All Forum Posts by: Benjamin Allen

Hi Jamal,

It may be just be me but I would double the vacancy and repairs & Maintenance percentage just to be safe, it will help you in the long run to do that now. Cash ROI isn't the greatest, but at least you are able to make money on it as opposed to taking a loss by selling. I would also seek to get another opinion about what it could sell for on the market. Talk with an agent for different comps in the area it will be good to develop a relationship with those in your area anyway. Find the agents who are moving a lot deals and ask them. Also, check with the property management company to make sure your rent amount is a good amount or if it needs to go higher or lower.

I live in Geneva, you can email me if you have any question about the area!

I have found that moving quickly is the best, meaning if you can close quickly you will be great!

Hi BP,

I am looking to set up my first LLC per the advisement of my CPA, my attorney that does them, told me the cost would be around 1500, I also heard 950, from another attorney who still hasn't gotten back to me. My question is, should I set one up myself? If I do, what do I need to do and what other things do I need to do per year to make sure I have everything done correctly? If I choose to reach out to an attorney, whether its the one who has done all my closings in the past, (the one who quoted me 1500) or another one; would they teach me how to do it myself for next time?

I got the clear to close for the 14th thank you for all the help guys and gals.

I scanned an emailed back the commitment letter and the other documents, Can we schedule a closing without having proof of Home owner's Insurence? I'm paying for it Monday, I just want the closing scheduled. 

I don't have the ability to print and scan it and send it back until Monday. Any way to get around the 14 days between the signing and the closing. The bank I am working with doesn't have e-signing.

I am out of the country until Sunday, and they are saying I need to sign a new disclosure. Apparently there is a rule that it needs to be 14 days beginning signing the disclosure and closing day, is there anyway to get around it? Does any loan officer familiar with this rule?

Hey, I know someone who will buy your property if you are interested, cash

Hi, I saw post mentioning that the rental income isn't taxed the same as W-2, I'm wondering how I can go about figuring out exactly how much positive cashflow I will need to equate my current income of 65k. I know rental income isn't responsible for paying medicare tax or SS tax. Does anyone know how I can break this down in order to figure the minimum amount of cash flow i need to replace my income, or does anyone know of a website I can do this. Also just as a side note, if right now I'm saving over 50% of my income doesn't this bod well for me not needing a higher amount of cash flow that what I make now? Thank you for anyone that is able to shed some light on this confusing subject I appreciate it.