All Forum Posts by: Kevin McElhaney

My fiancé and I are just starting out in REI. We have one rental property and are about to settle on another at the end of the month. We want to start an LLC for asset protection but after thinking about it, how do you plan for future expansion? I do not want to start an LLC named after the property and then eventually have more properties and multiple LLCs, that just sounds like a headache. How do I make things simple and only use one company to advertise and manage all of the properties and other LLCs? I am looking to do things the right way starting out, allowing room for expansion since we are only part-time investors right now. If things take off for us, there is a chance of going full-time.

Hello all! I have stumbled upon a piece of property here in Southern MD that has a 14x60' trailer with a 4500 sq. ft storage building attached to it. The lot has a recorded perc for a three bedroom house along with an existing system for 6 bedroom house. The health department made the owner put in such a big system for the storage building even though there is no plumbing in the building. My question is, are there any laws against or any permits required other than building permits to convert the 4500 sq ft. storage building into a couple of apartments? This would be an excellent way for me to get my foot into multi-family properties but  before I make a offer, I want to be sure that I can go forward with my plan.

Mindy,

I am a carpenter by trade and work for a GC in my area so I have the resources to do the work myself. Is there something you had in mind?  

My girlfriend and I have just purchased our first rental. It needs a HUGE rehab. We mainly bought the place for location, property, and the well. Looking forward to seeing how this goes and I hope to start making some cash flow!

My name is Kevin McElhaney. I am 22 years old and I am new to the real estate game and after buying my first rental property last week, I decided to start reading books on how to expand my portfolio, how to run a rental business, etc. I found this AMAZING community through Google and I have already learned a ton! I work full-time currently as a drafter for a government contractor on a local naval installation and I am dabbling with real estate on the side. I have a background in CAD and carpentry so property management will not be an issue for me. I find everyone's perspectives very interesting and look forward to finding new ways to increase my net worth, portfolio, and cash flow.  Please feel free to leave me any suggestions on what to read, seminars to attend, mentors to contact, etc.