Hello BP I have pulled the trigger and have this deal.

I'm in the research/networking phase before pulling the trigger on a multifamily property in or around NYC (goal is to close by Q4 of 2022). 

You will still own the mortgage.You do not need an LLC for this one property that has a mortgage and insurance.You may trigger the due on sale clause with your mortgage and have to pay off the whole mortgage immediately. 

But based on the sliver of numbers provided already though CapEx a challenge to know without pictures, I would pull the trigger especially while interest rates are still low and appreciation is still expected to be above the normal rate this upcoming year to create instant equity.

Even though we felt this condo was a steal at $20k, the monthly HOA was $1,530 a month and I almost didn't pull the trigger but am so glad I didn't let fear stop me and I was able to easily sell for a very nice profit!

Example - purchase price $2m, net around $20k after debt service. gross rent - 200k Management 50k Taxes/insurance/utilities 30k Debt service 100k Net 20k those are obviously rough numbers but in the ball Park - and I’m making assumptions based on projections I’m putting into a spreadsheet - I have not pulled the trigger on anything A good example is this one that just hit my inbox for sale 41 Mello Way miramar beach, FLAsk $1.75MListing says rent projections are 180k house is listed at $586/sq ft asking price.

He is a trusted real estate agent and also a real estate investor, but don’t forget to do your own due diligence prior to pulling the trigger.

The short version is if you remain the controlling member of the LLC then you are allowed (with some stipulations) to transfer your property to an LLC for asset protection, and will not trigger DOS/acceleration. 

PULL THE TRIGGER!

To break through and get on the short list you have to convince them you are serious about the market and able to pull the trigger.