All Forum Posts by: William Murrell

 Not that I've seen. Now, I will say that the last one was almost an entire meeting of the sales pitch. But the other ones that I've been to have not been. And on balance, I would say that it is more educational and networking oriented than sales pitch.

Listen to all the podcasts and get an idea for which type of investing sounds the best to you: flipping, buy and hold, BRRR, note investing, wholesaling, etc. Then once you have heard all the people talk about the different types of investing and you've found one that sounds like it fits your goals, come back with specific questions and we'll be happy to help. In the meantime, you're almost asking for directions without knowing where you're going. Figure out which direction you're going in and then advice will be easier for us to give. Read everything you can, take notes, follow what other successful people are doing, and keep at it. Good luck!

That's called house hacking, and no you don't need an entity to do it. Unless you have a tremendous amount of assets you're needing to protect, you're going to be wasting time and money setting up a LLC or similar. And when you're just starting out, all of the lending is going to have to be in your name anyway. Which, when you're house hacking, is more advantageous. You can qualify for better financing options if you're buying as a primary residence than you can when you're just buying an investment.

There's the Coastal Carolina REIA that meets in Wilmington the first Thursday of every month. You can find it on Facebook.

Rich, it's good to meet you and I'd like to welcome you to the forum.  There are a decent number of us here that are active in real estate investing and we are all willing to help.  Good luck out there and let us know if we can be of any assistance.

@Gregory Schwartz yes, you get to keep the same rate and term. You're still on the hook for that mortgage regardless of who you put on the title. They retain the right to call the mortgage based on the due on sale clause, but they have no incentive to do it since that would most likely convert it from a performing to a nonperforming loan and they don't want that. They just basically look the other way when you transfer it to the LLC, provided of course that you keep paying! And you will have a fixed number of mortgages per person, but your wife gets her own count too. Last I asked (last week) I was told six per spouse, for twelve total.

You don't get it exclude cap ex just because you have it reserved. That would be like saying "I'm not accounting for principal, interest, taxes and insurance because I have a bunch saved up to pay for them." The cost is still incurred, regardless of where the funds come from.

I agree not to overpay, but do remember that real estate is very local. You might not be able to hold to many of the "rules of thumb" espoused here, like Don's  (albeit a good goal to shoot for), the 2% rule, etc. Those don't always pan out as realistic goals in every market.

A quit claim is very simple, and any real estate attorney can help you.  As for lenders, try a smaller local or regional bank.  A lot of the local credit unions can help,  but right now their terms aren't the best.  I personally like BB&T, but that's because they're so easy to deal with since I do my core business banking there.  Just stay away from anything too big like BOA, Wells Fargo, etc.

Yes, you can. The ideal scenario based on your situation is to secure it with financing in your name and then do a quit claim deed into the llc. Then you're on the mortgage, but the deed is in the name of the company. Otherwise, you need a show proof of funds in the name of the LLC and that is more difficult. Good luck!