All Forum Posts by: Mindi B.

My rental house is currently in my personal name but was thinking of transferring it into an LLC for asset protection reasons. Within 10 years I will probably sell it and do a 1031 exchange into another rental property. I've been told it would be easier to buy/sell property if it was in my name as well as get qualified for a mortgage if I cannot pay cash for the difference. Could I put the house in the LLC for now and then switch it back to my name before I sell? What would be the best, or more importantly, the easiest way of doing this? I am in the state of Arizona.

Been renting my house for the past 6 years to the same tenant. Rent is $800 and unfortunately I never raised it to keep up with market value which should be about $1100. I figured he was a good tenant, didn't give me any problems and it covers my mortgage + expenses so I'm not losing anything. (I became a landlord only because I couldn't sell it and was waiting for equity to increase. Not in it for the monthly income.) I was waiting for him to move out and then raise rent with the new tenant but he seems to be staying put. (No wonder since rent is so cheap.) But now I no longer want to be a landlord, don't want the hassle of finding repairmen, etc and looking to hire a PM. However at $800 rent I would be losing money and need to raise rent up to $1100 to cover the expense of the PM, but how do I break this to my tenant? He's not going to like it since it is such a big rent increase. Lease is month-to-month so I could just kick him out and start over with a new tenant. What would you do? (I'm not a people person and like to avoid confrontation at all costs.)

For me it was a few reasons:

I didn't want the added monthly expense

I didn't want to pay for overpriced repairs

I wanted to pick my own tenants

I am interested in purchasing a condo/townhouse in San Diego as a vacation home for myself during the summer. During the remainder of the year I would rent it out as a vacation rental. I am not sure which condo communities allow vacation rentals, if any, and researching each one by one is tedious. Are there any real estate agents familiar with vacation rental neighborhoods and can point me in the right direction?  

I would like to purchase an owner-occupied property in the near future. Problem is I am self-employed and I don't pay myself a very high salary. I keep the majority of my profit within the business to keep income tax low, but realize this makes me look like a terrible candidate for a mortgage. I can increase my salary to inflate my income but would rather not. Do lenders still offer no doc loans? If so what is the minimum down payment I would need? Any other options for the self-employed? I have an excellent FICO score. 

@Caleb Heimsoth Seems the companies you mentioned require the investor to purchase the property and secure financing and then you hire them as property managers after escrow closes. 

Triple Net Houses already has the houses purchased and rehabbed and you just sign a NNN lease with them and they sublease it out to tenants and take care of the management.

I've heard of NNN leases for commercial properties, but none for residential, so that's why I was intrigued because they require a lot less investment up front in comparison to commercial properties.

@Caleb Heimsoth Yes, they guarantee a 5 year lease. Afterwards you have the option to either sell the house or renegoiate a new NNN lease.

Thanks, I will look into the companies you mentioned. 

Anybody invest with Triple Net Houses? Pay upfront and get a monthly check even if the property is vacant. They also take care of all repairs and maintenance. Seems like a good deal but wondering if there is a catch. 

Anybody recommend any other turnkey investment companies they have worked with? 

Well that's not hopeful. There is no way I can qualify for an 600k mortgage on my income alone.

I am considering purchasing a large SFH with 4+ bedrooms. I would live in 1 bedroom and rent out the remaining bedrooms. Would this be considered an Owner Occupied or Investment Property mortgage? Would any of my potential rental income go towards my debt-to-income ratio?