All Forum Posts by: Trevor Marvin

@Joe Funari Awesome. Thank you, Joe. This was an excellent introduction to the BP forum.

I don't know the area at all, but generally with an FHA, your PMT is going to be much higher due to the small downpayment so don't get discouraged about not finding a house that "cashflows." FHA loans are great for adding properties to your portfolio, but you're almost doing it for the gained equity over the years. Look for properties that maybe don't cash flow when you live there, but after you live there for you the year, the rent from the unit you stay in would help you cash flow. Hope this helps.

@Joe Funari Ah I see. I am quite new to this and currently in the process of looking at deals in Tennessee from CA. I hadn't considered the different processes regarding LLCs in different states, so right off the bat this is helpful. @Sebastian Hernandez, to answer, I am located in California and am looking for deals in Tennessee as well as North Carolina, Kentucky, etc. and I would be using a conventional loan. This is my first post so I appreciate the comments about adding more detail in for better replies. @Todd Rasmussen , so I would be able to add the property to a created LLC down the line? I'm basically in the deal searching phase of my journey and was under the impression that an LLC was essential for liability and business tax reasons. Thank you all for the replies and help.

Hey all,

Is it standard to have your LLC open prior to purchasing a property? When I make offers, am I making an offer representing my LLC or is that detail irrelevant as I would just put the LLC down on the purchase agreement as the buyer? I feel like I have a lot of pieces to the puzzle down, but I'm missing a few corner pieces to feel confident about investing.

Bonus Question: If I live in state A and want to purchase a property in state B, I would still want an LLC in state A correct? Thank you!