All Forum Posts by: Devin Janke

Just closed on my first investment property and I got an investment property loan and put 20% on the house. I am now looking at getting a second property and having a hard time figuring out financing for a second place. I currently rent a trailer park but would like to buy my next investment property as a primary residence or secondary residence if possible. From my understanding it would be illegal to buy it as a primary residence if I don't plan on living there the next year but I am not sure about the secondary residence. I am also going to be transferring my investment property to an LLC I created but was told I won't be able to use any of the income I generate from this property to help me get a second loan until I file for taxes next year and can show an income. I am not going to be paying myself from this LLC and want to keep all the money in it to help me buy more properties. Any insight would be greatly appreciated!

@Will Fraser thank you, I really appreciate the response! So I found out today that the people who’ve owned it have owned it since 1973 and I believe it’s been a rental property majority of that time so I’m assuming they’re getting older and trying to get out of the game. The inside of the house looked just as good as the pictures which was relieving. One tenants lease goes until 3/30/2021 and the other until 10/10/2021 so I won’t have to worry about vacancy for a bit. My three issues with the house are, one the roof needs to be replaced (it’s 15-20 years old and has moss growing all over it), second issue is the eaves troughs are overflowing with leaves and stuff (if this has been a standard practice over the 50 years they owned it this is a bit of a concern with water likely running right down to the foundation of an already old house, the third issue is the tax assessed value is 37k so if I buy it for 160k won’t the tax assessed value go to around 80k meaning my tax is going to double roughly?

Hello, this is my first post on biggerpockets but have been following the podcast closely and reading many of the books suggested on here. I still have a ton to learn but I've made up my mind on jumping in head first and buying a duplex. I found one in my local market that I am interested in and going to check out tomorrow. I've been pre-approved for a 170k loan at 2.75%. The duplex I am looking at has been on the market for almost a month and listed at 165k. Depending on how the inspection and everything goes I will probably offer less as anything that's fairly priced in this market right now is selling within a day or two. Background on the house... has forced heat, no central air, built in 1920s, recently renovated in 2010, two current long term tenants paying $825 a month + utilities each. I used this rental property calculator with very very conservative numbers to determine if this might be worth it, which it seems to be. Tomorrow I plan on calling local property managers and asking about local vacancy rates. I have a long list of questions to ask the sellers and I am wondering if its appropriate to email them a list? Like when it was updated last and what was updated? Roof, windows, electrical, plumbing? Why are they looking to sell the property? When current leases expire? And then have them sign/fill out an estoppel agreement.... Going to use this post to document my process! Feel free to give thoughts/advice.