All Forum Posts by: Derek A.

I have recently purchased my first rental property. I purchased the property and did some minor repairs all in cash so I own the property outright. The property is held under an LLC. I have recently placed a tenant in the unit and collecting $550 per month in rent (Section 8). I am in the property for a total of $15,000 so the roi is pretty good. The property is cash flowing enough to cover a mortgage and still provide excess cash flow. My question is how should I go about finding a lending source to cash out this property and reinvest the proceeds into another rental. My concerns are conventional lenders will want 2 years of verifiable income which is not possible as I am a student without a job. My other concern is if private lenders will want to deal with a property that will most likely appraise for less than $25,000. Any suggestions or advice would be greatly appreciated.

Hello this is my first post to BP after lurking for a long time. I have just closed on my first flip as of today. I am looking to reinvest the funds into rental properties. I currently have 2 separate properties in mind and hope to get them both. The first being a duplex. The seller states each unit is currently rented for $495 per month. I am looking to purchase this property in cash. The second property is a sf residence and the seller has stated he will consider a contract for deed. All of my business will be conducted through and LLC. I have a few questions and would appreciate any advice.

-Should I verify the duplex tenants are paying their rent and how should I do this?

-What will need to be done if purchasing the duplex with tenants who have a lease with the current owner?

-What type of insurance do I need? Can I get one policy to cover all of my business dealings or do I need separate policies for each property? 

-Can I rent out a property that I purchase on contract for deed?

-How should I collect my rents?

I am sure I have other questions that are not immediately coming to mind but any advice would be greatly appreciated!