All Forum Posts by: Jeff Robert

I guess I've never seen an official 'press release', by 'announced', I meant that I've heard it from shoppers on forums, the occasional cashier, etc.   I remember alot of chatter about it back in probably 2012-13 when Lowes was providing those coupons in the 'change address' packets at the post office that you could grab by the handful.  Things seem to have died down lately, so hopefully, this new press push isn't a corporate-wide movement.

Rentometer is a very nice source (assuming there are enough samples in your area).  Additionally, cull the rental rate data from rentals.com, zillow, or even craigslist to put together your own dataset to analyze what's trending in your area.  I wouldnt get hung up on an exact amount, $50 here or there is going to get burned in other ways when you're worrying about seeking out an exact average.  Focus on the number of bedrooms and making sure your place is the best in the area.

This of course, is not legal advice, just an example of how i've run things. I dealt with this for years, and its frustrating. The only true, legal and private option is to pursue LLC insurance and LLC financing, which, as you say, is difficult and more expensive. A cheaper and mostly valid way to get around it is to buy, finance, and insure it in your name. Then quitclaim it into an LLC. The bank could have a due-on-sale clause, but they will never notice your quitclaim. As far as insurance, I've never had a problem insuring the home in my own name, and then just leaning on my LLC's umbrella policy (which you also should have), if it comes to that.

As long as we're on the topic of LLC's, one other caveat is if you ever go to court. The judge (in Michigan anyway), will not allow you to represent your LLC, even on simple landlord-tenant issues. You need to hire an attorney, or file the evictions/summons as yourself, which kind of defeats the purpose of an LLC in many ways.

So if you want true LLC protection and privacy, you need to pay all the way, LLC financing, LLC insurance, registered agent, and attorney representation. If you want the impression of protection (which is a worthwhile option), just quitclaim the property into the LLC once everything is setup. Again, this is not legal advice, just an example of how i've run things.

I've used TurboTax for 18 years, as i like the control. Just know that it's not as simple as using their basic package. You'll need the Premier personal software (~$60), as well as the Business (assuming you are an LLC) software (~$120) to file the K-1 and partnership returns. You'll also need the state version of both in most cases. So, if you are thinking of TT just as a way to save money, the CPA is probably a better route. If you like the control aspect, TT is a great option, especially if you are using QB for the day-to-day stuff.

Welcome Nate!  As a beginner, i'd stay away from Class D (or as you so honestly put it 'the ghetto').  It's too much risk and uncertainty.  Try to find something in working lower middle class communities.

@Luke F. They've 'announced' that in the past, but I've always found that when the Home Depot manager/cashier sees $1000 worth of product sitting on your cart in one eye, and sees the Lowes parking lot across the street in their other eye, they give you 10% off.

Hi David, I may be interested.   PM me and we can discuss it further.

Hey @Sundiata Anadhani, glad to see you here.   I get down to Cincy quite often, very nice town, good luck with your venture.

I've heard of idiots doing this thinking that it would void their loan.  Putting that aside, they may have been changing the language of the deed, for instance tenants in common and changed to joint tenants with the right of survivorship.

I shop at Menards during their 11% rebate sales and for a more extensive array of materials that are in-stock.  Shop at home depot with the Lowes 10%  coupons (often already redeemed) that are available on ebay for $2-3 each.  Home Depot will match without blinking an eye.