All Forum Posts by: Adam Hardy

Unique situation that I'd like advice on. I own a rental property in NC. I also co-own a rental property in AR with my business partner. He and I created an LLC for NC a few years ago when we were thinking of buying a rental property there. What issues would there be if I put MY NC house in the LLC that has his name and my name on it? Am I setting myself up for a tax nightmare? Our LLC for NC currently has no houses under it. Thanks in advance for your help.

@John Mocker

Thank you for your input! It sounds like umbrella insurance is the way to go. I just spoke with my bank (USAA) and they talked about everything you mentioned.

@Dawn Brenengen

Thank you for your input! As it stands now, I would be making around $250 a month. I used $250 a month for repairs (1.5 X the potential rent) is that the normal amount to use for repairs?

Thanks again.

Adam

Hello all and thank you for allowing me to be apart of the BP community. I have learned a lot by simply reading others posts and seeing what other people are doing to start gaining passive income. I’d love some advice on what to do with my current home.

My situation: I'm in the Air Force and bought a home with a conventional 30 yr loan at 3.25% APR. I'm moving AGAIN this summer, so I will have only lived in the house 3 years. The town I live in has a decent rental market and it's a nice house that "should" rent quickly. Other side of the coin is that if I sold it, I would probably make close to $40k more than I paid for it.

I found a great property manager and I love the idea having my first rental property. But I’m having a tough time deciding if I should take the risk of renting it out or sell it and take the money and put it towards a different rental/investment property.

Any advice you have would be greatly appreciated.

Thanks,

Adam