All Forum Posts by: Roger Mejia

Thank you for your response @Anthony Thompson. Please do provide the recommendations 

Hi Everyone,

I'm looking to transfer title of a property out of my own personal name. Has anyone had success setting up a Land Trusts in Rhode Island for title holding purposes? If so, any attorney recommendations are appreciated. 

Hey guys, my brother and I have a hot lead which is owner occupied. We’ve already built rapport, got him to agree on our price and to sell to us among other supposed offers but he’s hesitant on signing the contract because he wants to have place to go to - preferably buy a small condominium - once he sells. How would you go about this situation?

Thanks!

Hi BP Fam,

My brother and I are just getting started in Real Estate and have only done one wholesale deal. This first deal was done in our names but we want to start using an LLC for tax purposes. Based on your experience do you use one entity for all wholesale markets or one in each jurisdiction?

I understand I may not receive legal or financial advice but any recommendations are appreciated.

Thank you!

@Jarrett Mel Williams

Using the same accounts for personal and your business is called commingling of funds and the IRS doesn't like it. You should definitely get separate bank accounts for accounting purposes. I would get a new account for each rental/LLC as you move forward. Try local banks they might offer a better deal on fees than larger banks.

@Dmitriy Fomichenko

Thanks for the advice! Will definitely consider these in our cost benefit analysis once we get started.

Hi everyone,

My brother and I want to start investing using an FHA loan, but we want asset protection as soon possible regardless of how much equity we have at first because the plan is to grow. Having said that, is it possible to transfer title to an LLC we create for the property while retaining the FHA loan? I've heard of using Land Trusts to do so but can't find anything in regards to FHA loans specifically

Any advice is appreciated, Thank you!

@Anthony Thompson Thank you for the feedback. I've used a method that removes debt in collections from your report, called a "No Contract" Dispute, which worked for one account but still no change in credit score. Having a mortgage professional take a look at my report is something I would definitely consider, but do I just go in to my local Bank of America for this?

@Rob Thompson Thanks for the feedback. I've heard about first-time homebuyer programs but never CDCs. I appreciate you going ahead and finding several that operate in my area, I will definitely look into them. 

Hello BiggerPockets community,

My Name is Roger Mejia, I am a 23 year old college student on track for a Big 4/CPA Real Estate Tax career. I am looking to leverage the knowledge I gain through my career to build my own Buy & Hold Real Estate portfolio and build relationships with like minded investors in the BiggerPockets and local community. To start out I want to partner with my brother and house hack a 3 - 4 unit property possibly through an FHA loan in the Providence County area then eventually move on to other markets in the Midwest. We want to get out of our current living situation as soon as possible but our hurdles are credit scores at around 500 and not having enough for a down payment until about a year from now. Are there any alternatives to financing that might work for us now, or would you advise to wait the year out. If so, are there ways to fix our credit scores faster? Please advise.

Anything is appreciated!