All Forum Posts by: Jacob Rivera

Hey Guys, I'm trying to figure out what I need to do or who I need to talk to help me get property under my S-corp? 

I am currently house-hacking 1 duplex currently & looking to buy a 2nd before the end of the year. The one I currently own was an FHA loan that I closed in January & I didn't have an LLC or anything established at the time but I created an S-Corp last month to begin to protect myself.

Looking to buy a 2nd duplex sooner but I'm unsure if I can buy it in my Business name yet or if I have to buy it under my own name for the banks purposes. 

I have the S-corp established with a bank acct & a credit line that I would use to help with any expenses if necessary but I don't know if I can pay for anything thru the business if it not owned by the business. I'm new to how this works only been a landlord since end of January. If anyone can provide some guidance would be much appreciated. Thank you

Thank you all for your input......Had another realtor run comps and the ARV is correct but I do now see that the numbers are way too tight. Yea my biggest concern is getting sunk on my very first deal. Thank you all

Hey Everyone,

I'm trying to flip my first house but I'm running into a serious dilemna & I could definitely use some advice to steer me in the right direction. I'm currently looking for a house to flip in the market I live in. I'm using a realtor who help me with my 1st rental property (she works with many others investors as well) and she lined up a wholesale from another investor who doesn't have the time to put into it. Current price is $113k , she was saying it should only need about $7k-$8k in rehab and she should be able to sell it for 150k, which is on pa for comps in the area.

However, my contractor (who's a close friend but is a legit contractor) went to take a look at it with me & believes the rehab is gonna be closer to $12k-15k and doesn't believe the realtor can sell it for what she's saying she can. He's been in construction for a longtime but mostly doing commercial & some residential work. So I'm not sure if all the repair is absolutely necessary to sell the house.

I'm stuck between a rock & a hard place because I trust them both in their knowledge & abilities. My realtor is adamant the house doesn't need that much repair & that she can sell it at that price point. My friend (contractor) thinks I'm a fool if I think this is a good deal. But my contractor doesn't know what it takes to sell a house & my realtor isn't a contractor.

This is problematic for me because I'm still new to this & this flip could make me a good deal of money or be horrible depending on who's right. How have you guys dealt with these situations?? How did you come to your conclusions?? And what am I missing or not asking?? Thanks in advance!

@Matt Harris....Can't get much past you buddy lol...Thanks

@Sam Shueh.......I'm already looking for a plow guy & salt. That's the last thing I need 

@Jason V. ..........Thanks 

@Joel O'Leary......Thanks, looking forward to this being the 1st of many successful investments

@Mike Cumbie......Thanks Mike, I'll give the month to month some serious thought, just don't want a sudden vacancy. I guess I'm nervous about it just because I already have a vacancy to fill.

@Sam Shueh @Jason D.

Yes, the Mortgage payment is the total PITI ( Principle, Interest, Taxes, and Insurance)....The Principal & interest alone is $561.....I don't know the anticipated appreciation %......Who would know that info? My realtor, the Loan Officer, or someone else??

I figured I'd increase it no more than 775 for now, it is quite smaller & has no laundry or basement access. Plus I want to make sure I keep the current tenant so I only have 1 vacancy to fill instead of 2.

Hey Guys, I'm about to close on a Duplex which, will be the first Property I ever own.

Just wanted to share it with the community & get your thoughts on the deal

Purchase Price: 118,000

interest rate: 4.125

Estimated Mortgage Payment: $1,131

Smaller 2bed & 1bath= with a tenant $750/mo, currently a month to month lease but tenant wants to stay so I will have them sign a 1year lease.

Bigger 2bed & 2 full bath......currently empty (I did not want the previous tenant so they moved out before closing), was renting for $850 but I will likely increase it to $900-$950 which is on par for the area.

So I'm looking to have bring in 1600-1700/mo in rent.

New Roof & home is in good condition but who knows what the future holds

Property is in a Suburb that rents pretty easily due to proximity to lake, amusement park, and quality school district.

I feel good about the deal but I'm curious to get feedback & some advice, with the winter here & in full affect my 1st cost is going to be someone to plow but I'm excited about it overall. 

AWESOME!!!!!!!!!! That's the goal Buddy

@Cole Johnson Congratulations to you!!!!!!!! I'm in the same boat right now, saving & looking for a rental property in my area. Your story is really inspirational and keeps me positive & motivated for my 1st deal. Gonna start out with house hacking and plan to add more rentals & do some flips along the way. More power to you tho Cole, keep up the good work!!

Congrats man, hope to be doing something similar where I live in the next 12 months.....Keep killin it!!!