All Forum Posts by: Account Closed

Thank you everyone for your inputs n suggestions.I should have explained my intentions better. My units are fairly new, less than 4 years old and have good paying tenants. Hence not much of maintenance required. I would be asking him to take care of less critical tasks like sending reminders when rent is due,collecting rent, paying any required bills, visiting property along with me, doing simple yard work, advertising the properties when needed(got to think what else I can ask him to do). Basically to get him interested and involved with RE and be responsible. Hopefully he will pick up few things along the way. Of course, I will be there for anything critical. 

Hello, 

I am newbie and need help. I do have 2 rental properties. Can I employ my 18 year old son to manage these properties, pay him (put that in his College fund/IRA) there by reducing my tax liability on the rental income? If so, where do I need to start ? Should I open an LLC to do the same ? Any pros and cons?
Thank you for your inputs.

Greatly appreciate the inputs. 

Property tax is $250/pm and insurance $50/pm. There is a great demand for rental. 

Hello,

Appreciate if you can share your thoughts on buying LTR hold n keep investment property in Frederick, MD. I have a condo in my mind listed for $325k, built in 2016, with HOA of $225 and most likely will fetch $2400 in rental income. I will go with traditional mortgage with 20% down. Thank you.

I and my wife are buying this investment property. we plan to move in to that house down the line in a year or two to make it as primary, mainly for the purpose refinancing it as primary and take out some equity hopefully,  before we buy another one. Although we both can qualify independently for the mortgage, right now, I’m the sole applicant and plan to have my wife on the title. Entirely from the financial standpoint with our plan to purchase few more properties down the line, is there strategy we should follow in terms of applying for the mortgage as single or joint and same with holding the title? 

Thanks for any inputs/suggestions. 

Hello, I would like to buy a rental property. I have enough equity in my primary. Should I go for the HELOC or Traditional mortgage? I believe interest rates are better with heloc. But If I don't go for the traditional mortgage and has no mortgage interest for the rental property, how do I minimize the tax on my rental income? I will end up with large tax bill for my rental income defeating the purpose. Please advise. I don't think I can take the real estate depreciation because of the income limit.

Appreciate the help. 

Hello,

Complete newbie here. I'm looking to buy a rental property where ROI makes sense, area with a potential growth/appreciation and quality renters with good income. Please advise what areas I have to look for. Flipping or investing in Baltimore itself isnt my cup of tea. Looking area like Fredrick, Elkridge, Columbia. Gaithersburg, Hyattsville etc ..and confused :). Looking in the range of ~300k.

Please advise. Thanks !!