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All Forum Posts by: Mark A Powell

Mark A Powell has started 1 posts and replied 12 times.

Buying & Selling Real Estate

Post: Inherited a House... Sale or Rent? Need your Wisdom!

Mark A PowellPosted
  • Investor
  • Cleveland, OH
  • Posts 12
  • Votes 2
Quote from @Ozzy Sirimsi:

worth 400k brings in $4800, I would keep it and get a Line of Credit if you can so if need come, you can use it.


 I had a similar situation when my father passed away in 2014.  It was valued MUCH less than your property, but I kept it, rehabbed it and and now it generates $3,100 most months as a rooming house.  We blew away the 1% rule...

0 Votes
Tampa, Florida
Goals, Business Plans & Entities

Post: ONE LLC OR A DIFFERENT LLC FOR EACH PROPERTY

Mark A PowellPosted
  • Investor
  • Cleveland, OH
  • Posts 12
  • Votes 2

Greetings BiggerPockets family! I have a general question that I am getting varied answers for. Thus, I decided to query our platform for some well-informed feedback. Quick, down and dirty... We currently own 9 properties, and my question is... Should we create a different LLC for each property to minimize legal risk or hold all of our properties under one entity? I thank everyone in advance for your responses...

Kindest regards,

Mark

2 Votes
Cleveland, Ohio