All Forum Posts by: Grace P.

I know this question is best suited for a lawyer or tax professional but I just want to get general consensus.  

My husband and I own a primary home and 7 rentals/investment properties. Some have mortgages on some of them in both of our names. We have a single-member LLC that is on a schedule E pass-through return. We are now wanting to have an amicable divorce. We are trying to figure out the best way to proceed. We are in Washington State a community property state. Is there a way we can change the LLC to a partnership and file a separate return for it and keep all of our properties and the mortgages as they are and just be partners? Or does anything with a mortgage have to be refinanced to remove one of us from the loan and then the properties have to be divided up or sold?

I know this is an old thread but I am interested in branching out in to this market and would like to get on any deal lists you all have.

Thanks

I am also interested in Clarksville and would like to know the good areas and bad areas.  Any info is appreciated. Thanks

I completely agree! I was all set to start investing in Texas mostly right outside the DFW area but then I found out how high the property taxes are.  I still really think that area has been and will continue to be a great market but I don't want to pay so much in taxes, and kill cashflow. I am now thinking about lower property tax states. Maybe Tennessee? I might want to move to the  selected market as well. So it needs to be great place to live. 

Also considering Tennessee.  Looking to pick up some residential buy and hold. With possibility of moving their myself in the next year or two. We were really set on Dallas/Ft. Worth but after running numbers the property taxes are getting too high over there. So now we are considering other states. Tennessee seems to be making all the lists for cash flow and appreciation. 

Brian Simpson.  What areas do you think will cashflow and build equity for the future?  What do you think about Greenville or Denison?

Thanks

I know this is an old thread but I'd like to continue it. I am a Washington State investor thinking about investing in this area.  I really don't want to go over $100k until I build a solid team and know the market better.  Looks like the metro area anything under $100k is in a rough neighborhood or is practically a tear down.  I am considering out of town about an hour in the Greenville area or Sherman-Denison. I've seen lots of wholesalers posting properties for around $80k. Rents are about $800-1200. Depending on upgrades rehabs will be about $30k. Do you think they'll be room for growth and equity in these markets? 

My husband and I partnered twice with two different couples to do flips.  I would say make sure you communicate and structure your plan in advance.  I'd say we didn't have any bad experiences with our partnerships but in the end we spit because it's easier and less stressful to be on our own. And we were financially able to do so.  You need to consider many aspects of the partnership.  Who will do the work? How will you all make decisions? Who will do the bookkeeping? How will the expenses and profits be split.  What is your exit strategy if it doesn't work out?  If you have a falling out will it ruin your friendship?  It is difficult to go into business with friends and if you can afford to do it on your own you should. 

Thanks Ruth! I just joined the FB group.  I am somewhat inclined to stay in the deal because Anacortes is a desirable area.  During our prior recessions we didn't take a very big hit and made a big comeback. We do have a lot of folks moving up north from Seattle and Cali.  But it seems to early to tell and we don't know how bad COVID-19 will be. 

We are in contract on a SFR in Anacortes, WA. Original plan is to rehab and sell. It will need about $30-40k in rehab. Purchase price is $300k. ARV is $450-500k. We are getting concerned about how the Corona Virus will impact the market and if values will plummet. Do you think we should pull out and lose $3000 earnest money or ride it out and see what happens? We could rent it out if it doesn't sell. We are using HELOC tied to other rentals and primary to purchase it. Interest will be about $1500/Mo. We can swing it if it doesn't sell but it will be tight.