All Forum Posts by: Jerrad Dumont

I tried to find a way around keeping my down payment as a buffer with hopes to put in on my loan at a later date.  I really didn't find any way around it except purchasing on a land contract.  I like land contracts because they don't affect your credit at all and you can purchase multiple properties with them.  However, you have to find someone that will give you a good interest rate.  Other than that, i don't have an answer for you.  

Watertown area is a great area.  :)  

Hello Everyone,  I was in the process of buying a selling a house so i purchased a property on a land contract to save my financial situation incase i wanted to expand the house that i am selling.  I will be purchasing the house in a year or two on my own.   My questions is am i able to claim a land contracted home on my taxes? 

The money for the purchase i was going to take and put into my apartment house or use as a bigger buffer for my apartment house.  Just incase something happens.  1200 is a reasonable amount!!  I am usually afraid i am going to miss something.  I just didn't know if that was a good price or not.  You know, collecting 250 on a 100,000 dollar home.  I don't have much equity in it.  I owe about 103 and it is worth 118.  I think i could sell if for about 116 but after i pay my realtor i would make about 6-7 thousand.

I am moving out of my house and into a bigger one in the same town.  I was going to put my house up for sale but then i was thinking about renting it.  Wasn't really sure what to do based on what i think i can get for my house.  Bought it for a little over 100,000 so my taxes and insurance included in the loan are about 900 per month.  If i rent the house for 1200 with nothing included except for water/sewer then i would be bringing in about 250 per month.  Is that good?  Should i be happy with that? 

Hello Everyone,

How am i supposed to tell if something is a good deal?  What numbers are your rule of thumb?  I am able to add up all the bills to figure out what i would have to pay each month, as well as see what i will need to bring in each month.  Realistically I am curious on how much profit each month is enough profit?  Do you do your numbers based on a 30 year mortgage or on a ten year mortgage.  

Right now i currently own a single family home with 5 bedrooms, rent to college kids at 2000 per semester.  Bring in about 23000 per year, but i did a ten year mortgage instead of a 30 because i wanted to get it paid off and start rolling.  only had it for about 4 months and haven't made it through a whole school year yet but it seems to be going well.  Not any extra income yet but it is really paying for itself which makes me happy but isn't generating anything to purchase anything new.  

Any thoughts on these?

Thank you so much everyone for the advice..  

I think the most important thing is that I want to keep my name out of it as much as possible.  Would rather people think that i am the manager and not the owner.  Any way around this?   

Only thing shying me away was that i told the students that i managed the property.  I told them this because i work at the college and didn't really want any problems with students and me renting.  Thought it might be best for me to keep it out of my name incase something happened?   

I have the renters insurance and everything like that so i am not worried about the home.

Hello, Was hoping for some advice. I just purchased a house near a college. I have some students that are going to come and sign contracts for the house. Should i put my house into an LLC or just do everything through me personally? Also, is their a way that i can have them sign a 2 semester lease without putting my name on the lease? I was thinking that having an LLC would help this?

Any information would really help.  

Thanks.  JD