All Forum Posts by: Weston Holt

So my wife and I are looking to buy our first property. The market we are in is expensive.

We plan on living in the home for 2 years, and then cash out refinance. Then use that money to do another deal. We would then rent out the first property.

We have someone that would be willing to invest and help us get started. They would be putting up about a 1/4 of the price for the property.

I write up a plan and I'm curious about when the investor would see their ROI. I ask this because we plan to use the cash from the refi to be at least the next down payment.

While I’m here, if we planning to sell the house. It was suggested to us to offer the investor 8% of the equity of the home. Is this a good number?

Any advice would be welcome about a deal like this

So my wife and I are looking to buy our first property. The market we are in is expensive.

We plan on living in the home for 2 years, and then cash out refinance. Then use that money to do another deal. We would then rent out the first property. 

We have someone that would be willing to invest and help us get started. They would be putting up about a 1/4 of the price for the property. 

I write up a plan and I'm curious about when the investor would see their ROI. I ask this because we plan to use the cash from the refi to be at least the next down payment.

While I’m here, if we planning to sell the house. It was suggested to us to offer the investor 8% of the equity of the home. Is this a good number? 

Any advice would be welcome about a deal like this

@Kayla Givens Thanks for the link, I will definitely check it out

I've been asked by friends and family if I'm going to get an LLC. Their idea is that it will protect me and my personal assets. My honest answer was that I didn't know, and I would ask here.

So, does anyone here use an LLC when buying real estate? If so, why?

And I would also love to hear anyone's ideas on this matter.

This leads me to my next question. Connecting to other investors in the area. This is something I would love to do, but I currently live in Brooklyn and not sure how to network during Covid times. 

I'm going to dig into this site more, because I'm sure I can find networking opportunities here. Any other suggestions as to how to Network with people especially out of state would be awesome.

@Kevin M. Thanks for the great response. I saved these questions to my Notes to have when interviewing potential PMs. My next question is, what's the best or at least some of the ways to go about finding Property managers besides just googleing. I would love to network with some PMs here on Biggerpockets so I can potentially weed out the "bad ones".

I'm looking to purchase my first deal in Philadelphia, and I would love to find a property manager.

I'm new to Biggerpockets and how the forums work here, so any advice on how to search for property managers through this site would be welcomed. 

Or any questions I should be asking or information I should be posting in this post to make it easier for someone to fine me.

I am very new to this and I wanted to pose a scenario. 

I am a Union Ironworker in New York City. As part of our Benefits package, our employers pay into an annuity fund for us. Our union allows us to take loans up to 50k to purchase things like property. 

Another benefit we have is the employer also pays into a fund called the "vacation fund". We usually get this money yearly. 

Loans from the annuity are payed for quarterly from our vacation fund. 

All this has got me thinking, What if I took a loan from my annuity to buy a house that was in the 25k-40k range. It would almost feel like buying it cash since I would never see the money come out as a bill. 

Since I'm very new to this, I'm asking for questions and concerns that this community might have. Questions I should be asking myself. Anything that could help.