All Forum Posts by: Michael Lamb

How do you deal with people that don’t want to give user name and password for bank accounts, to verify income?

Applicant is ok to show me in person his account information on his laptop, but doesn’t want to put his user name and passwords to those sites into RentRedi application.

Bob, I have gone through that exercise and came up empty. There is very limited supply of active listings and nothing comparable. The couple places that pop up are SFHs or (2) bed condos.

I am looking at purchasing a duplex in Twinsburg, OH, as a primary residence.  I plan on living in one side while renting the other side, so I can take advantage of putting 5% down.  My goal is to move out after a year and be able to cash flow once both sides are rented.  My problem is being able to determine what I will be able to rent each side of the duplex for.  

I can't find comps in the area to get a good feel for rental rates. I have a Rentometer account, but it isn't pulling good comps either. I am new to REI, so I don't have a good agent to get numbers from and I don't have any Property Management contacts to talk to.

Does anyone know where I can go, to get a feel for what I could rent a (3) bed, (1-1/2) bath, 1,200 sqft duplex in Twinsburg, OH for?

I appreciate any guidance you could provide.

Does anyone have a template for a creative financing deal?  I am purchasing my parent’s house, in Ohio, via seller financing. I’d love to be able to have a template contract to populate, then get a lawyer to look it over.

Is this something that is pretty straightforward, or do I need to get a lawyer involved from the beginning? In speaking to multiple attorneys, it looks like the going rate is around $1000.  I didn’t know if I could save some money by having the contract written and they just review it.

Thanks in advance for any help.

I've always done the responsible thing, of putting money into my 401(k).  After a few job moves, I have two IRAs and a 401(k).  I've never really been saving for anything, other than retirement.  With that being said, I have a young family (so limited cash).  After finding BiggerPockets, I want to get into Real Estate Investing.  I don't have money in a savings account to put towards a down payment.  Because I am new, I don't feel comfortable asking for private money, until I show that I can do this.  I am thinking my best option is to cash out my two IRAs.  I know that I will have to pay tax and the early withdrawal penalty.  I figure, this money was for my retirement anyway.  Am I crazy for taking such a financial hit, or am I justified in taking action for my dream?

P.S. I really need a CPA to give me some advice on how to mitigate my tax burden, so if you know someone, please let me know.

I don't have a lot of cash to get started, so I plan on getting creative with my down payment (private/hard money loan, HELOC, 401(k) loan). When trying to analyze a deal, I have to take in account for the expenses associated with my down payment. Is there a way to do this, without having to manually figure out my monthly expense and add it as a fixed expense item? It would be nice to have separate loan term options for down payment and for rehabs, instead of treating these items as cash.

Nathan,

All of that makes sense and I appreciate you explaining it. I listened the the Seeing Greene episode that you referenced. Maybe that is one of the things that got me going. Another one, was listening to an older episode with Pace Morby that spoke on the mindset shift. This is something that will help me legitimize (internally) what I am doing. That's probably the bigger reason to set up an LLC.

I guess I am mostly concerned about not knowing all the rules financially to be able to take advantage of tax benefits.  This is where a good CPA comes in. Probably overthinking. I just need to get started. Make some mistakes and learn from them. Messing something up in year one shouldn’t hurt too bad. 🤣

Thanks again for sharing!

Mike 

I am just starting out. I don't own an investment properties yet. Every time I listen to BP and they are talking about having your LLC set up properly, come tax time, I never know what they are truly talking about. I've called around to local CPAs, to start the conversation, but with tax season, no one is taking on new clients. I am excited to get started and I am ready to make my first offer. With all that being said, I think I want to get an LLC set up, so I can get all my lease agreements together and bank account set up, etc… I just don't want to mess it up.

Is there a wrong way to get up an LLC? If so, what pitfalls should I be aware of?

Thanks in advance!

Mike

I am just starting out and trying to get my ducks in a row with financing, for when the time comes that I find that great deal. I don't have a lot of cash and I am trying to find sources of capital to fund my future deal. I have around 25% equity in my primary residence, so I am looking for the best options on a HELOC. Obviously, because I don't have lot of equity, the higher the CLTV, the better. Every percentage point is critical.

I have reached out to 13 different local/regional banks/credit unions to shop around.  Does anyone know of any particular resources that I should try next?