I Need Guidance……
This is my first time here and I have read a lot of good advice. I want to think you guys in advance for that. This has got to be the best forum I’ve seen regarding real estate investing in my opinion.
My question to you is:
In you guys and girl’s opinion, what should I do next?
I have a rental property (Town home) that a friend and I purchased back in the late part of July. We are in the process of buying another new construction property (Town home) for a rental also with a delivery date around March of 05’ and are looking to buy more in the near future. We have an LLC and our EIN. We opened a bank account with the company name and have a credit card to get the credit rolling. What do I do next to best protect our investment? Please keep it simple for me because I’m pretty new to this game and want to do the right thing.
Should I at least put my LLC name on the loan with mind to start my credit going?
Thanks
:-? :-? :-? [ Edited by MTINVGRP on Date 12/13/2004 ]
I'm getting a lot views but not many replies. Is it because I'm new or what? 8-)
I'm in the Woodbridge, VA area. Thanks for the reply!
Quote:
On 2004-12-13 16:05, ceinvests wrote:
Oh, where are you buying?
<font size=-1>[ Edited by ceinvests on Date 12/13/2004 ]</font>
MTINVGRP, you probably don't have enough credit history for your company to qualify for a loan, plus, realize that you will need more money down if you put it in a company name (commercial loan).
To protect it, you can deed it to your LLC or use a land trust. William Bronchick and Mark Warda have some good books on land trusts as well as articles.
GL
[addsig]
Okay cool, let me take this all in. Thanks
Quote:
On 2004-12-13 16:48, ray_higdon wrote:
MTINVGRP, you probably don't have enough credit history for your company to qualify for a loan, plus, realize that you will need more money down if you put it in a company name (commercial loan).
To protect it, you can deed it to your LLC or use a land trust. William Bronchick and Mark Warda have some good books on land trusts as well as articles.
GL
First off...welcome to this board!
You said that you have set up an LLC but it wasn't clear if you transfered title to your LLC. This is the first step that many would advise to protect your assets.
Insurance is probably the next thing you should do. Make sure you keep the property insured. The lender does a pretty good job here because they require proof of insurance.
Lastly, and also most importantly, you should operate your rental business professionally and legally. This will be the number 1 way to reduce the number of lawsuits against your company.
If I'm not answering what you are wanting then please post again and be more specific.
Thanks myfrogger! My property has not yet under my LLC. As I read some of the other posts on this subject, I'm hearing that you should not notify the Mortgage Company about the transfer? So what I need to do is go to my local government and have the title transferred. Is it easy to do and how?
You also stated that I need to keep insurance on the property. Will it be the insurance I currently have on the home?
The last thing is that I do plan on operating it in a professional and legal manor. Do you have anything on this subject you could speak of?
Thanks again!
Quote:
On 2004-12-13 17:06, myfrogger wrote:
First off...welcome to this board!
You said that you have set up an LLC but it wasn't clear if you transfered title to your LLC. This is the first step that many would advise to protect your assets.
Insurance is probably the next thing you should do. Make sure you keep the property insured. The lender does a pretty good job here because they require proof of insurance.
Lastly, and also most importantly, you should operate your rental business professionally and legally. This will be the number 1 way to reduce the number of lawsuits against your company.
If I'm not answering what you are wanting then please post again and be more specific.
Did you acquire your tenant or did you have a Realtor handle the process?
Are you managing the property now or do you have a PM? I have a great PM who works out of Fredericksburg; I know she works up into Stafford; isn't Woodbridge in N.Stafford?
Stafford is about 20 minutes South of Woodbridge. I'm not looking for someone to manage my property at this time but maybe in the future. Can you send me her information?
Quote:
On 2004-12-13 19:26, ceinvests wrote:
Did you acquire your tenant or did you have a Realtor handle the process?
Are you managing the property now or do you have a PM? I have a great PM who works out of Fredericksburg; I know she works up into Stafford; isn't Woodbridge in N.Stafford?
the w. bronchick book is a good book on llc's and trust you can find at most major book stores.......km