All Forum Posts by: Attila M.

Thanks for the replies! I was googling this and I found similar responses. The LLC does seem more complex to set up and taxes need to be handled. Not sure if I need to talk to accountant or attorney or both.

Thanks for your reply @Andrew Postell How would I be able to justify on my income tax the source of the loan? Or when I return her the money? My understanding is that IRS check every transfer over $10,000.00 so I would likely need to explain it somehow. Also, you mentioned 60 days. Is there a specific reason for keeping the amount for 60 days?

thank you in advance for your response,

Attila

My sister lives in Europe, non-US citizen but she is considering investing into my real estate deals. Any advice on how I could set this up? 

thanks,

Attila

I am looking to check my lease with a real estate attorney, potentially get advice on how to improve it. Does anybody know of a good attorney in Jacksonville?

thanks,
Attila

Assuming you have a fixed rate mortgage, by inflation and rental rates going up, you will start making more money. Also, as Ryan said, once you paid off your mortgage your income will increase. Of course you need to make sure that your expenses will not grow faster than your rent income or you might be actually getting worse as the years go by. Last is if you accumulated any equity and you sell for profit. 

Check out the tools section on bigger pockets, do a test calculation with them and it will show you the breakdown. That should help.

Lots of questions at once. :) Pool home. If you install salt system and automatic cleaning your maintenance will be fairly low. I found that a pool was more of a nuisance while I was single. Once I had kids, it's a blessing. They are in it every time. 

I did rent a house with pool, too. With a proper contract and good tenants, I had no issues. 

With that said, these days, when looking for a property strictly to rent out, I am excluding homes with a pool. Less headache and liability.

HOA fees tend to keep increasing over the years so need to consider that. On the other hand, neighborhoods with no HOA sometimes can get really unorganized, messy and lack pool and playground, etc.. So you need to pick. Personally, as long as my expense - including the HOA fee, is acceptable, I am good with it.

Make sure, HOA rules allow renting, however - if that is your plan.