All Forum Posts by: Ryan Mattson

@Antoine Martel It's so nice to hear someone my age is making this work full-time, as I plan on doing this full-time as well whenever I can. Do you know if I need to receive a mortgage from a bank in my area, or do I need a pre-approval letter from a bank near Indianapolis? Thanks so much!

Hi all, I have been educating myself on real estate investing for the better part of 2 years now, and hopefully plan on closing a deal sometime soon near Indianapolis, IN. I worked for 2 years before going to college, and have managed to save around $15k. I am now a full-time student, but would like to invest my money into a multifamily property. Because I am not currently seeking employment, I was hoping to rely on my father and his leverage to help. He has around $100k he's looking to also invest in real estate and a stable job he's maintained for 20+ years. Is there a way we could co-sign on a mortgage, or simply have the title to the home in his name and I transfer a potential down payment directly to him? I am interested in duplex's around the $60k range.

 @Janett Lewis Thank you for your insight, and congratulations on such success. I strive to achieve that someday. Is it complicated owning multiple LLC's and different bank accounts for each property? Did you name each LLC after each properties street address?

Thanks!

Hi all,

I'm currently living with my father in an apartment in the Bay area, California. I'm quite interested in closing my first deal for a home, but am at a crossroads. I only personally have around $10k in savings, but my father has around $120k ready to go towards a down payment. We would like to purchase either a multi-family home and occupy one unit, or a single family, condo, mobile homes, etc. to generate cash flow. I am aware of the prices around the Bay Area and will probably be looking just east of our town where prices are lower. I also plan on starting an LLC to own the property/properties of which my father and I will be the owners of.

A couple topics I'm curious about:

How can I, as a 21 year old with a credit history of only around a year, be a part of this deal/mortgage and help boost my reliability as a home/property owner for deals I make myself/with him in the future?

If we own an LLC, should I open a separate account with my bank and only engage in property transactions with that account?

Thanks everyone for your help, I sure can use it!

-Ryan