All Forum Posts by: Mandy P.

Thanks for the information guys!

Hello everyone! I'm about to refinance and just got the go-ahead from the lawyer about putting the property into an LLC. However, I had a few questions and concerns. Any help would be greatly appreciated! Also, the property and LLC will be in Florida.

1. If I chose to be taxed as an individual instead of a corporation (have my profit/loss flow through my personal tax return) will I still have the same protection as I would if I were taxed as a corporation?

2. Even if the mortgage is in my name, am I still protected because the ownership of the property in in the LLC? I guess my concern is that if I have multiple mortgages under my name for multiple properties but they're all in LLC's, all of my properties can be gone after because all of the mortgages are in my name. (I know this is probably a silly fear)

3. Will my homeowners insurance SIGNIFICANTLY increase?

4. Will my property insurance SIGNIFICANTLY increase?

5. Are there any other fees/significant increases of expenses I'm not aware of besides the yearly upkeep/filing fee for the LLC? I know the yearly fee is something like $150 which isn't bad at all.

I just want to make sure an LLC is the right step right now. After my mortgage payment and with property insurance and taxes the way they are now, I'll be making about a $300 profit a month on the house. If I have a lot more expense increases, I worry the protection of the LLC isn't worth it RIGHT NOW as I just graduated college and have no other assets to protect. If it won't have too much of a negative effect on the monthly cash flow, I'd like to go ahead and do it, especially because it would be good for the future. But if it will, I'd rather wait.

Thanks in advance for any advice/shared experience!

-Mandy

Hey John Conner. I'm also a USF student and just bought my first house at 21! I also look to own my second property shortly after graduation! It's good to see others in the area with the same goals! Good luck to you! :)

Thanks, Brandon Turner! Great article!

C. Lowe, that sounds great! Let's get together some time!

Christopher P., what an awesome professor! I'll definitely look into foreclosures next. I do plan on my next property being a multi-family home after I graduate. So, fingers crossed!

Chantel Corbett, thanks! I'll be on the lookout! :)

Hey Jonathan! I was just a year older than you when I first got interested in REI. MANY people also told me I couldn't do it as well, mainly because of my age. Although it can be very discouraging, just pay them no mind! I spent about a year reading every book I could get my hand on and spending countless hours researching on the internet. Now, at 21, I'm about to close on my first home! You definitely do NOT want to jump into anything too fast. My advice to you would be to do your research, save up some money, and work on your credit. There are always ways around the whole cash/credit thing, but it's always a solid starting point. And remember, knowledge is power!

Thanks, James Vermillion! I'm currently in the middle of the Ultimate Beginners Guide! :)

Mehran Kamari, I'll definitely take you up on that offer! I hear being a landlord to your friends can get a little complicated!

Nick G., thanks! Are you also familiar with the Tampa area?

Hey Amy Davidson! I hope I can last as a live-in landlord for the year! lol And thank you for the words of encouragement! :)

Hello! My name is Mandy and I'm 21 years old. I currently a student at the University of South Florida in Tampa, Florida. I'm also currently enrolled in a real estate course and once finished, I hope to get my license to get some experience in the field!

I am in the process of buying my first home (should be closing within a few weeks) about four miles from campus which I plan on living in with my roommates for the remainder of college (one more year!). After graduation, I plan on turning it into a rental property. I'm also looking into owner financing/"creative financing" for buying and renting out other properties since money will be kind of tight after the purchase of my house :P

I hope to own many income producing rental properties and eventually be able to become financially independent and retire early! Buy-and-hold is my biggest interest but I'm also open to learning more about flipping.

I've read tons of books on real estate investing and also spent countless hours on the internet doing various research! BiggerPockets is a site I commonly found myself on after random Google searches so I thought I'd join! :)