All Forum Posts by: Stephanie Knox

@Kim Rock I heard this before but I don't understand why they don't want to lend to LLCs - I was thinking I would buy the property without an LLC and then later incorporate into one but I'm not sure if they would cause issues between the bank. I'll definitely look into Provident Bank to make it a lot easier.

Thanks everyone! i'm relieved that's one less fee i HAVE to pay for a standard sale. I'll still speak to a few attorneys just in case anything ever happens (unless setting up LLC or dealing with existing tenants) but it's good to know I don't need one immediately.

@Bob Okenwa That make sense. In Pennsylvania we're not required to have an attorney so I just wasn't sure if it would be overkill since I would be purchasing a 2-4 unit property. So does a lawyer create the contract themselves or do they just review the contracts to make sure everything is fair and legal? Only reason I ask is because I've been told that most agents in my area use a standard PA Association of Realtors contract that goes pretty in depth; so i'm not sure if my attorney would write a specfic contract for the sale or just review.

@John Knisely Thank you! I just wasn't sure if it would be worth spending the money for a 2-4 unit and if a lot of the stuff they take care of is something that the agent handles anyways. I figure I would go to them if I want to do an LLC or maybe even setting up leases.

@Christopher Phillips I figured as much, I guess I'm still trying to figure out what an attorney would do that my real estate agent can't do. From what I'm reading they pretty much look over the contracts before I sign and make sure everything is fair and legal? This being my first property I was looking no bigger than 2-4 unit properties. 

Hey everyone! I'm looking to get my first investment property - so far I sat down with a few credit unions and 1 corporate bank just to see what each one has to offer and just get pre-qualified; based on my 3 credit reports that were looked at, they're saying that I'm a sure approval (for how much I'm not sure yet.) But I was thinking it would be a good idea to get a team together so that when I get an official approval I already know who I want to work with and not waste any time.

My question: is it necessary to hire a real estate attorney during the buying process to look over documents or should I just go to them after buying and it's time to draw up leases? and what are some things that a attorney will be able to do during the buying process that a real estate agent can't? Thanks for any help.

Hey everyone! I'm looking to get my first investment property - so far I sat down with a few credit unions and 1 corporate bank just to see what each one has to offer and just get pre-qualified; based on my 3 credit reports that were looked at, they're saying that I'm a sure approval (for how much I'm not sure yet.) But I was thinking it would be a good idea to get a team together so that when I get an official approval I already know who I want to work with and not waste any time.

My question: is it necessary to hire a real estate attorney during the buying process to look over documents or should I just go to them after buying and it's time to draw up leases? and what are some things that a attorney will be able to do during the buying process that a real estate agent can't? Thanks for any help.

Hey everyone! I'm looking to get  my first investment property - so far I sat down with a few credit unions and 1 corporate bank just to see what each one has to offer and just get pre-qualified; based on my 3 credit reports that were looked at, they're saying that I'm a sure approval (for how much I'm not sure yet.) But I was thinking it would be a good idea to get a team together so that when I get an official approval I already know who I want to work with and not waste any time. 

My question: is it necessary to hire a real estate attorney during the buying process to look over documents or should I just go to them after buying and it's time to draw up leases? and what are some things that a attorney will be able to do during the buying process that a real estate agent can't? Thanks for any help.

@Alan G. thanks, I was considering sitting down with Franklin Mint since I have 2 pretty close to me. 

So I feel that I'm truly ready to start house hunting (duplex - triplex, looking to house hack). I have a little over $12,000 cash saved, got my credit score in the high 700s, and my credit card is pretty much paid off; only $1,000 left which I will have taken care of in the next 2 months. So I'm wondering if anyone can give me advice / recommendations on which credit unions or even community banks to look into. I sat down with Wells Fargo and the guy seemed very helpful but I like the flexibly of a credit union and the fact that they don't sell off my loan. I also sat down with Citadel not too long ago and they seem pretty good but I was wondering if anyone can give me any other input to consider. Thanks in advance!