All Forum Posts by: Samonta Dunlap

@Tim Johnson Hey Tim, I’ll love a copy of that as well. I’m also from Grand Rapid, MI 🥶

Hey BiggerPockets Family.

I was talking with my mom and she's looking to buy 40+ acre and want to use an FHA LOAN. I just wanted to see has anyone bought land with an FHA if so how did that process go and what are the requirements? I

I have found out some information below

FHA will back loans for rural property, too, but there is a limit to the amount of acreage that can be included when determining the value for loan purposes. FHA will only back the value of the first 10 acres of the property, and those first 10 acres must include the home.

So how can we get the back to cover the entire land with the FHA instead of just the first 10 acres?

We fail because of the lack of knowledge and understanding.

We feel we know everything or we’ll just find out on our own. A wise man once told “only fools rush in” at the end of our conversation he looked me in my eyes and said two more thing “ I know one thing, and that is that I know nothing. But a Fool will say he knows everything.”

Us younger peeps who fail need guidance from you older gentleman & willingly to help us build financial freedom for our family as well.

I have sacrifice a lot & only thing I have left is my  motivation, hustle, self-determination.

We constantly hear “ you are too young” “ you are an educated”etc

I am 23 years old and started out!

I’ll try to word this best as I can bare with me.

I have a question about "LLC" vs "Family Trust" for people who owns rental properties.

With this quote be said “The Secret to Success is to Own Nothing but Control Everything” -Nelson Rockefeller

My question would be should I get a Multi-member LLC when inquiring properties in a Family trust having the LLC as "trustees" to (Protect my assets), (Reduce taxes). My mom and dad plus sister want to also find rental properties this is why I am asking the question.