All Forum Posts by: Jeannette C

Thanks all!

Aware of and fine with the liability side. As a PA resident and investor, my accountant wanted a separate LLC for DE purchases, and I'm actually not sure why.

Is it just to make his life easier?  Or are there truly complicated tax concerns in DE?  

Are you using the same lender for this purchase as your other two mortgages?  If not, can you?  they may be more likely to work with you if you've demonstrated a good history.

I've been denied countless times for loans and mortgages!  Despite an 850 credit score too.  One bank said no on a $200/yr loss, despite large cash flow elsewhere, and our 14 year investing history.  They all have their specific criteria, which unfortunately, they don't disclose until you're in process, or maybe until you're denied. 

I can attest, being persistent is key.  I've had to have to climb my way to approval many times, by explaining certain debts, plans, etc.. I've also sat down with underwriters to explain our app/folio, which is especially more likely to happen if you already have a relationship with the bank. 

Your best rates will be traditional mortgages, if you can stay there. Commercial loans are to entities only, and have higher rates.  And there are lots of lending brokers who'd be happy to lend for higher rates and fees as well. 

Best of luck!

I'm an experienced investor from PA, but just starting in DE. I've opened another LLC for Delware purchases on the advice of my CPA. However, I wasnt quick enough for a deal I've just encountered, so I wont have the docs they want in time to use the LLC. I cant get ahold of my accountant before my Sunday sign deadline to ask him.

This will be a small flip. What's the problem with buying and selling in DE in my own name, while living in PA?  Is it just simpler for the accountant or is there more to it?  I work in DE, so I know DE filling is a hassle.

I've thought of this too, not deeply, but decided it's too risky to explore.  What if it doesn't sell in a year, then what?  What if the owner changes his/ her mind?  You'd have to be in a position to file a lien and wait for your investment back. Not my cup of tea. 

No carpet, anywhere!  It is just not built to last.  For any flooring, ask your local experts; I like to deal with a small, family owned flooring store, for the knowledge.  Flat flooring is easy, whatever the material; it's the stairs and transitions that make decisions the trickiest, and each product has its proc/cons. 

Also be careful about mixing hardwoods!  It should be the same specie and color if possible, which is very hard to do.  The color match should be first priority, in my opinion.  

Although there are times where carpet is needed, or truly is the best option, and in that case, go for durability before the lowest price; will look best in the long run and you'll be happy you don't have to change it between every tenant.  Berber is great.  Maybe even commercial.  

Hi Martin,  I'm a kitchen designer in DE and a real estate investor.  I'ts hard to tell from your pic, and I haven't read any more of this thread, but what bothers me most about your kitchen is the shine on the cabinets and the need to tie the beige floor in with the grey/white counters/tile ( I would have picked something a bit warmer to pull them together naturally).  

Assuming you're keeping the cabinets (and yes, your market client matters in that decision, what's your market, your rent expectation?), I think you can help the styling with some black accents and maybe a chunky shelf over the sink, and some cool hardware (even if it's not "needed").  I've posted pics of a similar theme I did in one of my rentals.  I made the shelves of lumber, have darker grout like you, and actually chose a similar cabinet color for durability AND believe it or not, wood is back!

I'm not a fan of painting cabinets, as the finish is not the same as a factory finish, and WILL wear easily. 

The sq foot is without basement; they are huge, deep homes on the block. I'm on the 5700 block. I messaged you.

I have two rentals at St Joes.  Both 4 BR, 1700 sq ft, finished basements, split AC on 1st floor and I provide window ACs to BRs.  New or updated ktichens, all HW floors, fresh paint, new lighting, alarm systems, etc..  I get $2750/month.  Can probably get more honestly.  A friend's 4 BR isn't as updated and she gets $2400.  What block are you on?  it matters.