All Forum Posts by: Chris T.

Property #1 I would consider 'A' and is 4 bedroom, 2.5 bath 2600 sf, waterfront, boat house, 3 car garage, etc. very nice.

Property #2 would be a 'B-B+'  3 bedroom 1.5 bath, 1400 sf., fully renovated.

Hello - I am looking for property manager recommendations in the Columbus/Zanesville Ohio area.  I currently live in the area and own two investment properties but will be moving out of the area for work within the next 2-3 months.  The two properties should command $2500-$3000 combined monthly rent.  Any recommendations are appreciated.

Good afternoon!  

I'm looking to setup an LLC and would like to have legal counsel for drafting an corresponding Operating Agreement. Any recommendations for the Columbus Area?

From reading the forum it appears many believe setting up the Articles of Organization can be a DIY effort but after reviewing a few example Operating Agreements I don't think that part is something I'm ready to handle alone.

How did you handle them?  Did you have a lawyer complete both?

Thanks!

Thanks for the reply Christoper.

1) For financing is it best to get a loan on the rental property vs. through a refinance on my personal residence?  The new refi rat would be the same @ 3.75.  A mortgage on the rental property would likely be in the 4.5% range.    

2) If I did go the refinance route and use the cash out to purchase the rental out right, what are the tax implications?  It seems all the rental income would flow directly to me vs. some/all staying in a llc designated account to pay the mortgage payment.  If it all flowed to me, would I have to consider it all profit since I couldn't distinguish the portion of my new refi loan that pertained to the rental?

Overall, I'm debating whether to form an llc because of my personal assets and how to finance.  

Hello - Hope everyone is doing well today!  I'm close (30-60 days out) to purchasing my first rental property and would like some perspective on how I should handle financing, llc or not, and a few other items.  I currently have total assets (primary house, investments, etc.) of ~$1M and debt of ~$170k.

The investment property market value is ~100k and purchase price ~ $70k.  The rental will be a buy and hold.

Questions:

1) To LLC the investment property or not? If not how much of an umbrella should I add to my personal insurance?

2) I will need additional cash to purchase the property.  Should I refinance my primary house (value = $400k: $161k balance) and cash out the $70k or go another route?  I can refinance @3.75% with $500 closing.

3) If no LLC, what do others do to separate personal and rental cash flows? Do you have a separate bank account?

4) If I form an LLC and pay cash from my refinance, how do I handle the cash for tracking in the LLC? Do you deposit the check from the bank in the LLC bank account prior to the closing and write a check from that account for the purchase?

Thanks!