Account ClosedWelcome to BP!

Account ClosedYou can usually find out the estimated amount they own on the mortgage - if you want.

Hello,If I plan to put no more than 2 properties under an LLC, do I need to create a separate bank account and/or email account for each LLC entity?

You'll also need to take into account... other purchase costs, cost of money (seller financing plus rehab costs and financing), holding costs and selling costs.In this example it feels like you could be all in close to $100k (assuming repairs are in the 50-60k range).  

I think this is the right place to make and keeps my goals updated, and to have feedback and  constant accountability. 

This will invaribly be different for each rate and scenario but just a general gauge.Even though rates are in the 3's and 4's the monthly payment or what we call the "mortgage constant," on our end is higher because your payment does not consist of just interest, but interest and and 1/360th of principal on a 30 year fixed loan which is designed to amortize/payoff to $0.00 balance by year 30 or 360 months.Typically a rate around 4's will have a monthly mortgage constant of around .50% monthly (6.00% annual) or about $500 per month for every 100,000.Sometimes when the rate gets into the high 3.50% range the MC is around .45% per month ($45 per month for every 10,000 borrowed) so it doesnt vary much while at 4.50% 30 year fixed the MC monthly is around .507% or $50.70 per month for every 10,000 borrowed.I suppose all this technical speak means is that if you borrow money where the outflow out of your pocket is around 6% with interest and principal considered then you'll probably want to reinvest it somewhere else where you can get considerably higher rate of return on this cash than 6.00% atleast this is how I look at it.If you want to make 6% + 6% for cost of funds then you'll want an investment with a hurdle rate of 12.00% or higher cash on cash as an example.

Nothing like that adrenaline rush from spending hundreds of thousands of dollars in a go ;)I like to meet my potential tenants in person after screening, start building trust and making sure I'm not a faceless bank account to them.

No servicer can transfer in a day or two by law.Servicing transfers are forbidden from taking place without giving a borrower at least 15 days of notice prior to moving the place of payment and point of contact for the account.  

You'd have to account for what a fair rent would be for your unit, or try for a proportionate percentage (e.g. if you occupy one of three equal units, I think the 1% rule would be "modified" down to .67% to reflect your own living space.

My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?