All Forum Posts by: Account Closed

@Brady Speers Sent you a message. 

@Brady Speers 

Same question as Peter. 

"Yeah, yeah, but your scientists were so preoccupied with whether or not they could that they didn't stop to think if they should."

I am questioning whether or not I should use my ability to finance up to 10 properties per FNMA guidelines just because I can. Just because I would have tenants covering these mortgages doesn't mean I wouldn't have a harder time getting conventional financing later on with all the depreciation, etc.

What are your thoughts on my strategy here?

I am considering doing everything through a Portfolio Lender under an LLC to keep even my first 10 properties off my personal name.

Do have the right line of thinking here? Is it silly to do so? I am thinking from the mindset of a Lender. I don't want my business investments to interfere with my personal business and further complicate everything I do.

I realize that in doing so, I am sacrificing some in the rate but it seems worth it in the long run.

Did anyone execute this strategy starting out?

With regard to the insurance side of things, I would recommend setting up a relationship with a solid broker. They can shop multiple insurers, and run price modeling on whatever you are looking to do to find a good fit.

Having someone that is knowledgeable in the area that you can bounce questions off of helps a ton.

Personally, I do business with Goosehead Insurance. The agent I use for the time being hasn't failed me yet.

@Michael Ramos

I keep seeing this pop up in my news feed from various sources. Going to make the time to watch this soon!

I would just start a relationship with a great broker.

Personally, I use Goosehead Insurance. Not sure if they are located in your state.

I think you need to set the tone since you are the new owner. It needs to be clear to the tenant what kind of land lord you are going to be.

Withholding information like that doesn't look good and I think you need to just lay your cards on the table.

I would be firm, but fair and ask the tenant to get current immediately.

Hope that helps.. just my .02

I'm not a land lord and have no experience in this area. 

Often you'll find them in Big Box stores shopping for material. My wife found our contractor in Lowes. He did a great job, she asked to see pictures of the job he was working on at the time, and past jobs. 

Before you engage them in the work, I would ask what their current obligations are.. if they are too tied up with another property and you are going to fall by the way side, you will regret it.

Contractors are going to say YES to money regardless if your timeline fits theirs. Something I have learned..

Keeping in mind of course a busy contractor usually means a good contractor! If they have happy paying clients, that's a good thing! Our guy wrapped up the job he was on, and then was pretty much full time on our property until completion.

(I'm clearly not a Landlord and have no experience in such matters)

I would ask her if she could clarify her timeline better on the divorce before agreeing to something. To me, it sounds like it is too soon to agree to such a thing. I would wait until March before even considering that possibility and check to see where she is at with the divorce then.