All Forum Posts by: Amanda Whiteley

@Russell Brazil is there any way around that? You wouldn't be able to protect yourself via an LLC so how would you be able to do this without compromising so much personally?

If you seek a mortgage loan for an investment property is it violating loan terms to quick claim the house into your LLC while the loan is still tied to you personally?

I have a friend who did this for their personal home and MANY of the things that have come up are magically “not covered.” But even with that said, I have considered doing it on my investments when I purchase. Although, part of me is just like get a new water heater and be done. It seems like if it’s a monthly fee you would be better off just fixing or replacing the items as they come up. The ones I have looked at are done at the time of purchase.

Monthly Rent * 12 months = annual revenue Annual Revenue * .60 = Rev less expenses for vacancies repairs and taxes (set aside 40% for vacancies repairs and taxes) Take your last Rev # and divide that by the purchase price of the home, that is your ROI Here is an example 600 in rent per month * 12 = $7,200 $7,200 * .60 = $4,320 $4,320 / $45,000 = 9.6% return

I liked having the option to use my HELOC but it was for $20,000 and I was able to pay it back in less than 7 months. I used this in a combination of cash for one of my purchases. I would say to use the HELOC to assist with the purchase, keep it for repairs and maint or if something terrible happens, and then mortgage out the actual property. Just my 2 cents

I would say landlord. If you had a property management company they would fix the items and bill you? I think if you are having issues with the tenant it may be wise to document these things but ultimately, i see it as the cost of doing business.

Check with your city on this because in the hotel world we DO NOT have to accept emotional support animals if we are not pet friendly. Only SERVICE ANIMALS and you CAN by law ask them what service they provide. I would 100% call someone to ask and clarify, emotional support is not the same as a service animal. Period.

Son D. Hey my friend!!! Nice to see you on here. Yes can you help with their name? PM me

Are you one of the lucky ones that has left their W2 job? How did you do it? What is your advice to those who are considering it? What was your “number” you needed to reach before you left your 9-5? Drop a line and let’s make this topic huge for anyone who is thinking about it, what’s holding you back?

Get an inspection. Screen you PM as you would screen a tenant. Ask more questions and not be as trusting. Visit the area in person, 2x a year. Ask more questions on BP!