All Forum Posts by: Lynn Wong

Hello everyone, 

I accepted the rent offer by housing SHRA. They took about a week to send me an offer.  Not too bad! The tenant and I called and emailed them a few times. The rent is lower than I hoped for; however, it is above rental market here.  The house is new so I don't expect any major maintenance. 

Now, I need to make a lease contract.  I downloaded the form here on BP but there are so many forms.  Do you have any specific term that you recommend to put on? Can I have an example of your actual lease?  Thank you! 

@Mike Paolucci I have been following the market in Columbus, have agent that I am working with there. I have not got a property there yet. What neighborhood are you investing in? I want to see OOS investor’s opinion and experience. TIA!

@William CoetI am learning too. RentRedi (free with BP or $1 for 6months if you mention BP) said to me that tenant can sign lease on their site for free with upload lease. I haven’t signed the lease yet, will need it in a week. 

@Luciano A.thank you very much for your suggestions. Much appreciated. I will look into the umbrella policy, will ask my agent about it. 

@Luciano A. I am a newbie too. My question for you is, I just bought a rental property in CA for 600K. Thinking to do LLC, but don't know if I really need it. I own other 2 properties one is my primary residence with my husband and the other one is borrowed with my nephew but I primarily paid everything for the house (title under me only while my nephew's name is on the loan with me, we can't refinance to take his name off yet bc the interest is very low. My sister family and my mother live there. Each house worths 1M. To protect my liabilities, should I put my rental property in LLC? TIA!

Thanks John!

Hi everyone, I finally submitted the RFTA online form to section 8. Hopefully, they approve soon. Should I put "waiting" on other applications So they know they are on the waiting list? I listed on Zillow and section 8 websites. Thanks!

@Christian Block I just learned about this term today from the Podcast, try to learn about it since I just bought my 1st property in CA of 600K. I will most likely break even. The house is 2 years old and I plan to keep it for a long time. Can I offset my W2 job with the cost segregation study for my rental property so less income tax I need to pay every year? TIA!

@Taylor Dasch I just bought my 1st rental and in process renting it out. I have equity on my 1st and 2nd home about 1M. I have no more reserve like Maggie Jiles. I am thinking to apply for a HELOC ready for next deals. Can I apply for it and get it approved but don't need to take it out until I need it. I see the mail AD from Figures said once we signed the loan it willl deposit the money but I don't need it yet.

@Taahir Shaikh From my 1st rental experience. I just bought my first rental house in a nice neighborhood that most people own their home. The problem that I see is the rent comp is very low so I might end up not breaking even but I am sure I will get equity later on. If I use that money buying 2 houses some where else I will have cash flow. I hope to use the equity from this house to get my 2nd one down the road. Good luck!