All Forum Posts by: Byron Bohlsen

is this your first property?

Jackie I wouldnt bother with an LLC so early in the game. You wont be able to use it if you go convential loan and the cost to maintain the LLC will probably be about the same as a good liability umbrella.

reminds me of my experience with my duplex. 3 different accounts for one address and they tried to put 600 dollars of random unpaid bills in my name. When you can in they look at it by address not account number so you never knew what account they were looking at

Have the tile counters held up well so far?

What about online only banks like Ally bank

Your father can "gift" you the down payment 

may I ask where it is?

Hi Tim,

Do you have a posted minimum requirements? If not I highly recommend doing so and sticking to them to help stay objective. 

I'm sure Texas is landlord friendly but fair housing isn't something to take lightly. Everyone has their opinion on what is acceptable but personally I wouldn't be getting into personal conversations over why someone has bad credit and what they are doing about it etc.

What about income levels and length of employment?  Bad credit is bad credit. 

The price represents the quality of your neighbors and demand for those properties. 

7-10k purchase price plus 10-40k rehab....Compared to a decent place that is what? 50-80k purchase plus 10-20k rehab (if any?)

Is an initial 20-50k spread (a spread likely to decrease over time) worth your life and the lives of your family helping you out? Is 150-300 dollars a month saved worth the life of you and your family?

Do not listen to your lender you will not be able to get rid of pmi in two years unless you anticipate significant appreciation or plan large paydown or both.