All Forum Posts by: Tom Chen

@David Dachtera, thank you.  

Hi everyone!

So there are two schools of thought with regards to both LLCs and bank accounts.

Some people say an LLC per property, some people say a bank account per property...

What about having multiple LLCs, but one main bank account for them all? Is there a way to put all the LLCs under a parent LLC to avoid all the different bank accounts?

Thanks in advance!

Will Barnard , perfect! Thank you all!

Christopher Morin , thank you for the reply... No, not a huge return. It cash flows now and will cash flow with 2 of 3 units rented out although just barely. Once I close, banks won't really be checking up on the reserves will they? I was thinking of using that to reno, build it back up, and repeat. Good thing is, I should be able to BRRRR it because comparable properties are still higher than my purchase price as it is now.

Rolanda Eldridge , thank you. I was leaning towards that.

Hi Everyone, So I'm getting ready to make my first offer. Seems solid enough... 3 units $700, $700, $500 Asking - $42,000 Taxes around $3,000 Separate utilities Currently fully occupied, but I need to get rid of the first floor tenant because he seems to be a nutcase. Question is... Should I start renovations unit by unit, or kick them all out, and renovate the whole thing at once? Problem is, between down payment, closing costs and reserves in the bank, I won't have much to do a rehab.

Alex Wong , Here's what I found out after speaking with HSBC... 1. 25% down is a must 2. They are not limited to the 4 properties like other banks are because they're mostly a commercial bank 3. The mortgage guy said there is no due on clause if you transfer property into an LLC, but they certainly provide loans on investment properties to LLCs also. 4. Seeding period for 6 months should be enough to refi. Hope that helps.

Check the podcasts...there are over 200 podcasts that cover that topic. Good luck.

Thanks for setting it up @Will Chamberlin!  That was a great turnout!

Got good info...!  And thanks for your GC contact!  :D

@Will Chamberlin, WOW!  What a great turnout last night!  Thank you for setting this up. 

It was a pleasure to meet so many like minded people and I hope I'll have my first deal under my belt by the time we meet up again. 

@John Kaftan, @Brian Barfoot, @Sebastian Villa, Mark, Steven, Andy, and Adam, it was a pleasure meeting you all.