All Forum Posts by: Chase Cline

@Account Closed thanks for the detailed response. That definitely makes sense, but geez having a different bank account for every single property seems like a lot of headache

My wife and I just bought our second property and were considering forming an LLC for them. I just read something that said some investors opt to form an LLC for each individual property as a shield so that any lawsuit could only be filed against THAT particular property and not risk having all other owned properties included in the suit. Seems a little overkill to me, but it does make sense.

Thoughts on this?

We've owned our first rental for almost 4 years now so it's definitely time to form something!

@Travis Rasmussen I just couldn't wait any longer! After a few years of not acquiring another property I feel like I'm slacking off so I had to pull the trigger lol. The plan is to get it set up and paying for itself like the other and then using whatever extra cashflow on the new one to help pay the first one off quicker.  Hopefully everything goes as planned!

@Travis Rasmussen by the way, ended up buying another one this week! Just couldn't wait lol. 

@Travis Rasmussen thanks for the reply! 

I am a superhost as well!  Great job getting that and keep up the good work!

Yea, my risk tolerance isn't super low, but I don't want to stretch myself too thin and end up a "successful to homeless" story either if something should happen. 

Great point on the extra income of the property as that's a huge part of it, it's not much. With the mortgage, HOA, etc. a couple hundred bucks average per month over the year (with the majority coming in summer as we are on the beach). That's why I'm in a rush to pay it off so I can actually see the fruits of my labor come to fruition and get nice cash flow for future properties. Paying it off would definitely be the more conservative approach, but I know it would be a HUGE domino effect for the future as I can then leverage that income to pay off the next, and the next, etc. But my biggest thing these days is not waiting 30 years to be wealthy lol so it's tough!

I guess really I can't go wrong either way. I'm not one to sit around and not take action either so I probably WILL buy another one, but it won't be too planned. Can't say no to a good deal if one comes through the woodworks!

Thanks again for the input and ill get back on here when we make the "official" decision!

Good luck with your rentals!

Hi All - so my wife and I own a vacation rental property on the beach that is 100% self-sufficient and pays for itself out of it's own bank account (that I opened just for that property and any other we acquire).  We built that account up to a $10k buffer in the first year by double paying the mortgage using our own money.  Now that we have that buffer (and have had it for a few years) we don't pay for anything for the property as it all comes out of that account.  So this is the IDEAL rental property that we even get to stay in for a month out of the year.

My question is what to do now.  It's been a few years since we bought a property so I am getting a huge itch that I have to scratch.  I am trying to decide between buying another property or paying off our current property.

My wife and I do well and we think we can pay off the property in 12 months if we buckle down. We paid off $60k of student loans in 12 months 4 years ago and we make quite a bit more money now than we did then.

So the BIG QUESTION: PAY OFF THE PROPERTY AND HAVE A $140K ASSET 12 MONTHS FROM NOW OR BUY ANOTHER PROPERTY NOW AND LET OUR CURRENT PROPERTY CONTINUE TO DO ITS THING?  Two financed or one paid off.  What's the better situation? I am leaning towards paying off the property but wanted to get some expert opinions

@Scott Trench forget that comment... just saw the job posting!

 Do you have any further information on this job?

@Alison Kothmann My wife and I actually travel around the country moving to a new place every 3 months so we manage the properly almost entirely remotely.  Haven't had any issues.  We only head back maybe once or twice a year when we want to visit and use it. 

@Tracey Cazalas Yes it is very exciting!  That unit is pretty decent and I like that it's one of the one that overlooks lake padre, definitely a plus.  What do you think a fair price on that one would be?  Any rental history for it?