All Forum Posts by: Chris Susserman

@David M.

I have been thinking about this very thing and actually posted a question before I saw this thread. For the "Management LLC," are you leasing the property to it and then allowing it to sub lease and maintain the property? I'm thinking about doing this for my property in order to establish a new LLC with the intent to move the assets to it at a later date.

Thoughts?

@Sandy Sawyer, I appreciate the reply!

That's a great point about the deed and note being separate issuesaand something I haven't really thought of. I guess I need to do some more research for VA specifically.

Any thoughts on maybe setting up an LLC, leasing the property to it and then letting the LLC rent and maintain the property? This may allow me to establish a credit profile and revenue stream for the LLC with the intent to transfer assets to it at a later time.

Thanks again!

Hi All!

It's been a while since I've posted but I browse constantly and can't seem to find a great answer to my question.

My wife and I are about to purchase a property soon and I've been trying to find the best advice on whether or not to start an LLC. We currently have one other property, we lived in it for a couple years but when we moved we kept it and made it a rental.

Both properties are in Alexandria, Virginia.

I guess my question is: if we aren't able to purchase a property under am LLC right now, is it worth establishing one to for future purchases? For example maybe we can have it to run costs through the LLC and build it's credit profile in order to possibly apply for financing down the road. I know some banks will allow for the transfer to an LLC but that doesn't seem worth the headache.

TIA for any advice!

I know I'm about a month late on this post, but @Chris Teti what kind of rate did you get? I've been trying to explore different ways of securing capital and have been looking heavily into an unsecured LOC recently.

Thanks for the advice guys! We were about financing because of our lack of mortgage history but we were pre approved today and submitted offers on both places. Any recommendations on LLCs and Real Estate Attorneys? I'm gonna browse for some info on the forums but any info will help.

UPDATE: So we are moving forward with the two properties by submitting offers on both. Any recommendations for setting up an LLC in Virginia, we definitely want to protect ourselves the best we can. Also we wouldn't mind talking to a Real Estate Attorny is any one has recommendations on that as well. I think we are going to try and manage the properties ourselves for a while and we just want to make sure we have a solid lease and back up.

Hey Bram!

Thanks for the advice, we are definitely budgeting more for the rehab but we think we can do it cheap if we do it ourselves. The majority of tenants are going to be college kids so there is not a huge need for aesthetics which is nice. And I'm for sure not happy with the HOA already.

Hi Lauren!

Thanks for the quick response, I probably should elaborate on the opportunity lol. One is listed at 125k and the other at 122k, we viewed both this weekend and some rehab is necessary. Like I said they are in a college town so we aren't planning to do anything fancy. We plan to replace the carpet in both, in fact the 122k unit is offering a 1k credit for the carpet. We also plan on replacing all the appliances in both units (we have a hook up when it comes to appliances) and painting of course. We plan on doing most of the work ourselves and may do cheaper laminate flooring instead of carpet in the living ares. We have estimated that we are looking at around a 2k rehab in each unit and each unit is currently under lease until July 2016 and they are actually being rented below average for the area. We are looking at probably 14-1500/month for each unit. There is a a HOA fee that is a little daunting at around 2k/year per unit.

Hey guys,

I joined BiggerPockets last year but have not been active in the slightest. I'm looking forward to contributing to the community and looking for some solid guidance. I just post about my possible first investment properties in the forum so please check it out and guide me. Thanks guys!

Chris

Hi all!

So I actually joined BiggerPockets last year but have yet to really become active in the community and I am now looking to change that. My wife and I have stumbled across two properties that we really want to invest in and are looking for some guidance and advice. We should be able to acquire the properties between 115-118k and have at least a 20% down payment for each. We are just wondering what the best avenue for acquiring financing is. The properties are in a collegiate area and have an amazing rental history, so we don't foresee an occupancy issue.  We are both in our late 20's and have not had a mortgage yet so we are thinking that this may hold us back on a great opportunity. We both have decent paying jobs that are extremely stable and are just ready to take the next step in securing our financial future. We are possible looking to buy a house for ourselves in the near future so we are trying to approach this the best way we can to make ourselves appear the be the responsible buyer that we are. Any advice is greatly appreciated and any lender recommendations would be great!

Chris