All Forum Posts by: Cody Neumann

@Vasilii Baban

If you are looking to purchase a duplex and live in half to start out it is a good way to get the experience while paying little to no mortgage yourself for living there.

In essence you would have to look at it in the way that you are saving on your living expenses while also learning how to create wealth in real estate.

“You never get rich on your first deal”

I have tenants that I got recently that were paying with money orders before but now I have transferred them over to online payments. The only time I would ask a tenant for a money order moving forward would be for the first months rent and the security deposit so you know that you will be getting your money.

@Scott Schultz which entity type would be best?

Business corporation

Statutory close corporation

Domestic LLC-Wisconsin

Foreign LLC-non Wisconsin

Service corporation-Wisconsin stock, for profit

Close service corporation

Nonstock not-for-profit corporation

Thanks

I am in the process of refinancing my first rental property in Wisconsin and the lender I am going through requires I have an LLC because I do not have a W2 income.

My question is what has everyone found to be the best way to starting up your LLC?

@Danny Keating start by reading books, listening to podcasts, and getting familiar with the forums and blog posts. Now is a great time to build your network as well so when you do find something to purchase you can be more prepared

@Salvatore Lentini what lenders do you work with nationally to refi without a W2

@Sam Katz depends on location. Some areas can fall below 800 /month. Size typically anything 3 bed single family can bring in that 800 to 1100 per month price depending on location. Some locations can be hit or miss

@Sam Katz Yes it is continuously growing every year between job growth and population. I am also a realtor in the area and it has been a highly desirable area for people to be moving. If there is a recession I feel it may be a good resort for people to come to out of bigger cities because it has decent shopping areas and decent schools. In my opinion it is a great area to be invested in

@Tanvir Sattar I have not yet. I will take a look into that though! Thank you for your suggestion

I recently finished up my first rental and got tenants in place who are now paying monthly. I am looking to see what is the most preferred bank to use for managing rental payments. It would be great to get into one with a high APR checking account to be able to earn interest on the money that is sitting in the account while I pay the loan off!