All Forum Posts by: Jessie Niu

I read that for any contractors who did work exceeding $600, the investors need to send them 1099. I just bought my first rental end of last year and are still rehabbing it, hasn't rented it out yet. I don't have a LLC and only do this on the side, do I still need to issue 1099? I asked couple of investors and they said "No". I will ask my CPA, but he is not a RE CPA, still waiting for his response. Does it vary on different states?

Thank you!!

I am looking for a duplex at Columbus Ohio that's suitable for owner occupied. I prefer north- east area but not limited to as long as the area is decent enough for me & my daughter to live, and able to create good cash flows. The price range can be up to $180k.

I am looking for a duplex at Columbus OH that's suitable for owner occupied. I prefer north-east area but not limited to as long as the area is decent enough for me to live at one side, and able to create good cash flows. The price range can be up to 180K. 

Wow, awesome year! Congrats! This is the year that I decided to take actions. Just bought my first rental duplex, a lot of rehab work! Any advice for newbie like me? :)

wow, thanks for sharing! you are very driven and hard working, very inspiring! Quitting my corporate America job is my goal too! 

Can I ask how/where you get insurance? They are so expensive for self-employed. Thanks!

Congrats! I just closed my first Duplex too couple of days ago!! I've been to COREE meeting for several months and quite like it. What area is your Duplex located at? 

 I decided to go for it! It's closing at the end of the month. I was told that $15k rehab cost is overestimated, should be no more than $10k since it's just a rental, no need to remodel the kitchen etc. 

It's very difficult to get a HELOC on investment properties, but banks are willing to give me a cash out ref after one year with 70-80% of appraised value.

I will update how the rehab go and how much I rent it for later :) 

Thanks!

 Wow, that's nice! It totally makes sense, that's something for a newbie like me need to work on to establish. Thanks again for your help! 

I see, thanks! That's something that I need to establish ! Sorry one more question, I was told that it needs one year to get the HELOC, is that the case or depends on the banks too? Thank you!

Thanks Kyle! I just checked with this lender who I worked with, he said they don't do HELOC on investment properties, so I wonder how I can "get most of my money out later for the next deal"? Thank you!