All Forum Posts by: Daniel Mills

Hi @Wilson Lee. Thanks for the response. That sounds like a great strategy. In my case, I am looking for more of a turnkey property there. I will be using conventional financing, and while I do have the funds for a rehab, right now, I'm not looking to do much more than cosmetic updates. 

You mentioned that it's a C and D area. I actually wasn't aware that there are D class properties there. I would be targeting more of the higher class of properties there. Can you give me a general idea of where those types of properties are located in the area?

Hi guys,

I'm in the process of looking for a rental in the Center Point area of Birmingham. I am working with an agent, but of course, I'm weeding through a lot of listings.Are there any rules of thumb that more experienced investors in the area use when selecting properties? 

For example, is there a school I should be close to? Is there a part of the area or street that has higher crime and should be avoided? Is there a type of house that doesn't rent well?

Any advice would be appreciated.

Thanks,

Daniel

Is this for SFHs? I'm getting a 30-year conventional loan from Supreme Lending for a Dallas property now. If you message me I could give you a contact person.

Hi guys,

I know this is a question best asked of my CPA, and I am in the process of contacting him but considering he might not get back to me quickly, I was hoping I could get your ideas here.

I own a property in Idaho with my mom - she is on the loan with me. We bought it in 2015 and it has gone up in value quite a bit. We are in the process of doing a cash-out refinance right now and what I would like to do is give her the money we get from that to basically buy her out and take her off the loan and title. We want to do this to get access to more conventional loans and for asset protection reasons in the future (I don't want to make two separate LLCs for the two properties I own in the state.) 

My question is if this will trigger a tax event. Will my mother have to pay cap gains on the property like she has sold it?

Any ideas?

Thanks,

Daniel

Thanks @Brandon Battle

I actually do have a bilingual CPA in the US, and the law company that did the living trust have certified financial planners I can consult with - they specialize in RE investing. The thing that's held me back is that I have to consider both Japanese and US inheritance laws. I do have a $300,000 insurance policy with my work here in Japan and my Japanese house is covered because you can't get a home loan without life insurance to pay off the mortgage, but I need to look into one in the US that will cover the rental properties. 

Hi guys,

I'm not sure this fits in a general discussion, but here it goes:

I am a US citizen living and working in Japan. I own 8 single-family properties in the US which are all on conventional loans. They are owned in my personal name. I have a living trust that leaves all of these properties to my Japanese wife. Here is the thing. If I were to die before these loans are paid off would she have to sell them or could she get financing to keep the portfolio going? If so, is there a way I can set this up for her so that she doesn't have to do all the work (she will be devastated by my death ;)) Any suggestions of how to do this?

Sub-question: Has anyone set up a flow chart or something like that for their significant other about what to do with the properties if they die? Anyone willing to share the format or just what you are including?

Thanks,

Daniel

Hi guys,

I own a property in the Birmingham area through a turn-key company. I haven't been very pleased with my experience with this company, especially when I compare it to the great turn-key experience I have in Memphis. I have a plan to buy a couple more properties in Alabama. One company that was recommended to me by my turn-key company in Memphis was ROIPGM - http://richliferealestate.com/

I have talked to one of there people, and he seems like a really nice guy, but I don't want to make another mistake. Does anyone have any experience with this company and their PM - AHI Properties?

Any other recommendations?

Thanks,

Daniel

Thanks, @Clayton Mobley, I will check it out. 

@Jamie O'Brien, is the whole area C+/B- or are there some areas to avoid?

Thanks @Jamie O'Brien. The turn-key company I’m working with also has wholesale properties. Maybe there’s something you would be interested in. I’ll DM you.