All Forum Posts by: Nathan Arnold

Is it tonight? @Matthew R Crawford

I haven’t yet. I heard that there is a group on meetup.com but I haven’t checked it out. 

I’m from Hurricane too! I’ve learned so much from BP. I’m sure you’ll love it! 

Jonathan Klemm Thanks for the advice! That’s what I was thinking. It seems like too much hassle for no benefits.

Hi! My name is Nathan and I’m considering making my first deal as a Real Estate Investor. I’m very strict on organization and would like to have separate accounts for my rentals and my personal finances. Since I will only have one rental to begin with, I don’t see it profitable yet to get an LLC. However, I have considered simply getting a business name and have my accounts opened in that name. Should I go through the work to do this or just open another account in my own name? Have any of you made a business name as a sole proprietor without an LLC? I’d like to hear your opinions and additional info. Thank you!

Update: I talked to the listing agent today and the waiting period has ended so I can buy it as an investment. Again, thank you all for your knowledge!

Mitchell Berry I am getting a loan through a local bank. They said that since I have the funding to do the repairs, the condition will not affect the loan.

Hi John Leavelle Thanks for all of your information! I guess a lot of work is overstated. It needs carpet, paint, new doors, a bathroom sink, and a great deal of cleaning. Worst case scenario AC unit and a stove. I’ve done the calculations and can’t imagine this being over $10,000. I’m aware of the other expenses you mentioned. I was just trying to give a brief overview. As far as the loan and one year rule goes, it is included in the contract with Fannie Mae that I must occupy the house as my primary residence for one year. That has nothing to do with the loan. I will be getting a conventional loan through a local bank.

Mellisa, thanks so much for that input! Sarah, this is a Fannie Mae house and they have a rule on this one that you have to live in the house one year before selling or renting it out.

Hi folks. I have an interesting situation that I would like some comments, advice, and input on. So I’m currently managing properties for my grandparents and am trying to get started with my own properties. I currently live in a house that is paid for. I’m looking at investing in a house that is slightly bigger than mine. It needs a lot of work but I could get it for $30,000. I could have it fixed up for less than another $10,000. It should resale for $60,000-$75,000. Sounds great right? 20-35 thousand dollar profit. Well they require you to be the primary resident for 1 year. So my thought right now is that I make that house livable and move in. The payments would be around $150-175 a month. My house would rent for around $575. Then at the end of one year I could find another house to live in that is more convenient for me and either sell or rent the house out. So here are my questions: 1- Is it worth the move? The location would be a little less convenient for me and there’s the hassle of moving. But I see potential of profit in the long run. 2- If I decide to rent the house out after a year and find another house for me to live in, would it be difficult for me to get a second loan? I would have the income of my current house, the new house, and my day job. But how hard is it to get a second loan? Thanks for your help in advance!