All Forum Posts by: Robert Timm

@Charlie Moore

Congrats on having three properties! In that case I would say you're absolutely ready to start thinking about asset protection. I will agree with @Michael Gansberg that getting a loan through the LLC is hard, and hard I would say is an understatement... I'm purchasing in my name and then transferring to my LLC, but there are risks in doing it.

I started mine early... too early. Do you have rental properties? If so, maybe an LLC is a good idea. If not, then not yet. This question slowed me WAY down. If you're just getting started then go out and land deals, worry about asset protection when you have assets to protect. That's my two cents :)

@Tyler D'Alessandro

My two cents... FIXED rate! 20 yr @ around 5% seems way better to me than 5 yr @ 4%... I’d say go for it. I also agree with your thoughts on leverage. Now you’re getting a return on OPM!

@Daniel DiCosimo I pretty much made the same post a couple of weeks ago, it's super frustrating. Please keep us updated on what you decide to do. My LLC is also just sitting currently.

@Jeff Garrett I absolutely agree. The advice has been great and a lot of opinions on both side, but it’s time to just get started and make a deal! 

I decided to buy in my name and transfer it to my business!

@Michael Temple - love the idea about using a LOC to starting BRRRRing.

@Wren Martin - thanks for the encouragement. I absolutely agree and want to do everything with honesty.

@Scott Smith - I am planning on doing exactly that. It seems worth it to get the benefits of rates on the loan in my name. In the future I may use private lending, but for now that’s the route I plan on going. 

@Michael Temple Thanks for the very experienced answer. I agree that I'm overthinking it. It's my first property and I've been in the research phase for too long, a little bit of analysis paralysis. I am officially approved on a loan through my LLC and personally so I have my options open, now I'm just waiting to land a deal. I honestly feel I'm leaning more towards just getting the loan in my and transferring based on all of the great feedback I've received. I'll re-post in here once it's done!

Dang @Joel Fine, I feel like you made some really good points. This community is awesome. Grateful I’m not having to navigate all of this by myself!

Holy cow @Weston Couch! That is incredible wisdom. I’ll check out that article and run it past my attorney!

@Caleb Heimsoth - I do have to agree with @Jason D. on this. I've gotten about 7 NO's at this point from various banks. But as you hear on the BP podcast all the time - PERSEVERANCE! lol

The last two lenders I have talked to will do 30yr fixed mortgages at 25% down for LLC's. Super grateful for all of the support from everyone! Thanks y'all!