The PROS of Buying Real Estate with an LLC
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- เผยแพร่เมื่อ 19 ธ.ค. 2022
- In this video we talk about the pros and the cons of buying Real Estate with an LLC. When purchasing a home with your LLC there can be a lot of benefits but there are also some things you may need to be aware of when buying real estate with an LLC.
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Thanks for watching!!
I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.....
Amazing! That is my goal. Did you give each of your properties a separate LLC? I have 3 lots and I’m trying to decide. Thanks in advance and congratulations!🙏🏽
Good luck
Content starts at 4:00
Thank you
I luv this channel lots of great knowledge‼️👍👍
Great video and content. Keep up the good work!
I see y'all back at it again keep it up
That's breakdown was 🔥. Hella 💎 💎💎s.
This information is very helpful to us new investors!😊👍🏾 Thank you!
Glad it was helpful!
Appreciate you MG!!
I was at Howard University. Lots of useful information provided. Even though it was a type of cold I've never experienced, I am glad that I was blessed to make it.
Wandering if you could provide a few lenders who are willing to lend to 1st time investors. Thank you.
great information , im doing alot of research god willling everything fall through
Thanks for the video.
Great video
Do you recommend buying as a w-2 buyer but listing or changing the owner into your LLC?
Incognito-Negro took me out🤣🤣🤣🤣🤣🤣Thabk you for this video! I’ve learned so much and I hope to purchase my first home with my LLC ❤️🙌🏾
Hi I really enjoyed this and learned so much. I have a home I own and if I decide to rent it out a few times a year. Is it best to put the home in a LLC or a land trust?
Omg Gems I am working on credit now with a brand new LLC
I was there.. it was dope!
Are Properties being used for short term rentals given the same consideration by banks as traditional rental properties?
good one fam
I have a piece of property but it needs some major renovations. I want to vrbo or BNB it but I don’t want a tenant in it as I’m making the needed renovations. I’ve secured my LLC and want to purchase a another property under my new LLC that needs even more renovations but is in a much better location. I’m hoping I can get a new business LOC to help expedite the renovation in order to get it back on the market and to secure the other property. Would this be a wise route to take as a newby?
Is it okay to have multiple people on an LLC that is being used to purchase or build a rental property?
Incognegro!!! 😂 Good info! I like your videos
Do u have list of banks that lend to new llc
Thanks bro
Great information! We actually have our LLC placed inside our Holding Company and the Holding Company inside of our Trust. Our Estate Attorney address is listed on the filing paperwork.
So if I sue u for an injury on ur property I could potentially take your whole trust? Nicee
@@rhf5448 that’s not how it works 😂
@@rhf5448 someone was not paying attention lol
If you get your LLC in Wyoming,isn't it true they won't reveal your name? I wanted to buy my first investment property in a Wyoming LLC. Then my second investment property use the Wyoming as a holding company. Isn't this the way it works?
I'm not a first time home buyer, but this will be my first time buying an investment property. It looks like finding a lender with my out of state LLC will be work!
Does LLC have to have legal separation documents, operating agreement,membership certificates, and corporate vail financial documents for sole proprietor LLC?
I now have LLC, but none of those other things. I don’t understand them. Could you do a video on this , how to do it?
Aye MG, I’ve been trying to get into real estate investing for the past 5 years but struggled hard because I listened to other peoples short cuts and scams. I want to be steered in the right direction with the tools I currently have. Is there anyway I can personally get in touch with you to talk about the path that’s best for me to go?
How would I overcome the down payment obstacle? 15% to 25% is a bit much to have just chilling in your account.
Do you have to get a holding LLC as a first time investor, if you plan on buying more a year from now?
What if you bought the property using business credit and u want to cash out refi ? Is the interest still gonna be higher if under LLC?
If you are buying a multi family that has been empty for several years how is the potential rental income calculated?
I just got my LLC for me and the wife. Can I transfer the deed in our home into my LLC?
I’m looking into buying my first property to live in. But I want to use it as a investment property to stay in the house for a year then rent it out and move to my next one. Trying to figure out which option is best purchasing with LLC or in Personal with my situation what would you recommend
All comments are appreciated Thankyou
Hey, can you sell your personal home to your business for what it worth and pull the cash out?
Hello so I live with my father and 5 years ago he made a business decision to refinance his home through hard money. It’s a short term loan where none of the payment goes to the balance owed. This balance is now due. He doesn’t have the funds. What would you suggest? It’s currently in his LlC but I have an LLC as well. None of the bills are in my name but I work from home both a job and business
I’m new here can I buy a one family house with my LLC in Florida but I live in CT
Can you live in your first property. I heard you have to live in it for atleast 2-5 years
DSCR Guidelines is what you are explaining.
Your comment put me on game some months ago when I was watching MG talk about all of this. I didn’t know what the name was. Once I did…wow. Now, I’m using my business to do just that, utilize the DSCR guideline/financing. Thanks a lot! Just wanting to “bring you your flowers” 🙏🏽
The issue I have with putting my investment properties in an LLC is finding a competent Broker. I know that sounds crazy but it’s true. I have a credit score of 820, and I couldn’t find a “Black” broker to help me close the deal by putting the loan in my LLC. I almost lost the deal and had to take out an conventional loan with Rocket (I know, I didn’t want to do that). The brokers I were dealing with were sorry as hell! The previous brokers I worked with no longer did the work or wasn’t licensed in the state I needed. If you can recommend a GOOD broker, I would greatly appreciate that.
One last question, in the future, I would like to refinance my conventional loan to my LLC. What’s your thoughts on that?
Whenever you're ready my team can help you. Email garlandgroup@unmb.com
Eyl the army better yet the navy. So if you ever playa hate for you it ain’t gravy.
Can you recommend a few banks/lenders that would lend to a newbie?
Was wondering if you or anyone find some banks/lenders
If the conventional loans aren't giving the newbies with llc's a chance , what kind of loan can you get? I got an LLC in Wyoming because of the animenity
What type of animenity yall got in washington bro
As a first time home buyer and real estate investor, do you suggest purchasing my first property under an FHA or buying it under an LLC using a DSCR loan? I’d be using it as a primary residence, good credit score, but low reserves.
FHA all day. DSCR loans are for investment properties with a minimum of 20% down
I am a newer investor in sfh in Tennessee. I closed on my 2nd property in Oct. I bought on my personal credit but recently I put both into my LLC name. I would like to get one more property in 2023 but I need another option bc I don’t want all the debt in my name increasing my Dti ratio. What options do I possibly have?
What was the process to switch from your personal name to your LLC? Did you need a real estate lawyer?
Cash out refi one of your newly acquired properties and buy using your llc. Normally banks req 25% when done this way.
🔥🔥🔥
I've heard some investors getting an LLC after the whole buying process. Is that possible?
Yes U can get one whenever needed.
💯 🔥 ✅️
Want me home
But government income
can you buy property on your name and move it to llc to get a lower rate?
How do I buy my parents home with my LLC, and pretty much rent it out them?
Can you purchase in LLC and then rent it out to yourself?
Jail
So can I put my realtor license under an LLC and buy my first multifamily with an FHA loan? 👀
Good question
What percent down? & where do I find these lenders? Lol every lender I go to want 20-25% down and two years of taxes documents.
I heard the 15% to 25% thanks.
Yeah that’s probably because you went to traditional lenders/ bank and credit union. Go to mortgage lenders that lend to LLC
I missed it:(
Hi this Vivian Allen
😊
Am 61 yrs old
How can I make money ? I'm financially broken. And I got a lot of expenses to handle . Please can someone share me on how to make money
Get a second job, save up for down payment and pay your bills off, any credit cards, cars, etc. If financially broken you need a new mindset because there’s too money out nowadays…
When I was first starting out 4 years ago and needed extra money, I started selling/flipping on Ebay and Mercari. That was all she wrote!! I was at it for 2 years, buying pallets and refurbed electronics. I'd go right back to it if I ever needed too. Blessings!
I have a piece of property but it needs some major renovations. I want to vrbo or BNB it but I don’t want a tenant in it as I’m making the needed renovations. I’ve secured my LLC and want to purchase a another property under my new LLC that needs even more renovations but is in a much better location. I’m hoping I can get a new business LOC to help expedite the renovation in order to get it back on the market and to secure the other property. Would this be a wise route to take as a newby?
❤
😅
Businesses for soberity recovery person. Business
Other Con is that some lenders will not lend to LLCs (i.e. had this situation with a credit union), and personal guarantees may be required.
He just said that
That’s right but that’s why there are non traditional lenders who only loan to LLC for investment properties!
You have to go to mortgage lenders they do business loans since it’s a LLC not banks and credit unions.
Credit score is 509
As an Asian man, I was finding your podcasts incredibly valuable and loving it, but I didnt realize it was meant for or exclusive for black and brown people. I apologize and will try to find another source. Good luck with everything.
We welcome you 🙏🏽
Really? I'm asian too. Lol
Petty lol
@@suzyque2936 perhaps, but when they talk about people doing well they're only happy to see "black and brown" people doing well. I had liked their information but that kind of shit makes me feel geuninely excluded.
@@kimjongil5200 I understand but i don’t think they mean it that way, I believe it comes from the fact that you don’t see too much financial literacy and excellency from the black community so they’re trying to push that, it’s not about excluding anyone.
F this show promoting racial division
As a first-time investor should I use a company like LegalZoom or a real estate attorney to get my LLC?
Incognegro lol 😆 😂
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