All Forum Posts by: Patrick Jung

Im currently looking at a home that is for auction and it has a sheriffs deed.

Can anyone tell me anything about the Sheriffs Deed?

The MLS posting stated Property is subject to a $2000. buyer paid premium.

All i know about this deed it that it is a foreclosure and in auction. I've heard that the minimum down payment for a sheriffs deed is 10%. I would obviously like to negotiate a price for 20% down. Does anyone have experience with this? and is it possible to have them cover the closing costs?

THanks in advance

My goal is to own 5 properties in 5 years. The house I live in now isn't producing much cashflow because im living in it. The rent covers the mortgage and living expenses. Im thinking my next house is where I can generate more. 

Here are some of my thoughts:

a) Getting a small SF and moving out of the duplex so I can rent it out fully.

b) Stay in duplex, and get a SF and rent the SF out

c) Get another duplex and rent the entire duplex out.

I think im leaning towards c.

I found a Fannie Mae property I may be interested in. It is a 2 family home with 3 bedrooms per unit. The current house im living in is a duplex with only 2 BR ea. So to maximize Rental income, I would rather rent the the 3BR units out and stay where I am living.

What are your thoughts?

 I have just started researching Fannie Mae properties. Is it ideal to just contact the listing agent directly or should I use a realtor representing me?  Also I have to use a Fannie Mae approved lender.

Thanks

Hi all,

I got my first house in Jan of 2015.  It was a duplex and I am living in one side and renting out the other.

I had a conventional loan on the current house and it required it to be owner occupied for 1 year, so I have to live here till Jan 2016 I am thinking about buying another investment property.  I'm not sure if I should get a single family or another duplex or multi family unit. 

Also, it would be nice if I could stay in my current home (don't want to move again) and not have the next house be owner occupied.. Im pretty sure that limits my financing options because if im not mistaken FHA loans have to be owner occupied.

Can anyone here living in a duplex give me some insight or advice on their experiences on their second property? What kind of property/loan? How much down?

My goal is to increase cash flow.

Thanks

Thanks for your responses.

The reason I was interested in forming an llc to act as a property manager is because I wanted to keep my personal finances separate from the income/expenses that are related to the property.

The main reason was to open a business checking account.

As far as taxes goes, I am under the impression I would be taxed as an individual   With my personal tax return. (no business tax benefits)

Also, I feel with an llc name, it would be professional and I thought maybe it would be in my favor when collecting rent because I am young (26).

I am in the works with setting up a meeting with an attorney that specializes in real estate.

This is why I figured to form an llc especially to open a business checking account .

I will ask the attorney if it is necessary to acquire a brokers license. 

I will let you know the result of the meeting with the attorney.

also, do you have to have a real estate or broker license to manage the property? Because if you create an LLC to manage the property whose deed is not in the llc name (it's in personal name) it is technically considered managing someone else's property like an outsider

Hi all,

This is my first post.

I'm in the same situation.

I have purchased a multifamily rental unit and the deed is in my name for mortgage reasons.

I am in the works of creating an LLC to act as a property manager.

I want to collect rental payment as an LLC acting as the property manager utilizing a business checking account.

Im in the understanding that this doesn't provide limited liability  because the property is under my personal name.  However, it will be convienient for me to manage the property by keeping personal and rental business separate.

When I draw up a lease, would I make it out as the LLC? Like the llc is preparing the lease?

Thanks!

Patrick