All Forum Posts by: Joe Minteer

I have a couple properties in the area and I use Coast Reliable Insurance. Stephanie has always been a great asset to have.  Though insurance is crazy there, and I also had Goosehead, which also shot up to $3600 for a $85k property.  I already had a property that was insured with CRI, so they added the new property to the current policy, which saved over $500 a year in costs.  Give them a call and see if they can help you out too. 

Though many suggest to wait till it breaks, I just waited about 2 months to get mine installed.  I ordered a 2 stage system, which is more efficient and might have caused the delay in installation since they had to order it.  With something that old, I would of asked if they have any maintenance records or calls on it.  It's a slippery slope until it dies and you need to get it replaced.  Definitely would look into companies that can size it and give you an estimate on installation.  That might change your mind on getting it done before it dies.  

Austin, Cool.  My wife and I started a few years ago, so welcome and good luck. 

I'm a little late to the party, but if this is your first, just grab Excel for tracking & Zillow.com for rent collection.  Once you get into a large number of doors (10+), I'd look into software.  

I have 5 and growing, and still don't have the need.  I think once you do it full time as your primary source of income, then it probably would be advisable to upgrade and get some software. 

I used eforms.com for my operating agreement.  Pretty inexpensive and I use a a registered agent that's found in each state, and only is $49 a year.  Since you live in KY, the web url is KentuckyRegisteredAgent.com

Congrats on the investing started.  Nothing like drinking from a firehouse when it comes to owning real estate.  Sounds like you're going to be busy for the next few weeks before closing.

For insurance, you can always reach out to the big companies: Liberty Mutual, Allstate, etc for Land Lord insurance.  Just give any of them a call and you can get both places covered.  Best to have this done soon.  As for accounts, it's always best to have your rental income/bills separate from your personal stuff.  Since you'll have 2 places to deal with, an accounting software suite sounds like overkill.  I do one of my rentals with just some Excel and use Zillow Rental Manager to handle with collecting rents and advertising when it's available.  They have a great screening process so you know quite a bit when it comes down to finding decent tenants.

You have a huge amount of help from BP, local REI folks and you've already gone through it with the purchase of your first house, so this isn't your first rodeo. Once you get into it and work more with getting new properties, this all gets easier.

Best of luck on your investments.

I worked with @Brandon Beardt on my first rehab and rent loan. Got a loan for rehab and he has contacts for loans where you can use the rental income to qualify. It's your basic DSCR loan. I'm sure he can help.

Calling doesn't hurt either.  I was talking to a property manager, and he gave me a local bank to work with.  I originally sent an email, but got no response, so I called.  Very nice talk and easy, and now I have another contact made.  Banks don't usually advertise that they work with investors that are looking to refinance short term loans, so it's best to talk to other investors that have had loans through the local banks.

Potentially genreating losses on the new rentals acquired (if it was during the same year) can reduce your gain on the sale. 

I actually did a refinance a few years ago, with cash out and started purchasing the investment properties  2 years ago.  Then I sold it just last summer, taking that money and purchased one more home.  Three homes in total, along with some land.

Is capital gains figured on the original purchase price or on the refinanced price?

So I finally sold a home and made a considerable amount of money.  I took the money, though not all of it, and bought a number of new properties.  How do you go about handing taxes with this type of situation?  What kind of tax expert should I search out?  

Thanks.