All Forum Posts by: Eddie Lawal

BPers,

Can any Experienced investor connect me with a reliable contractor for a full rehab project in the Houston area? Please PM the info. Thank you in advance.

Congrats!! You took action! way to go!

Thanks all..Great feedbacks so far!

@Daniel Hyman I was hoping there is a way to offset my active income using passive losses and I think the answer is NOT POSSIBLE from response Steven Hamilton II above.

Hello BeePers!.... I am hoping to get some insights from the experienced folks on this platform. I have 2 burning questions concerning my real estate business and any feedback will be greatly appreciated.

Question 1: I have four rental properties and would like to know the best legal entity to hold and protect these investments?

Question 2: How can I offset passive losses from real estate with ordinary income when my ordinary income is above 150K?

Thanks all for your inputs/thoughts. Looks like buying one (cheaper) and save the rest of my cash for future purchases is the way to go. Thanks again!

Hello Fellow BPs...I need your advice!

I am looking to buy 2 condos in a "not so good" area mainly for cash flow. Rents are $1000/month. Condos cost 63K and 57K respectively. HOA + taxes is $364/month each and both are currently rented. I can afford to pay cash for both but was wondering if this is a good idea as compared to financing from a lender. Your inputs are much appreciated!

@Jassem A. Thanks. if it rents for 1,800/mo by chance. Would you do it? Moreso, can you please explain "887 + 75 + 425 + 167 + 42 = 1596/mo PITIA"

More Info: 

Interest Rate: 4.7%

Type: SFR

Hello BP, I am failrly new to REI and was hoping I can get your opinion on a buy and hold property I was looking at around my area of residence.

Property is on a Short Sale for 170K and ARV value is around 190K. The house just needs minor comestic repairs like repainting most of the interior. I intend to rent this property and rents around there is 1500/mo. -1700/mo. max. Here are the numbers

Purchase price : $170,000

DownPayment : 20% conv. loan

Mortgage: 30 Yrs

Vacancy: 8% (will vary)

Closing cost: $9,851 (closing + prepaid reserves + discount borrower paid)

Rents: $1,600 ( most likely)

Property Taxes: $5,100 Annual

Insurance : $900 (Annual)

Maintanance $ Repairs : $ 2,000 (est. cost of repainting)

$500 ( More like HOA dues/yr)

I will greatly appreciate your valued opinions on whether its worth buying or what exit strategy to use. 

"It just so happened the home was really 1,333 sqft and the listing agent copied the sqft from a previous, old listing. Bingo! I now had a competitive advantage over any other offer". 

Great job!.. How is measuring the right square footage a competitive advantage?