All Forum Posts by: Luka Milicevic

This has inspired me to review my insurance coverage. 

I do know I made sure I have 12 months of rent coverage in case something like this happens. It helps a ton in situations like these.

I sure hope everything works out.

Pre approval shouldn't take any time at all. I started the process once with a bank, they took more than 3 days to pre approve me and so I went to a different bank because 3 days is too long for a pre approval. 

FHA loans are more paper work and do take longer but not THAT much longer.

Your interest rate on an FHA will be lower, however; if you don't put down 20% your mortgage insurance is going to be quite high!

A good portfolio lender that I have worked with was Cedar Stone bank here in the greater Nashville area. If you're interested give them a call.

Good luck.

I always go with A.

No pet policy! It does narrow your prospective tenants down, but I just don't want to have to think about a pet in my rental.

What about the kitchen?

Depending on the condition it's in, I would refinish the cabinets.

If they are made from MDF and can't be sanded then you might have to get new ones.

Since you are a DIY guy, the least expensive way is to go with project source cabinets and stain them yourself. They are the least expensive plain wood cabinets. You get to choose the color you want and staining wood is not a difficult DIY project.

Correction on above post: insurance is less expensive when in your name vs LLC (In my experience)

I'm not a lawyer and this is in no way legal advice. Take it as you will...

I had the same issue recently and my lender did not allow me to close in my LLC. In fact, they made me sign a letter saying the property will never go into an LLC through the duration of the loan.

I read through an entire discussion thread yesterday that someone on here started about an LLC being better than your own name. Specifically instances when an LLC protected you more than having a property in your own name. Read through 20 posts not a single person was able to give an example of when the LLC protected them MORE than having a property in their own name.

In addition, insurance is less expensive (in my experience) when not putting properties in your own name.

The decision is entirely yours, all i would advise is to be honest and upfront.

Again, this isn't legal advice. Take it as you will.

This is just my humble opinion....

I would always go with porcelain over vinyl. The last tile I used, I got from Home Depot for 0.78/sq foot. Sounds cheap? The tile was absolutely amazing!

Porcelain, even when using the cheap kind, looks so much better than vinyl.

Exactly what Russell said. 

In addition, if there are damages to the property make sure to withhold for damages!

 Don't under estimate having a W2 job with a respectable company. Lenders see that as a safe/steady income. 

Having a full time job while doing real estate is NOT a bad thing and can have many advantages!

I'm sure you can. It also depends on the actual lender, but like most everyone said; you will more than likely need tax returns for your business and personal returns as support. In addition, the lender will require a tax return transcript.