All Forum Posts by: Mark Spivey

I'm starting to shop for multifamily properties in the Phoenix area for my 1st purchase. I'm trying to figure out how to handle paying the bills etc. I don't want to mix my personal finances with my investments. I think I should open a second bank account, but I don't know if I should create a business entity and associate the bank account with that or just open it under my own name. I don't plan on placing the deed or mortgage in the business/entity name, but wonder if it would be wise to pay all bills under that name. Thanks in advance for any advice!

Originally posted by @Kathleen Leary:

Recessed can lights are very popular now & they will be a feature for many years to come, since so many people have installed them. You might consider putting can lights in the back & a couple of more trendy pendant lights over the island. When it comes time to move, you can easily update them, if needed.  

Thanks for the advice... I don't really know the cost of installing cans, but since it will require rewiring, I expect it will probably cost ~$500 vs <$100 for pendant lights & using the existing wiring & touch up paint.

I was wondering about some sort of mixed solution too, though I'm still unsure if ROI will justify the increased in cost.

I just purchased a primary residence with the intention to rehab it & live in it for a few years before reselling. I thought it might also serve as a nice learning experience for me, since I intend to eventually do some rehabs in the future.

I'm facing a dilemma with my kitchen lights. Here is a photo...

Obviously the lights need to go.  I would love to put in recessed lights, but I don't want to go overboard.  Would it make more sense to just replace those with some pendant lights or something instead?  The closer row is directly over an island.

Thanks for any advice!

Originally posted by @Bob Lanzrath:

1) single family homes on Chandler, Phoenix area

Is this buy and hold? Fix/flip? fix & hold?

@Andrew LeBaron

There are SFH rentals in phoenix that meet 1% rule? I have only really seen multifamily over the 1% rule. What areas specifically?

Thanks

Thank you, I'll stop by their warehouse. I notice, they don't sell appliances. Any suggestions there?

I'll still welcome any additional suggestions & from anyone else that knows remodeling from the phx area.

I'm mostly focused on kitchen/bathroom redos.

EDIT: Wow, lot of responses before I submitted this... thanks everyone :D

Does anyone have some good stores/resources to pick up inexpensive appliances/ cabinets/tile etc in the phoenix area?

Thanks in advance

I have vastly improved the original spreadsheet and uploaded it here instead on the other site. Any questions, comments, or suggestions are greatly appreciated.

http://www.biggerpockets.com/files/user/karkas/file/buy-and-hold-evaluator

I tried a pretty much all of the other buy & hold deal analysis spreadsheets I could find. None of them really worked the way I wanted them to, so I created my own.

I’m posting it here in case anyone else finds it useful & to get opinions.

I’m relatively new to deal analysis so please point out any errors you find or bugs in the program.

https://www.box.com/s/hsrdpzjmj7j2ig7y4r7v

Thanks

BTW: You will need to have macros enabled to use the spreadsheet properly.

I just wanted to add a few points...

1) For those who were looking at the percentage of LLC's which were pierced does not tell you how effective they are. It is entirely dependent on your state's laws, entity structure, and adherence to corporate formalities.

2) I dont think anyone would suggest having an LLC instead of insurance. You should have both imo. Another problem with sole reliance on insurance companies is their frequent refusal to pay claims, then requiring you to deal with two lawsuits, one to defend yourself, then another to sue the ins co.

3) Corporate entities also provide additional tax sheltering benefits.

4) Provide vehicles for protecting & transferring wealth to family.

5) Provide protection of your investment assets from personal lawsuit (You are sued from an automobile accident).

6) Provide privacy (though not complete I must add).