All Forum Posts by: Account Closed

So I've just read chapter six of the UGB. I know that the most realistic way to finance my first 2-4 unit rental will be to use an FHA and live in the property. I was just wondering if any of you out there used a different method for your first purchase? Other than conventional I mean.

Thanks Theo. I may do that.

Don't I need to be licensed though to gain access to the MLS?

 Oh duh! If would've just bothered to read. It says you're a licensed realtor in your signature. Disregard!

@Michael Noto. Does that mean you're licensed, or do you just use sites like realtor.com? 

@John Klaus. You say you assumed the note. Isn't that dangerous? Don't most mortgage notes have a clause where the lender can call the balance due if the mortgage is passed on or sold. I'm forgetting the name of the clause. Due on sale?

Okay, thanks.

Just read chapter five of the UGB about finding a property. I would like to hear from investors how you found your first property. Did you search yourself, use marketing, or just hire an agent to search for you? I will be looking for a 2-4 unit rental property. The first one I looked at I found online but I was wondering if there was a better way...

@Kevin Fletcher. Yes. This is the route I think I will go. I'm thinking triplex or quad. And yes, I'll be living in the property. Duplex would be the most affordable but I don't think that the one additional unit would be enough to cover all of my living expenses. I don't just want to just live rent free I want to live work free. Then again if a duplex could cover enough that I could quit my current job and get just a part time one, that would be cool too. I'm not sure if I can afford a triplex or quad.

Just read chapter four of the UGB. The part I wonder the most about is structuring a business entity. First of all, I'll most likely be getting into real estate by buying a small multi family property. Would it be in my best interest to incorporate( let's say with an LLC)? And if so, would I have to structure the entity right away or could I buy the property as an individual and then incorporate. I'll likely be using an FHA loan and I heard that an LLC can't use an FHA, only an individual. Thoughts?