LLC, I first need to register with the IRS and get an EIN number, and also have a lawyer create an operational agreement, and then i acn finally register for the LLC. Can anyone recommend a lawyer in the las vegas/ Henderson area that has this ability and wont charge an arm and a leg for? Thank you for your time!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $376,000
Cash invested: $50,000

House hacking at the moment. Making the soon to be rental town home as a primary, due to the due payment and interest rate.

What made you interested in investing in this type of deal?

Price, location and potential future positive passive income and great appreciation

How did you find this deal and how did you negotiate it?

Realtor

How did you finance this deal?

Conventional loan

How did you add value to the deal?

We offer 10,000 under asking price, and ended up getting the offer accept with $6000 under asking price.

What was the outcome?

A new additional to the rental roster

Lessons learned? Challenges?

I was taught that even if you realtor thinks that offer below asking price is insulting. You make them write up the offer anyways and see what the seller says. The worse thing they can say is no, and they counter. Which is exactly what they did.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I did. I will give the information directly when asked.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $10,000

Childhood home and now become my first rental property that I began to manage as a rental during the Pandemic in order to moved my parents closer to me and my sibling.

@Paul Welden

Thank you so much for the information. I had never heard construction to perm loan before. I will most definitely look into it. I greatly appreciate it.

Hello, so I am super new to investing and I am still on the search for my first multifamily. I live in Nevada and I found a property in Las Vegas that currently has a duplex on it. The listing agent has marketed the property as an investment property with more land that is capable of building additional 4plex up to 8 units on the property. So my question is more on the finance side of investing. Is there a loan that bundles a full build with a loan? Because I know that you can 203k loan for renovations/rehab but would a new build still qualify under this? If not is there such a loan? And also would it be wise to just get the loan for just the duplex now and wait few years for some type of appreciated to refi and then use the money to build or just tried to build to 4/8plex right away? Is this a better route to take? Please pros lend me your knowledge and experience. Anything is greatly appreciated. Thanks in advance.