All Forum Posts by: Festus Emore

@William Powell thanks for the response! this is helpful. So for now it seems I need to make sure I have good insurance coverage to protect myself if I have to lay hands on one of my tenants lol.

Hello investers!

I just closed on my first multi unit apartment in Chicago, IL. Its a FHA mortgage and I will live in one and rent out the other two units. Im looking for help on Whats my options olfor business entities or is it not needed at this time? I would like to make sure my family and I are protected and it works out the best for taxes as well.

Thanks in advance!

@Richard Bechtol

Richard,

Thank you for your response,

I am being given the property by a living relative and she’s transferring the ownership via Florida Quitclaim deed form. So to make sure I understand, I will need to find a way to offset the capital gains because she’s still living?

@Dave Foster

Dave Foster,

Thank you for your response,

When you say how the gift was structured, please elaborate on this if you do not mind? I do not own the property as of now but by the end of this month it should be mine, just got the news from the relative and soon we will file a Florida Quitclaim deed form to transfer ownership. As for the LLC it is a partnership, so not sure if that changes things.

@David Van Singel

David Van Singel,

Thanks for the response, as to a loan I will not need one since the property is being gifted to me. Thank you for reaching out to your circle to help me out as well.

@Todd Rasmussen

Todd,

Thanks for the response, I currently already have an LLC in place since the end of last year. I do understand what you mean though as to the simplicity.

Hello all,

I have an old single-family property built in 1960 being given to me from my elder relatives. I plan on selling the property so I can take the profits and reinvest it into something better. Knowing that I would like to purchase future properties under my LLC and I'm just starting out, should I have this property placed in the LLC name and then sell from it or should I have the property placed in my name and sell it that way? I am not sure if there's benefits or pitfalls by doing it one way or the other.

We are looking to purchase a property in Melbourne, FL. It is a 900 SQ FT home built in the 1960s and sits across from a cemetery. The home is in bad condition and has not been lived in for several years. We've been going back and forth trying to decide if we should renovate or rebuild. The property is being sold for 29K but we are worried with cost of renovation or new construction we will not have enough upside to profit. We are extremely new at this and feel like we are hitting a wall and feel like we need some guidance. We would like to use this as a long term rental but flexible to short term. Any words of wisdom or guidance would be greatly appreciated.

Hi Jonathan,

It has not been lived in for 2 years because she's elderly and do not want to have to drive 2 hours to check on it or manage it anymore. The house was paid for but there was a loan taken out on it awhile ago and there's 30K left on it to payoff. There's other investors in the area offering to take it off her hands to pay off the loan and give her a profit on it but she would rather keep it in the family if possible. 

This is where we come in! We rather take it as our first investment property instead of going out and looking for something else at the moment.

Hello Everyone,

I’m a newbie to real estate and looking for advice.

My aunt is selling me her childhood home she grew up in for dirt cheap. The Three bed one bath has not been lived in for a couple of years and has a lot of work to be done on it. Before agreeing to purchase the property I was curious what things do I need to do first if I’d like to fix the property up and use it as a rental property?