All Forum Posts by: Carol Labbe

@ Richie Thomas. I am debating whether to use a property manager. After paying a property manager, I don't see any cash flow. Around here they charge 10%. I know dealing with renters is a headache. I am trying to justify even doing this? Is it really worth it? 

@Dave Grimson. Thank you for the detail. I didn't list a down payment because I will use my personal HELOC then switch over to a investment property HELOC or loan with no closing costs but maybe an appraisal if needed.

In Connecticut taxes are high. I am sure of the $6000 a year in taxes - actually will probably go up after rehab. And the utilities would be for separate owner's meter for the lights outside, in hallways and basement - and water which is a about $1200 a year per family. The thing I am unsure about is how high I should offer. I am thinking only $70,000. And yes I do have a superstar contractors.

There are two apartments each 1546 square feet three bedrooms. In this area rents go for $1235 for a 3 bedroom apartment with nothing included and $1335 with heat included.

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*This link comes directly from our calculators, based on information input by the member who posted.

I am thinking of purchasing a 2-family home that has a large walkup attic. The attic has only one exit. I know that the attic could not be rented as an apartment because there is only one exit. My question is: can the attic be rented out as office space? Does office space need 2 exits? 

@Natalie Kolodij Thank you, I think I understand now.

@Natalie Kolodij My LLC is a single member - just me. But I am confused as to how it is ignored on taxes. I bought the property under to LLC and rehabbed it under the LLC. If I claim it under the LLC when I bought and rehabbed it how can it be ignored? Because then in the same year that I bought it, I transferred it? Then there is no sale for the expenses to go against?

I currently have a property under my LLC. I am trying to sell it but so far no offers. I am considering renting it out instead of selling it. My problem is, in order to be able to pay back high interest loans and credit cards, I need the cash. I am thinking of transferring the property from my LLC into my personal name. This is the only way I can get a regular mortgage. Banks will not lend to an LLC that doesn't have monthly income. If the property is in my name, I can get a mortgage, pay back most of what I owe and collect rent to help pay the rest. My question is - how does this work tax wise? Right now the property is considered inventory for the LLC. If I go and transfer it in my name, it's no longer inventory on the LLC. But it can't just go away on my taxes? I was thinking I could buy it from my LLC, but then I would owe conveyance taxes on the sale. Any knowledgeable tax people out there that could explain how it would work?

@Jim K. I agree. Finding the right help is difficult.