All Forum Posts by: Eddie Brady

Hey Joe. I know a Realtor in that area. Message me and I can refer you over to them!

I think you're about $450 a month over what you might get in rent.

Hi Josh. Did you use an agent for this deal? Some residential sales contracts specify steps that must be taken before legal action, such as mediation. It may be very hard to prove that the appraisal was the actual reason for the last deal to fall through and most states wouldn't require the last appraisal price to be disclosed to you. Appraisals are an opinion of price. One appraiser can differ from the next greatly. 

A different route to take would be to look at which comps were used in your report and if they were the most comparable to your subject property. If you find better comps that support a higher price, you could ask for them to be forwarded to the appraiser. This still doesn't guarantee the appraiser will change their opinion of price.

Listen to every BP podcast you can. Buy the Book On Rental Property Investing by Brandon Turner, and start building your team in that state (agent and lender first, then PM/Contractors etc). Keep it simple and just take action at first.

It might not be worth the potential issues to try and get him to leave early. Just don't renew the lease. Start marketing the room for rent now so that you have a new tenant in Sept. 

Once you make the first step, you'll be amazed at how quickly the fear goes away. Remember,  FEAR = False Events Appearing Real. 

Hey Jevon. Is this in Brooklyn, NY? MD?

Hey Bill. Personally, I created an LLC-S in the state I plan on investing it for a while. It's simpler that way. The reason is that if you were to create an LLC in PA, for example, you will still have to register that LLC in NC to do business there.

There are many differences between states when it comes to LLCs. Some are cheaper to form them, some more complicated, and some allow you to create Series LLCs which are beneficial as well. NC and PA do not allow Series LLCs. I'm not an attorney or CPA, but I recommend looking at forming it in the state you invest in as well. 

As for you and your wife being members of the LLC in partnership, you may want to discuss whether that is the best option for you after reading this: http://www.21stlawoffice.com/business-articles/married-with-llcs-when-one-or-both-spouses-are-llc-members/

Getting approved for your HELOC is not based on your DTI ratio. So if you're worried about that, use a mortgage for your first purchase and then the HELOC for the next. If you were to take out a HELOC first, it will reflect in your DTI ratio when you have debt on that line and could affect your next mortgage. 

I've never heard of this. I would think the name would have to be changed to HVLOC (Home Value Line of Credit). Is there a bank offering you this?