All Forum Posts by: Andrew P.

Some people are unfamiliar with a fireplace which could make them uncomfortable using it. Can you use space heaters or something like that?

Legally you need to follow the terms of the lease. Ethically I have always credited rent back to the tenant if I got another tenant in place at or above the previous rate.

If you lose money on it every month it is not an asset, it is a liability.  I wouldn't do it personally unless there was crazy appreciation upside.  Even then its speculative at best.

Why wouldn't you just list with a realtor in Iowa and let them handle selling it for you?

Good information, thanks!

Hi all, weird situation but I wanted to be proactive and get your input. I have lived in my primary home for 9 years now but have been looking to upgrade. My HOA is trying to pass a bunch of measures currently and one they are pushing for 2021 is to introduce a 10% rent cap in the neighborhood. Meaning with 150 houses only 15 can be rented. Currently they are at 10%. Those people currently renting would be grandfathered in. They claim they are doing this to prevent companies from buying up the houses to rent and bringing down neighborhood valuations. I would like to retain my right to rent my own property though. Anybody ever been in this situation and had success? I thought about transferring my primary home to an LLC and leasing it to myself to try to grandfather in our status. However not sure if that's more hassle than its worth in the long run. Thanks

Just closed a $145k loan here in GA with 20% down 3.5% interest and $6000 in closing including pre-paid.  Shop around.  

Awesome thank you

I'm closing on a house in GA. I want the house to be in an LLC but I will have to secure the conventional mortgage. My lender and his main underwriter are swearing up and down that they close loans all the time for investors who quit claim the deed to the LLC and while it does technically enable the due on sale clause the banks never call the loan. I have the ability to close the deal cash but I don't want to run into a situation years down the road where the bank decides to call it because they can make more interest after rates rise. Is this really as commonplace as they make it sound to quit claim the deed and not get called on the loan? For what it is worth I am the sole member on the mortgage and the sole member of the LLC. Thanks

Do you have a list you typically use?  I feel like I understand the capex costs for the most part.  General repairs is one that I feel is harder to predict.  With this house having new roof, new hvac, vinyl siding, and not needing paint/carpet/etc for now it seems like I would have time for my holdback to build up so I wouldn't have to use my cash reserves.