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re: For the posters "of a certain age", how have you found a balance in your life?
Posted on 5/12/15 at 2:59 pm to MrSweets
Posted on 5/12/15 at 2:59 pm to MrSweets
My friend and I are thinking about getting into the Single family home rental businesss in ATL. Both in our mid twenties. I would love to hear some advice from you guys with experience.
-Is it the right time to jump in financially for us as individuals?
-Should we form an LLC?
-What are some obstacles that we can expect?
-What are some benefits to be expected?
-Is it the right time to jump in financially for us as individuals?
-Should we form an LLC?
-What are some obstacles that we can expect?
-What are some benefits to be expected?
Posted on 5/12/15 at 3:51 pm to SouthMSReb
quote:
thinking about getting into the Single family home rental businesss in ATL
I am about a year away from this in the same area. I would be interested to hear what others have to say about the Atlanta market.
Posted on 5/12/15 at 5:10 pm to SouthMSReb
1. Are you or your buddy married? If yes, I would advise against the partnership since you may be forced to compromise somewhere down the road because there's a woman in the picture.
2. What's the money situation looking like and what price range are you guys looking at?
3. You could form an LLC(pretty cheap) to protect your personal assets. I didn't since I took out 300K liability for each of my properties.
4. Obstacles - negative cash flow is a big one. Make sure to do accurate calculation on monthly mortgage payment + expenses(taxes, insurance, maintenance, repairs). Other things to look out for: bad tenants(make them put down at minimum a month's worth of ten in deposit), vacancy, major repairs(roof, exterior painting, A/C)
5. Benefits: positive cash flow, earning equity monthly through tenants' rent, owning the property outright down the road(try to finance 15 years), depreciation on tax returns, getting monthly income when you retire.
2. What's the money situation looking like and what price range are you guys looking at?
3. You could form an LLC(pretty cheap) to protect your personal assets. I didn't since I took out 300K liability for each of my properties.
4. Obstacles - negative cash flow is a big one. Make sure to do accurate calculation on monthly mortgage payment + expenses(taxes, insurance, maintenance, repairs). Other things to look out for: bad tenants(make them put down at minimum a month's worth of ten in deposit), vacancy, major repairs(roof, exterior painting, A/C)
5. Benefits: positive cash flow, earning equity monthly through tenants' rent, owning the property outright down the road(try to finance 15 years), depreciation on tax returns, getting monthly income when you retire.
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