All Forum Posts by: Emily Senior

Thanks all, looks like I'm going to a CPA!

Hi! My dad and I are looking to get into real estate investing together and are wondering what we need to do before we get started? Mostly we are trying to make sure we don't have to pay a lot of extra taxes that could be avoided if we set everything up correctly to begin with.

Is real estate income (from long term rentals) different than self-employment income? Do we need to set up an LLC and Scorp to do a W2 type salary? We'll talk to an accountant before starting anything, but just currently looking to figure out what direction to go in.

Thanks!

Oh, thanks Aaron I just saw your comment! In response to you and Johnathan I'll definitely go have a look again and see if I can get into the attic or the crawl space to look for knob and tube. I do know it's old fuses and not breakers but I'll have to check on the amps.

Thanks Caleb, might be a location based thing, I'll shop around

Thank you Andrew, I didn't think about not being able to get a mortgage that low, I'll have to check our local banks. We haven't done any plumbing inspection yet but believe me with a house that old if we go into due diligence we're checking EVERYTHING! :)

Hello, Bigger Pockets!

After listening to the podcast and reading books and blogs, my husband and I are looking for our first investment property. (Yay!) It will be a buy and hold rental and we're looking at small older homes in an area about half an hour from the city. (Reidsville, NC) We've found a 2 bed 1 bath house built in 1945 that's been kept in great condition with original hardwoods, cabinets, and cast iron tub. Unfortunately, all the electrical components are also original. Fuse box and all. Only one outlet in the house even has a place to plug in a ground. Is this something that would need to be updated right away? Or with a house so small would it be able to take the load? If anyone has any experience with old electric, any advice would be great!

Thankyou!

If you're interested in the numbers, we would make an offer at 50k and with that plus all the operating expenses (including property management) we could get $193 a month in cash flow, and about 15% cash on cash.