All Forum Posts by: Lenny Wilbourn

I know it sounds odd but I am looking for a way for me to not make any money at all with my rental, it is closing in a few weeks and it will cash flow about $430-500 a month depending on utilities. I was looking at an llc but from what I understand that is simply a pass-through and I still have to show and receive income. What I am looking for is something that can receive the rental income from my property; it pays the mortgage and all other related expenses and keeps whatever cash is left over for investments in other real-estate dealings or property repairs. Does such a thing exist?

Thanks...

That was my first thought as soon as i heard about the gas, file a TRO also and that should keep him away from the property for a good 45 days as he poses a threat to himself and the property as well as the livelihood of those in the complex. But as you said it's CA so the judge may just suggest turning off the gas.

We are about to close our first deal in the next few week, it is our third deal that has made it this far. We have spent money on two inspections, both of which i am grateful that we did as in both cases the inspection brought up serious problems that would cost us over 10K to fix. To me i see it as a cost of doing business, be grateful you found out now than after you owned the property and could have faced legal fees to get it worked out. But hey what do i know i'm just as new to this as you.

Good luck....

I am looking for some advice, I kind of know the answer but I am not sure so I thought I should ask. I am closing on my first triplex on sept 25 . We had a total of $11,000 to put down, 6K is going towards the triplex but there is also a mobile home that I can do seller financing for 5K down and 1K a month for 48 months. This will completely deplete our savings but if we buy them both at the same time we can move into the mobile home and avoid paying $850 a month for our apartment, the going rate for the manufactured home is $600 a month in rent with no HOA and taxes are $500 a year, so after a few years it will cash flow and will allow us to move towards something and not just throw our rent payments out the window. Once in the homes we can put 1k to $1500 k a month back into our savings but would the risk of having no back up cash be worth the greater gain later?

From what i have found so far look into insurance cost, the quotes i get for flood zone A are about 3K a year even with a 5K deductible and that is a deal killer for me.

I've been working with Ryan Loeding 480 939 3633, the guy is a beast and works his tail off. We are putting in an another offer on a nice little triplex today

Thank you for your response; any property that we would acquire would be owner occupied, one of the reasons for looking into a duplex is i figure we will be paying to live somewhere and owning it is a much smarter idea than anything else.  after speaking with the lender (the second guy who missed the appointment but did call later) i found out a few great details. I also saw the mobile home unit you were speaking of but i could not put my wife nor myself in an area such as that. Granted i know one has to suffer in order to improve but i found out i will be approved for the loan so no need to stress.

As to some of the other post; nope not underwater on my truck it could be sold today for upwards of 26K

The student loan debt came from my wife finishing her masters 1.5 months ago, so yeah there will be much more income to pay that off and she already has a job lined up.

A lot of you make some harsh assumption rather than asking questions, and end up looking like jerks.

PS i spoke with the lender and was approved for the loan and with the other assets  i have besides the 10k (gold coins/ silver coins stocks) i'll just fine  with upkeep after the down payment.

Thanki you for your added input, but i have found over 15 properties that meet the 50% rule as well as the 1% rule that are around 150K and under. My only point was in your first post you didn't speak about my debt to loan ratio you spoke about  your opinion on student loans and education, but at this time it's moot.

No the 10K we were going to use for the down payment was all cash and the idea of using a credit card would freak me out. would it make a difference if we are using an FHA loan?