All Forum Posts by: Josip Galic

thanks everyone for the advise!

I am about to close on my second income property in about a week or so. the first IP that i have is under my name; when is the right time to open an LLC and have all properties under it??

What advantages are there to having an LLC and also keeping the properties under my name?

Has anyone done any crowd funding to get a deal done? if so, what did you think of that strategy, what are the positives and negatives?

what percentage of the appraisal does the lender give you for your credit? Are you allowed to combined HELOC and a conventional loan? For instance, you the HELOC for the down payment and the loan for the remainder of the balance

What have your experiences been like with Home Equity Loans? Positive and negatives; what caused you to use them versus other forms of credit?

When applying for a loan, when can you add your rental property income into the equation? I have heard that you have to wait a full year before a lender will accept it. Can anybody confirm or deny? Also, if it is a full year, what would happen if that tenant would move after that year? Would you have to wait another year after that?

Im not sure if you've used Craigslist yet, but if I was in the market of renting a house that would be the first place Id check out.

Also, I would lower the rent and allow  tenants to sign a 6 month lease. Hopefully for you, the tenants will move out in the summer time and you can raise the rents and find new tenants to move in during ideal moving season. If you keep the rent at what it is now and only allow 12 months leases I have a feeling that youll be in the same situation next  year

sounds like a good property with great returns!

since the rents are below market, are you raising the prices sometime soon or are the tenants locked into a long term lease?

my advise is to go with the 20% route. with that being said, dont pull the trigger on buying a house until you have 25% saved.the extra 5% will come in handy for cosmetic upgrades that are inevitable and also for unexpected repairs/upgrades.

 I bought my first property this past summer and went with the 20% down payment which wiped out my whole savings. as luck would have it, my water heater broke down 2 weeks after purchasing the home and i had to borrow money from my brother. in addition, to paint the whole house, add blinds, new locks, new windows was a lot more then I planned for. Luckily my management company found tenants immediately after they put the house for rent so I made more then enough money to break even after a few months

 I haven't run across seller financing or subject to deals. Can you clarify?