All Forum Posts by: Amy Atkinson

Hello, looking for some guidance.  I am looking to move to a different home, and would like to keep my current home as a rental.  It has a great 3.5% mortgage, about $70K of equity, and it should cash flow a modest $200-300 a month at this point.

My question is - do I just keep the house in my name and run the rental under my name? I always hear that due to liability and taxes etc, investment properties should go into an LLC.

What is the best way to turn my existing home into a rental?

Thanks in advance!

Thank you Jose!

Hello BP Community!

Getting my feet wet and diving in to learning on all things real estate, and potentially going to start with some fix and flips.

One of my friends said if we buy a home for a flip, we should just buy it under our names, not an LLC, because with an LLC we will need to have a licensed contractor complete the work for the flip.

Is this true?  I can see having someone licensed for things like electrical, plumbing and structural - but not necessarily the rest which is primarily cosmetic?

Is doing it via an LLC the best route? Why or why not? Thank you so much for any insight!

Yea I know I attended one of the recent meetings. I’m planning to go to the one this Saturday. I would love to be a member of any groups that we can get going in Sioux Falls, or just meet up for coffee with any investors/BP members, or anyone who might be looking to do a joint project down the road.

Does anyone know where I could go to find out the legality of wholesaling properties in SD? I called the real estate commission and they said wholesaling is not legal in South Dakota without a real estate license? They said anytime you're involved in buying or selling activity for compensation, you need a license. ???

Hi everyone! Are there any wholesalers in South Dakota? I'm looking to get started and would love to connect with someone locally. Thanks!

Rents are solid also. Hard to come by a decent 1 bed/ 1 bath for less than $750/mo.

I live in Sioux Falls and am hoping to get started in investing soon also. It is a great market, no matter what you're looking for. The market is on fire here, but not so much that you can't still find deals. There's a house an investor bought for $40k on West Ave, rehabbed it (maybe $40-50k?) and just sold it for $149k. Under $200k is the sweet spot.

I am newer to Bigger Pockets, but have been absorbing all the podcasts, forums and education available here over the last several months.  This website is an unbelievable resource.  I just completed my basement finish, and am renting my basement out to pay off some of the debt I incurred during finishing it.  I am in Sioux Falls, SD and am able to get $600/mo (including utilities) for my basement.  I am a go-getter but have been in transition the last couple of years due to some personal life changes.  I left my $80K/year job, and am now making about $45K, but am much happier.  I finished the drywall myself in my basement, and did the mud, tape and texture.  I have business acumen/experience, and the ability to get whatever results I set my mind to if I know which direction I'm moving/ where to start.  I am in a desk job and chomping at the bit to get into real estate.  I would like to find a cheaper fix and flip to get my feet wet.  However, I don't really have any money.  I have my talent, capabilities and determination - is this enough for me to find a way to get started?  I am ready to have a career on the move, not be stuck in the office all day every day.  Any constructive feedback is appreciated!  :)