All Forum Posts by: Vick Ghadimi

Hate to refinance 1 month after acquiring the properties, but it might be my only option. Thank you!

@David Dachtera thank you for the information. It seems LLC is the right and best way to go about it.

@jess

@Jessie Huffey Would it be possible to buy it directly under the LLC? Keep in mind, this LLC would have been newly formed, would the lender allow the LLC to own the property if it has no history?

Thanks for the other advice, I will look into umbrella insurance, maybe it's a solution for the time being. 

Hello All,

Thanks for a great forum. I am so happy to have this resource at hand to learn from experts.

I just got my first 2 rental properties (SFH, Duplex) in Florida.

After getting conventional financing, I asked my lender if I could transfer the properties to an LLC to stay protected. I was told this is not an option, and it's stated in the loan agreement that it cannot be transferred.

Are there any ways around this? The only thing I could do, according to them was to refinance.

Thanks

 Sounds good, I just sent you a friend request.

I am looking in West Palm Beach, Ft Meyer area and north of West Palm Beach.

Is that so? I should def look into that !! Thanks for letting me know.

@Brian Garrett 

I think I might have to put 25% since they will be considered as investment properties. So I am looking to spend between $120,000 - $150,000. I am calculating for closing costs and probably spending a few K per property on minor repairs or touch-ups if needed. 

I don't see why buying it cash just to refinance later? Why are you thinking of going that route?

@Nick Watkins 

1) I am pretty comfortable with risk. I am 33 years old, and I can take a risk.

2) I want to be as little involved as possible. That is why I am looking for properties that leave a little cashflow after calculating 10% management fees, 8% maintenance, 5% vacancy, 5% cap ex. I am flying to Florida tonight actually to spend a week looking at properties. I want to definitely see the properties and inspect them prior to purchase, but I don't feel the need to live close to them, since I will be having a management company managing them. I know it's very important with a good management company, so I am doing research on that end.

I hope I answered your question.

I will listen to the podcast, do you happen to know what particular episode is covering strategies? 

Hello Everyone,

Thanks for a great forum. I am new to real estate rental property investing.

I currently own 1 property that I live in.

I have been pre-approved for $600,000.00 with putting 20% down and that is my budget for my first investment venture.

I am seeking your help to decide how I should diversify my $600k investment.

My questions are:

1) Should I diversify my investments in multiple states, e.g FL, TS, IN, or just stick to one state like FL, where we are expecting more appreciation.

2) How should I diversify between single-family, duplex and fourplex? I am currently thinking something along the line like:

• $400k fourplex 
• $70k single-family
• $130k single-family

---totaling $600k---

3) What are the 3 most important things to look for?

Thank You

- Vick