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All Forum Posts by: Kevin N.

Kevin N. has started 10 posts and replied 32 times.

Post: BRRR strategy

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6
What a great story. Can you please share the name of the bank you are using? I'm currently trying to do the same and having trouble finding banks. Thanks

Post: Rent was sent in the mail with cash and now lost

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

Thanks for the comments.

Post: Rent was sent in the mail with cash and now lost

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

My tenant claimed she had put cash in the mail and after 10 days I still haven't received it.  I rent to a low income area. In the lease it stated i accept cash and money order. It's not on the lease but I also told them verbally that if it's cash then i would need to pick it up (my house is 10 minutes away).  she claimed she can proof that on the 1st the rent amount was taken out of her checking account. There is no tracking for the mail she sent or sent receipt. She keeps arguing that because i'm responsible for the lost of rent because the lease stated that I accept cash in the mail. If I file for eviction, do you guys think i can win in front of the judge?

Kevin

Post: #AskBP how to structure a fair deal.

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

A friend of mine wants to team up with me to invest in real estate. I have tenant manager and construction background. He has money. I have some money too but not much as his. We are looking into buying SFH rentals. Basically I will be searching for deals, fix it up, rent it out and maintaining it. All he does is providing the money. How would we construct a fair deal for both of us for years down the road.

Kevin

#AskBP

Post: LLC : There are more cons than pros

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

Considered there are more cons than pros. I don't know why everyone that I've talked to always balked at me when I told them I owned my properties under my name with a high umbrella insurance.

Post: LLC : There are more cons than pros

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

I'm just a novice investor but the more I read about LLC the more disadvantage i found than the advantages it provides.

Cons:

cost more to setup, cost more each year to file taxes, can't take out conventional mortgages, interest rate will be higher if you cash out with a commercial loan, more paper work and book keeping. Harder and cost more to get an umbrella insurance. I also heard that certain clever lawyers could still go after your personal assets especially if you have a single member LLC and/or you manage the property yourself.

Pros:

Separate liability with your personal assets(but you can solve this problem with a high umbrella insurance ). 

I guess someone else can fill me in but that's what I know about LLC. Am i missing something?

Post: Hardwood floor refinishing question

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

I would put laminate floor on top of that wood. first it looks better than the old floor. Second it's cheaper. At Home Depot right now they have laminate floor only $.68 sqft.  With labor i would imagine less than 1-$2.00 sqft. Cheaper and nicer than refinishing.

Post: Big banks vs small local banks

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

@Rob Beland

 Thanks for the quick answer. That's what i was expected. 

Post: Big banks vs small local banks

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6
In general, which bank give you better interest rates?

Post: Other sites similar to Hubzu and Homepath?

Kevin N.Posted
  • Investor
  • philadelphia, pa
  • Posts 33
  • Votes 6

@Matt M. what's a NED list ?