All Forum Posts by: Jeremy Lee

I have another landlord who contacted me to do a landlord reference. They initially sent the reference form to the wrong email and not to me. I eventually got the form but noticed the tenants personal info is on it including social security, drivers license number, birthday, etc. So, it looks like they sent a bunch of personal info to a wrong email. Is there a general rule or issues with this? Seems like a clear cyber security issue. Thoughts? 

I've always thought that doing a deal with others would be neat, but I sometimes wonder how I can contribute vs what others can. SO.....

What value do YOU bring to your business or partnership and how did you come to that conclusion?

Investment Info:

Single-family residence buy & hold investment in Milwaukee.

Purchase price: $129,000
Cash invested: $21,000

The property came on the MLS. Within 2 hours, wrote an offer due to the location potential and value I thought I could add to it.

What made you interested in investing in this type of deal?

Location where I was targeting and "bigger" rehab project

How did you find this deal and how did you negotiate it?

MLS- Again I knew numbers that I wanted and what would make it work

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

Lot of rehab on interior of home. Brand new kitchen and bathrooms. Every room was rehabbed in some way.

What was the outcome?

Beautiful home that I would live in myself. Great rental pool as expected.

Lessons learned? Challenges?

Be better organized and have higher sense of urgency to c complete project. Learned a lot more carpentry as well.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Milwaukee.

Purchase price: $95,000
Cash invested: $16,463

Found through MLS

What made you interested in investing in this type of deal?

Good location, numbers made sense

How did you find this deal and how did you negotiate it?

MLS. I worked with agent, but knew what numbers I wanted.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Rehab areas that needed to. Take out carpet- refurbish floors. New bathrooms etc

What was the outcome?

I lived in lower unit until I bought a new place. Has been a good rental.

Lessons learned? Challenges?

Learned everything from working with contractors to knowing what comes with deals and the expenses associated with it.

@Eamonn McElroy what are advantages of investing through an llc then if any?

@Frank Patalano I would agree. I would keep personal residence under my name. Would it be case by case basis on if the mortgage and rental can be transferred into LLC name? Or do all mortgages have the due on sale clause?

@Bill Hampton why wouldn’t an LLC be able to open a trading account and invest through it? I want the LLC for the rentals for the protection and liability standpoint. I want to invest in futures and equities for deduction standpoint. To my knowledge, as an individual you can only deduct 3k in losses per year. As an LLC you would just deduct it as an expense, which could exceed the 3k.

Jimmy, Feel free to connect and reach out. I should be around!

I am starting to expand my portfolio in real estate, I currently have a primary residence, a duplex, and closing on a SFH rental soon. I also want to invest in equity and futures market as well. Does anyone have any experience where they bought properties individually and moved to an LLC? Or they have an LLC with real estate under it AND invest under the LLC name? I would like to hear about the pros and cons of this strategy and if it is the right time to do so.

Is this event still happening?