All Forum Posts by: Jennifer Smith

WOW Tyler, you're dedicated :) I never considered converting a detached garage. About how much does that cost? Per the townhouse, our mortgage (including property taxes and HOA) would be between 2100-2400 per month. We would be living there for a few years and then move on to investing in another property.

My boyfriend and I are planning on getting married in the next year and a half and have expressed a strong desire to invest in real estate together AFTER we get married. We are currently both independently working on saving the 20% needed for a down payment. We desire to invest in the Rancho Cucamonga/ Upland area( southern California Inland Empire). We originally were looking to invest duplex/Triplex, but after doing research using the MLS it appears that there are VERY few duplexes/triplexes available in this market. As a result we are now considering purchasing townhouses in the Rancho Cucamonga area instead. Rent for a 3 bedroom 2 bath townhouse is about $2450 per month (HOA fees range from 300-low 400 per month depending on the complex). Rent for a duplex 1/1 and 2/1 is about 1100 and 1300 ( combined rent $2400) . Additionally, there are many newer townhouse developments in the city of Rancho .

Taking this market into consideration would you invest in townhouses,multi family units (duplexes/triplexes),or other?

We appreciate any advice you can give :)

Jennifer and Michael

My boyfriend and I are planning on getting married in the next year and a half and have expressed a strong desire to invest in real estate together AFTER we get married. We are currently both independently working on saving the 20% needed for a down payment. We desire to invest in the Rancho Cucamonga/ Upland area. We originally were looking to invest duplex/Triplex, but after doing research using the MLS it appears that there are VERY few duplexes/triplexes available in this market. As a result we are now considering purchasing townhouses in the Rancho Cucamonga area instead. Rent for a 3 bedroom 2 bath townhouse is about $2450 per month (HOA fees range from 300-low 400 per month depending on the complex). Rent for a duplex 1/1 and 2/1 is about 1100 and 1300 ( combined rent $2400) . Additionally, there are many newer townhouse developments in the city of Rancho .

Taking this market into consideration would you invest in townhouses,multi family units (duplexes/triplexes),or other?

We appreciate any advice you can give :) 

Jennifer and Michael

Thank you all for your insight on this. I especially like the idea (@Tyler) of creating a trust. I will take all these ideas to my family and then at some point may contact Tyler for assistance with this in the future! 

This helps so much :) 

My mom passed away tragically and unexpectedly in April 2017. She has a home in Riverside, CA worth approx 510k and approx 330k is still owed on the mortgage. My 2 Brothers have been living there since she passed away, but one of my brothers will be moving out in the next 1.5 years and getting married. Once this happens, the remaining brother will be unable to stay in the property since expenses are too high.

We have considered renting out the property (we could rent it out for about 2,400 per month and this would cover mortgage, hoa, property tax, insurance with about 300 left per month to put in reserves). Unfortunately, the house needs about 10-15k worth of repairs to get it to rental condition. We don'./t have this money (although we could find away to collectively come up with it) and even if we did, we are concerned that this property would turn into a money pit for the next 27 years ( term left on the note).

Another option that we have considered is selling the house and using the equity to put a large down payment on a property so that my brother and his family could live there ,afford the mortgage, and eventually own the home in 30 yrs. The problem with this option is that my brother would not qualify for a mortgage and would need a cosigner or I (or another sibling) would have to purchase the home in our name and then put the title in his name after the note is paid. Im not very comfortable with this idea because I already have a property in my name and will be getting married in the next year and a half and plan on purchasing other rental properties with my future husband.

Is there a way to purchase a property in an LLC so it doesnt personally affect my credit? Or do you all have any creative solutions for us based on our needs?

Thanks in Advance...please know I am looking for advice not simply an invitation to speak with you Also i'd like to stress that my younger brothers and I are are willing to forfeit our share of the profit so that our older brother and his family have an affordable place to live.

My mom passed away  tragically and unexpectedly in April 2017. She has a home in Riverside, CA worth approx 510k and  approx 330k is still owed on the mortgage. My 2 Brothers have been living there since she passed away, but one of my brothers will be moving out in the next 1.5 years and getting married. Once this happens, the remaining brother will be unable to stay in the property since expenses are too high. 

We have considered renting out the property (we could rent it out for about 2,400 per month and this would cover mortgage, hoa, property tax, insurance with about 300 left per month to put in reserves). Unfortunately, the house needs about 10-15k  worth of repairs  to get it to rental condition. We don'./t have this money (although we could find away to collectively come up with it)   and even if we did, we are concerned that this property would turn into a money pit for the next 27 years ( term left on the note). 

Another option that we have considered is selling the house and using the equity to put a large down payment  on a property so that my brother and his family could live there ,afford the mortgage, and eventually own the home in 30 yrs.  The problem with this option is that my brother would not qualify for a mortgage and would need a cosigner or I (or another sibling) would have to purchase the home in our name and then put the title in his name after the note is paid.   Im not very comfortable with this idea   because I already have a property in my name and will be getting married in the next year and a half and plan on purchasing other rental properties with my future husband. 

Is there a way to purchase a property in an LLC so it doesnt personally affect my credit? Or do you all have any creative solutions for us based on our needs?

Thanks in Advance...please know I am looking for advice not simply an invitation to speak with you privately

 Hi @Nick Feliciano  thanks for the reference!

Hi @ Sharad M. 

What's your price point for your properties in  Indiana? Im looking to use financing. I'm planning on using equity from my home as a down payment. 15K -20K pulled out is all Im comfortable with doing at this point. 

@Pat thanks so much for the insight on putting snow removal in the lease as the tenant's responsibility.  Also glad to hear that Riverwest has new business moving into the area. How do I find accurate rent information and the other data needed to plug into the bigger pockets calculator (currently using redfin for rent and tax information).

How much do you think I should have in reserves when getting started?

Thanks!

@Nathan Schoenborn Thanks Nathan. How long has Ed  been managing properties  for you and what sets him apart from others? Also is Milwaukee considered landlord or tenant friendly?

Thanks for the references !

Thanks for your information. I'll look at your site and PM you :)