All Forum Posts by: Joe Chabala

I recently purchased a building that has the 1st floor as a retail space and the 2nd floor as (2) apartments.  In the rear of the building there is a detached 4 car garage.  The tenant that is renting the garage currently is interested in purchasing the garage.

How would I go about dividing the property in order to sell the tenant the garage?

The income from the garage is $150/month, the other units bring in $1800 total.  The proceeds from the sale of the garage will accelerate my timeline to purchase another apartment complex.  I will miss the $150 cash flow, but would much rather be able to add another property to my portfolio.

Hello All! I have been planning my attack to get started in real estate investing for some time. I am ready to just dive in and and get the ball rolling. My wife and I purchased our primary residence about 2 years ago for a bargain. I am wondering if I should refinance my primary residence to get my real estate business started? I can pull out about 15k from our primary residence and use that towards a duplex/triplex that would cash flow about $300/month. The mortgage on our primary residence would only go up about $50 and the term would increase by 2 years.

The details are not that important, I am just wondering if using my primary residence as leverage to purchase investment property is a good idea?

Thanks,

- Joe

Success in inevitable at this point.

Quick question, when creating an LLC, should I get a business address and phone line set up in the companies name or use my home phone line and address at first?

Hello BP community, I am a new'er RE-investor in Pittsburgh, PA. I have been interested in real estate investing for a few years. I finally took the plunge when my wife and I purchased our first home that has a rental apartment above the detached garage.

With our "first" deal done, I am eager to get more properties under my belt. I have gone through the new BP REI-Getting started guide a few times already. As I continue to move forward, I keep getting doubt and discouragement from family. I have taken the time to do my due diligence, follow my criteria relentlessly, set up legal entities to help protect my personal assets, and assembled a team of trustworthy professionals.

What am I missing to ease the doubts of my family?

I am experiencing the same issue. When submitting my return, I received notice that the IRS will be able to start processing returns that have RE depreciation and expenses early March. I found some information on the subject at irs.gov and also on the Turbotax help website.

Yes please!