All Forum Posts by: John D.

@Matt Devincenzo
Thank you for providing a professional response.
JD

@Bryan... Not at all... someone had told me that and found it to be rather odd. I did not believe him so I wanted to find out if he was a reliable source.
Thanks for your constructive response.

In the Boston area here... I thought I heard that you can ask for dates of birth but not age... is this loophole true?

Thanks JD

I just went to his website (which is still up so that is a good sign) and told him to come update us!
http://www.davebuysdfw.com/We_buy_ugly_houses_2_2.html

Tks JD

@ James H. Sorry meant to say first and foremost CONGRATS to you!

Question to the group.. I bought "Landlording on Autopilot " and have only just started reading but he makes it sound like buying rentals is like putting a nickle in a jar.... Maybe someone else has read this cover to cover and can tell me how a guy working a normal 9-5 job can buy 50+ rentals a year like it's no big deal....
Thoughts?
Tks JD

Thanks for the offer Jimmy.
Here is my question....
I own a two family as a rental property and a single family that I live in... (it was a two family but have converted it too a single to fit my family)... My personal home has maybe 30k in equity.. my rental has 120k in equity... I wanted to use the equity in the two family rental to buy another property... maybe a flip maybe another rental... In speaking with the bank they will not lend me money on the equity of the rental.. only on my personal home. I have an LLC that I was going to transfer the two family into but the bank will not lend me money commercially because my LLC is less than 2 years old... Needless to say I'm VERY FRUSTRATED with this type of information... I am born and raised in my town 43 years old I'm not going anywhere... what do I have to do to try to use the large amount of equity in that two family so I can move forward with my investments??

Thanks! JD

I own a two family property that I have done all the rehab work on as well as I do all the property management ...fixing everything, lawn care, snow removal (bought a plow truck just for this property).... My wife also owns a condo we rent out that I do all the work on that is inside the unit but have a PM company for the rest of the building.
I am waiting to transfer the title of the property to the LLC I had created.

What if any are the advantages for me to create a PM company of my own for reimbursing me for my time and over head in working on both places AND if I take on any other customers for snow removal or handy man work?

My background and employment is in construction and healthcare so I know ZERO about finance / small business so I'm left to try to make some clarity of the zillions of opinions of people who give advice... BP seems to have a myriad of VERY knowledgeable members on every facet of the business so I'm very appreciative of your advice and comments.

Last related question... my tax guy is a GURU when it comes to my personal stuff... should I be looking for a different guy for my business things even if I only have a single two family under one LLC or does it not matter since I'm the only owner of the LLC?

Thanks JD

@Wesley Williams Great question I am VERY interested in the group's response since when setting up trusts / wills ... my attorney recommended the LLC for protection of my personal home if one of my tenants in my soon to be purchased 2 family rental tried to bring suit. I finally closed on that property Friday and have heard the same thing as far as banks don't like to loan to LLC's so I had to get the property in my own name then transfer it... I know my homeowner's insurance will now increase as well since it will be a "commercial" plan. It sounds like I'm going to be paying through the nose for this "protection" ?

Thanks JD

After listening to a Podcast I learned of O-Desk... AWESOME! So now I'm looking for an 800 number and answering service provider.
Short money and has good customer services / call handling people who are easy to understand and have English as their primary language. I don't want to miss any calls but can't have my cell phone ringing all day long.

Thanks John