All Forum Posts by: Brent Benoit

Hello Mario, I am soon to close on a single family home in low income section of a small city near me. Butler, pa. I am picking up this unit, freshly made over from a friend of mine. I didn't say rehabbed, because it was just carpet and paint (it's got a new roof because it needed one and he had it listed on the MLS before I talked with him). The best case scenario for this home is a section 8, or HUD voucher tenant. Then you know you'll get paid. I have been made well aware of what I'm getting into and aren't scared. I'm told every time you change tenants it'll mean all new carpet and paint on the floor, walls, and ceiling.

I also plan on being the best landlord I can be, and as helpful as I can. Some people live in self destruction and that’s the way they are. You can only help those that want help. 
So why get into such a possible mess? Because the numbers work and the property cashflows! 
Why would someone sell this place then? Because my friends portfolio is moving into bigger and nicer places, also flipping.  He started out with the four green houses, and is trading them in for the big red motel.

hope this helps

Brent Benoit

The dirt basement floor would just be considered a ‘Crawlspace’. Also I would lock the door and not even allow tenants access. They would store stuff down there, that stuff would get mold, or water damage, then when they move it’d be your problem to move it out. 
If the support posts or beams are questionable, they can be replaced with house jacks and new or additional beams. You would need to dig a hole and pour concrete to get a solid base to set them on, not the dirt like the existing ones. 
I would have a competent carpenter look at the basement and the back porch. The porch may have shifted, but it may be done shifting. I good honest carpenter could say why, how, and how to fix. 

Hope some of that helps!

Hello all! I purchased mine last night. Sooo looking forward to it. To getting held accountable for actions towards my goals!

It was sold as preorder. When is the launch date? 

Thank you 

Brent

@James Mc Ree

Thanks for the informational response. My plan more so was to pay that first off before looking for a second. That way the LLC has equity to its name.

So I could just do 1st unit in LLC name, rest in mine, then as they pay off transfer them to LLC?

Hello everyone! 

I wanted to say hello, and I’m excited to be here. I am taking big leaps in my life right now. I have been an electrician since I was in high school. So about 23 years. I grew up in an old farm house my parents bought when I was 8 and spent the next 12 years rehabbing it. Great learning experience. I’ve worked for contractors my entire career, doing side work for friends and family on the weekends. I am tired of working the 9-5, working for someone else, and paying into retirement funds hoping to get by on them someday.

I am about to quit my day job and take my side business full time to fund my (upcoming) rental business. I have a single family house I am going to purchase, it’s on a gentleman’s agreement (handshake). A long time friend owns it and started the rehab, but has run out of interest and time. He is doing owner financing. 

So my question, I am thinking of starting an LLC just for the rental company. So this first property is from a friend and owner financed. My plan is to aggressively pay it off then the ‘brand new' LLC will have two years of tax returns, an asset to its name, an established book. So when I go to buy a second unit, a lender will look favorably on me.

Steps:

1 start LLC

2 purchase single family rental from friend and pay off

3 purchase second (multi family?) unit with mortgage 

4 second unit pays for itself, while first unit pays mortgage for me to build own home on a lot I own

What’s everyone’s thought on that? 

Excited to be here, 

Brent Benoit