All Forum Posts by: Peter Daniledes

I'm not sure if this is too late, but I've used Wilkinson PM for years and they are HORRIBLE. I'm actively looking for a replacement.  Happy to expand on details, if you're curious PM me.

@Phil Fowler, unfortunately I don't think so.  Maybe if you have a lot of equity in it, but even then I think it's fairly doubtful. They looked at total assets but my impression from questions I've been asked is that liquidity was a key component. If you want to leverage the condo you're probably better off looking at a HELOC as @Theresa Harris suggested.

That said, if you do have enough assets available, you may have luck finding small local banks that will provide a loan based on just that. I've had a bit of luck going that route in the past, in a similar situation as the one you described.

Thank you, @Vasyl Magura!

Thanks, @Dennis M. I've seen advice in multiple places that it's better to use a lawyer to make sure someone inexperienced (such as myself) doesn't make any mistakes or oversights that might negate the benefits of using an LLC. In your experience, is that not a valid concern for a typical buy and hold rental scenario?

Thank you, @Ben Lynch. I had read about needing to have/pay for an agent, but had also seen (perhaps bad) advice that it can helpful to use a lawyer in the state which the property will reside, as laws can vary by state.  I appreciate your advice and you relaying your experiences, though, that’s definitely helpful. 

I'm working on purchasing property in Ohio, so my understanding is it would make the most sense for the LLC to be located in Ohio as well, which was why I posted in this forum. Is that incorrect? I currently reside in Virginia.

The subject says it all - if anyone can pass along the name of a real estate attorney they used for setting up an LLC, and maybe to answer some basic legal questions/advice related to it, I'd appreciate it!

I saw a post from about a year ago in this forum asking similar, but not much in the way of responses (not even in the way of "I'll send you a PM").