All Forum Posts by: James G.

I thought leasing a vehicle (not buying) under the LLC is the best way to go. You can write off the payment, interest, taxes, mileage etc.....can someone confirm?

1 Vote

Originally posted by @Kevin Brenner:

Just taking a quick minute to follow up on this thread. Below is the electrical work completed:

1. Replaced old fuse box/glass fuses with modern breaker box

2. Installed GFCI/AFCI outlets where required/applicable

3. Installed all bathroom/living room/kitchen light fixtures

4. Wired additional living room light fixture

5. Installed NEC required disconnect on exterior of building near meters

6. Installed new hardwired smoke/CO2 detectors IAW NEC

Labor: $1935.00

Materials: $241.00

Total: $2176.00

This job ran me a little more than I wanted to spend but the outcome was totally worth it. We pulled the permits and did this the right way. No problems passing the inspection. I saved about $800 by ordering the materials myself (most of which I ordered off of Amazon)!

I will be repeating this process with each unit until the entire building's electrical is updated. Thanks for all of the input!

great update. Just want to confirm with you...it was only $2k for a quad plex??

0 Votes

@Mehgan Moore

I bought a rental in ohio in December 2020 and we used DocuSign for as much as possible and then a mobile notary for anything that needed a wet signature.

1 Vote

@Leticia Otero

I'm in Maryland and bought my first duplex in Ohio in 2020. I went out of state for the cashflow.

2 Votes

@Yosef Lee

Awesome story man. How did you find your mentorship program. I wanted to get into commercial Multifamily as well but struggled and settled for a residential properties.

3 Votes

@Sarah McCluskey

To that point. Yes, if you buy and hold long enough of course it works out....but how long? Based on your repairs and cashflow what is your breakeven point? I bought mine for 85k and spent about 7.6k in repairs. It's going to take me over a year to break even. I'm okay with that. Yours will be exceedingly longer.

0 Votes

@Jennifer Donley

What screening requirements do you use? What would you say you had to change in your requirements to try and take the most precautions? I have 1 section 8 tenant who was there when I purchased the property and it's been a load off my mind knowing he's paying the mortgage while I search for another tenant. Definitely want to keep him.

0 Votes

@John Mayer

How did you find and vet your tenants?

0 Votes

@Thomas McTier

We're there closing costs and any initial repair costs?

0 Votes

@Jill F.

Who do you use? I called several in Ohio and couldn't get it down to 50/mo. Cheapest I found was around 75-80/mo

0 Votes

All Forum Posts by: James G.

James G. has started 5 posts and replied 68 times.

Post: Should I buy a vehicle under business LLC?

Post: Updating Electrical Wiring in MFH

Post: Signing a Promissory Note for out of state investment

Post: First rental property: DC, MD or VA?

Post: My first ever 44 Unit MF apartment closed in Dec. 2020

Post: Good cash flow, but after repairs, upside down.

Post: Section 8 - Pros & Cons

Post: Deal analysis gut check

Post: First Duplex Purchased - Cleveland Ohio

Post: Insurance is killing my rentals