All Forum Posts by: Steven Taylor

@Paige Bostic Great question, and as others mentioned it's a hot topic all over the bigger pockets boards as well as other RE sites. The suggestion to speak with a lawyer is a good one. However, each lawyer I spoke with when asking the same question told us something different (not very helpful!). For me, an LLC was an absolute "must have" given my personal situation. We went back and forth on purchasing and then quick/claim or warranty deed it into the LLC. Some folks reference the Fannie and Freddie Mac decision that formally allows this, but most mortgage companies have a due on sale clause that means your mortgage can get called if you use this strategy. I ultimately purchased the proprieties and got the mortgage directly with the LLC, not in my personal name because it was cleaner and easier for me. There are several good companies out there that will provide this service (check out spark rentals website by Brian Davis and Deni Supplee). Happy to chat privately about the details and how my business partner (@Rebecca Taylor) and I came to this decision if it would be helpful.   Good luck! -S

Hi There, 

We are looking to purchase a property for STR in the Northeast, and want some advice on how to finance the property, and suggestions on lenders. We have two properties (LTRs) that cash flow, and are held in an LLC. Not sure what we will do yet with the STR (LLC or hold in our name), as it most likely will depend on the various rates/lending strategies available to us.

Thanks for your help/advice,

-Steven

Thanks Chris for the higher-level perspective, Do you have any advice on the proposed question though?  E.g. if one wants to go into the space what is the best way to learn?   Regardless of who is correct in reading the “Tea Leaves” the learning aspect is valuable and would be super helpful. 

Thanks

Steven

Hi Mike both REO and pre-foreclosures. I know Zillow lists some of these as well as auction.com. I am interested in learning the best ways to execute on a purchase. Thanks

Hi There, 

Can anyone recommend some good background reading/books on how to invest in foreclosures? 

I am pretty convinced we are going to see a massive wave of foreclosures start to hit the market over the next 6-24 months.  While this is of course a horrible time for those experiencing foreclosure, it will be an opportunity for people who have saved and prepared to buy homes "on sale".   I am interested in free resources, not signing up for websites that cost $$$ monthly or going to an expensive Guru seminar. 

https://www.attomdata.com/news...

Thanks for your help! 
Steven

Zach, did you ever pull the trigger and invest? 

Pull a % out of your paycheck and dollar cost average it into 401k/IRA before you even see the money. Max this out before moving on to other savings vehicles, and most of all start young. I'm a big fan of the ROTH 401k's and IRA's. The best way to not spend on doodads is to never have the money available.

Thanks, Trevor for the information, I appreciate it.  Just out of curiosity did you purchase your Cape Coral property from R2R?

Thanks- S

Hello,

I live in Massachusetts and am new to RE investing. We are looking to purchase in MA and another in a more investor favorable state via a turnkey company. We will hold both properties within an LLC. I am finding that most MA lawyers are not licensed in other states like MO, TN, etc. How critical is it to use a lawyer when purchasing a property via a turnkey provider vs a classical purchase? Also, are there any other alternatives I should be considering besides finding a lawyer for each state?

Thanks for the help and advice!

Steven

Hi Matt and Grant,  Thank you for the notes.  Matt, if you know off hand of the thread where this is discussed I would appreciate you sending me a link to it.   I'll also dig around based on your note.  All the best! 

Steven