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re: Information for my fellow Real Estate Investors
Posted on 2/7/17 at 2:00 pm to stevengtiger
Posted on 2/7/17 at 2:00 pm to stevengtiger
What percent of your tenants are military? that seems to be a good tenant. I think I saw you mention that awhile back. Is that your target demographic?
Posted on 2/7/17 at 2:08 pm to Rust Cohle
Was originally our target tenant but with three houses within 2 miles of the West gate of Barksdale, I have no military tenants. It is still a great rental area for AF personnel and we are about to close on our 4th rental in that area.
We closed on a house last week as well. Was supposed to be a rental but the current tenant ended up pulling out at the last second and wouldn't sign a lease. About to start the work to make it into a flip project.
We closed on a house last week as well. Was supposed to be a rental but the current tenant ended up pulling out at the last second and wouldn't sign a lease. About to start the work to make it into a flip project.
Posted on 2/7/17 at 3:37 pm to stevengtiger
quote:
stevengtiger
I will add you on Bigger Pockets.
I will send email to yahoo account so you don't have to share screen name here.
This post was edited on 2/7/17 at 3:43 pm
Posted on 2/7/17 at 4:17 pm to stevengtiger
Closing on my first property in a couple of weeks. Are you putting the rentals under an LLC? I am told I can only get up to 500k liability under homeowners. I know an umbrella policy is a way to go as well.
Talking to the title company I can transfer the title to an LLC but if the lender finds out I may be forced to pay off the loan amount. I don't know how they'd find out and if this ever happens. Just curious about your approach to the liability situation.
Thanks
Talking to the title company I can transfer the title to an LLC but if the lender finds out I may be forced to pay off the loan amount. I don't know how they'd find out and if this ever happens. Just curious about your approach to the liability situation.
Thanks
Posted on 2/7/17 at 10:01 pm to thatguy777
That's the DUE ON SALE
CLAUSE if they call your loan and it can happen and has happened on residential loans. Residential loans are not originated to LLCS. commercial loans are.
I will give you a link tomorrow on insurance. I'm sure I've posted it in this thread but I'll be glad to repost it.
CLAUSE if they call your loan and it can happen and has happened on residential loans. Residential loans are not originated to LLCS. commercial loans are.
I will give you a link tomorrow on insurance. I'm sure I've posted it in this thread but I'll be glad to repost it.
Posted on 2/7/17 at 10:32 pm to Fat Bastard
ok, how do i figure out rental viability in our area? my partner and i are trying to break into the rental market in the houma/thibodaux market and
a) we can barely find properties that meet even the 1% rule and
b) it seems like the market is flooded with rentals, everywhere you look there's "for rent" signs. we have the financial capability to make a move but are stuck in a holding pattern.
a) we can barely find properties that meet even the 1% rule and
b) it seems like the market is flooded with rentals, everywhere you look there's "for rent" signs. we have the financial capability to make a move but are stuck in a holding pattern.
Posted on 2/7/17 at 10:37 pm to Fat Bastard
Thanks for the link. The title company told me if I did get called on it by the lender I could likely transfer the property back in my name quickly and be fine...I am just not sure I am willing to go through all of that if there is a better option.
This is a conventional loan for a stand alone home that I am going to rent.
This is a conventional loan for a stand alone home that I am going to rent.
Posted on 2/7/17 at 11:00 pm to Fat Bastard
quote:Over a year later, I moved this entire thread into the main thread...
I had previously put these links in the sticky thread but they were never moved into the main post,
You gotta realized I was unemployed the summer I made that thread
Posted on 2/8/17 at 8:45 am to bayoubengals88
quote:
Over a year later, I moved this entire thread into the main thread...
Never checked after that post I made, however
Posted on 2/8/17 at 8:47 am to Fat Bastard
quote:
Fat Bastard
Email sent.
Posted on 2/8/17 at 8:48 am to poochie
quote:
ok, how do i figure out rental viability in our area?
first off, does your area meet the checklist I posted on page 1 in the initial post?
Posted on 2/8/17 at 8:48 am to stevengtiger
quote:
Email sent.
got it! YGM
Posted on 2/8/17 at 8:58 am to Fat Bastard
quote:
YGM
YGM? Haven't seen this one before.
Posted on 2/8/17 at 9:20 am to thatguy777
protecting yourself as a landlord
LLC and umbrella policies
As the article suggests, I already manage through an incorporated entity(property manager), and I have a commercial umbrella insurance policy now.
Later I will eventually put my properties into my S-corp when I max out on fannie mae backed mortgages. From here, instead of having to go the private lending or all cash route you can start all over again by doing this and/or i can have my wife wash,rinse and repeat using her name only. Put all hers in a different S-corp once she maxes out and start all over again.
Or you can use LLC's however you wish. Many different ways to buy and get around the fannie mae limitations and protect yourself in the long run.
LLC and umbrella policies
As the article suggests, I already manage through an incorporated entity(property manager), and I have a commercial umbrella insurance policy now.
Later I will eventually put my properties into my S-corp when I max out on fannie mae backed mortgages. From here, instead of having to go the private lending or all cash route you can start all over again by doing this and/or i can have my wife wash,rinse and repeat using her name only. Put all hers in a different S-corp once she maxes out and start all over again.
Or you can use LLC's however you wish. Many different ways to buy and get around the fannie mae limitations and protect yourself in the long run.
This post was edited on 2/8/17 at 10:25 am
Posted on 2/8/17 at 11:16 am to Fat Bastard
Thanks for the info. Much appreciated.
Posted on 2/8/17 at 1:31 pm to Fat Bastard
No. and I can't think of a place 50 miles from here that does meet all those criteria.
Posted on 2/8/17 at 2:23 pm to poochie
quote:
No. and I can't think of a place 50 miles from here that does meet all those criteria.
ok, still doesn't mean your area is bad. That's more or less the shangri-la of criteria we all strive for. SO all you want to know is % of renters in your area? You already know what rent rates are with comparables? also whether you can raise rents with or without putting work into it? I remember there being websites for rent ranges/finding and bigger cities would give out their rental percentages based on population.
Posted on 2/11/17 at 10:50 am to Fat Bastard
ok, re-inspection was good. Will close on duplex monday!
Posted on 2/11/17 at 11:24 am to Fat Bastard
Question for RE investors. Didn't know where else to pose this question.
Just bought a flooded house. When we gutted it there was no insulation but some rat shite between the walls. Is there something I could spray before going back with insulation? Thinking health and maybe odor issues if I don't do anything?
Just bought a flooded house. When we gutted it there was no insulation but some rat shite between the walls. Is there something I could spray before going back with insulation? Thinking health and maybe odor issues if I don't do anything?
Posted on 2/14/17 at 1:57 pm to chuckitdeep
quote:
As I set my own expectations and ultimately record my own goals, there are some guiding principles I still use with respect to my real estate investing. I’ll warn you, the first principle is unorthodox and may strike you as odd or contradictory to what we’ve been taught or what we see in today’s culture. But, you’ve got to keep in mind as a real estate investor, more is not necessarily better. And like I said, that contradicts everything we see and hear. We live in a culture of excess where some think more is always better. But when you set your part-time real estate investing goals, make sure you’re not setting them based on that belief.
Secondly, I will discuss why we can’t do it all. There is a famous company out there and we’ve all probably purchased its products at some point. That company’s slogan is “Just Do It.” Notice the slogan is not “Just Do It ALL.” That’s because, quite simply, we can’t do it all. However, we can do some things quite well. I encourage you, when you set your expectations for your investing in the coming year, stay committed to doing it but temper your expectations a little.
Then finally, remember time is your most valuable asset. As a part-time investor, either starting out or while you’re still working your full-time career, you know how valuable your time is—especially if you are maintaining your career and investing part-time. You’ve really got to respect and manage your time properly in order to meet your expectations and attain your goals in 2017.
Are your goals and expectations realistic?
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