All Forum Posts by: Kraig Krueger

Thank you for the responses!  I think I'm going to leave it as it is for now.  Its great reassurance to get feedback from experienced investors.

I am purchasing a 1970's SFH locally in Minnesota as a long term rental that has new siding, windows, roof, and a new kitchen, but has a Lennox furnace from 1999, and a window AC unit on the main level. Both are still in working condition. The main level is about 1100 square feet, and it has a 1,000 square foot un-finished basement.

I'm trying to decide if I should replace the furnace right away and add central air, or if I should just get a tenant in and replace it once there is a problem?  Most of the other "big ticket" items are new in the house. This will be our third single family rental.  I appreciate your thoughts!

Kraig

Thank you for all the responses.  It's great to learn from experienced people.

I'm renting out my second property, and have a qualified tenant that is ready to sign a lease.  They won't be moving in for a month.  Their lease will start in June.  I was planning to collect the security deposit when they sign the lease this week.  Should I also be collecting the first month's rent, or wait until just before they move in a month from now?  Thank you in advance!

Thank you for the responses!

I have a loan payment due on a recent rental property that I purchased, and would like to set up an ACH directly from the LLC bank account that I have it in to pay the payment. Will this risk the loan being called since I transferred the property from my name to the LLC's name? Should I just have the ACH pull from my personal bank account instead?

Thank you for the response.  I appreciate it!

I have a debt free rental that is showing a profit.  I would like to purchase more properties using leverage.  If these new properties show a loss after expenses, interest, and depreciation can they be used to offset some of the profit from my current property?  Or, is the loss carried forward and only applicable to the actual property that showed the loss?  

Thanks,

Kraig

I would like to find a single family rental (3 bed 1 bath), but would consider multifamily if the numbers are right.  I appreciate the input!

I've got a couple competing goals over the next couple of years and would like some advice.  My wife and I want to move to the other side of town in order to be in our chosen school district and we also want to begin purchasing rental properties.  We have considerable equity in our house and are trying to decide whether or not to keep our house as a rental.  We think it may be an easier entry into the rental market if we use the house we already live in as our first rental.  

a.  Purchase a new home for $400k in the district, keep our current house and rent it out.  We                  purchased it in 2012 for $270k.  We've put in $10k into it and it is now worth $340k.  It would              rent for $2,400/month.

b. Stay in our house for a few more years and buy rentals in other cities that have lower entry prices and higher ROI's. Later we can make the move to the other side of town.

When we do decide to move is it worth keeping our current home as a rental at all?  Or sell it and invest in lower end houses?  It doesn't currently meet the 1% rule, but realtor fees add up if we decide to sell it in order to purchase different houses. 

Also, is it worth purchasing further from home to get a better deal on the first property or is it better to purchase near home where I know the market better, but may not get as good of an ROI?