All Forum Posts by: Mary Daugherty

Thank you John Leavelle.  I appreciate the time you've taken to help a newbie.  Sounds like good advise.  I was discouraged on this property, but maybe I will take another look.

Thank you so much for the thorough reply.  I was afraid that purchase price was too high .  

This is a single family residence  built around 1975 . I was conservative on the rents ,  could possibly be 1800 .  

Actually my question on the utilities was that  they have been turned off completely in the house for a period of time unknown.  We couldn't even run the water or turn on any lights when looking at the property so don't even know if everything is functioning properly.  The property is being sold as is.  Pretty scary huh ? And yet  that could also present an opportunity .

My original thought was an offer of 100,000 with it written into the offer that we must be able to verify adequate Plumbing, sewer, electrical, and testing for environmental hazards like meth.

I guess one question I have is that based on current number of sales the listing agent is obviously an experienced agent. Do agents intentionally price a home like this way high knowing that people apply those kinds of percentages as you suggest? 

Thanks again for all your help.

New to this forum and just really beginning as investors, although I have owned one rental for many years. Looking at a reno but very insecure. The utilities are turned off at the moment, so how does one investigate the state of electrical, plumbing, sewer etc? AT present nothing is included in our BRRR work sheet. Must it be a caveat in the offer? Home is being sold "as is." Other question: Bank owned home is priced quite high for the state it's in. To make it work with a decent profit would require a significant counter. Yet there is no way the house in its present condition would appraise anywhere near its price. Is this a strategy on the part of the listing agent.

Would appreciate comments.  Hoping to learn.  Thanks in advance.

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J Scott:  Thanks very much for the thoughtful reply.  So it sounds like it is legal for one to rent back property from an LLC. I understand the mortgage issues, and agree that without re-financing in the name of the LLC this could be problematic. Appreciate your response.

Hello. I am visiting this old thread with a new question given the changes to 2018 tax law. In my case the new standard deduction level of $24,000 for a married couple pretty much covers my interest deduction, the result being that I have lost the tax benefit I once had on my home mortgage. For this reason I am considering establishing an LLC and selling my home to it, then renting back from it. I would also include a rental I have owned for many years in the LLC. I would then once again be able to deduct the interest on my residence which I now would not be able to do in 2018.

Can anyone address the legality and logic of doing this?  

Thank you.