All Forum Posts by: Grant Thompson

Hello Will,

The 1% rule is just a general sniff test and not a hard make or break. That being said, don't forget the other expenses in addition to PITI, such as vacancy, maintenance, cap ex, property management (if you aren't self managing), potentially utilities, etc.

Congratulations Roy! The first one is always the hardest. If you self managing, I have heard good things about Zillow and Avail.

Matthew,

Make sure to run this by your lender before you make any moves. It is possible to get them to sign off on moving the title into the name of the LLC without triggering the due on sale clause.

Bob,

We always contract out the work for our BRRRRs and the numbers still work. @Benjamin Seibert is a great contact for these types of deals.

Hello Steven,

I know people who have taken both routes, personally I find it easiest to keep it all under an LLC at time of acquisition and not to worry about the hassle. Depending on loan size and lender, the rates can be pretty similar between commercial/hard money loans and conventional investment property loans.

Shelton,

It is hard to say without knowing what you would buy. I currently own several investment properties and still rent because the returns look more attractive to me. I look at a primary residency as a lifestyle choice, but that is my personal view.

Monk,

The best thing you can do as a college student is to learn and network. Find other investors to network with at local REIA meeting or through your personal network. The better the network the easier it will be to get started once you have the capital.

Kenneth,

Welcome to BP! I am also in the DMV area and invest in Hagerstown, MD. 

Les,

Welcome to the community! I invest in Cleveland OH as an OOS investor, feel free to reach out!

Matthew,

I recommend separate bank accounts per LLC (or other legal entity), but if everything is in your personal name or 1 legal entity then it is overkill. Separate accounts are beneficial is taxes will be filed per property which is only the case if you have them in different entities. Disclaimer: Not a CPA