All Forum Posts by: Nathan Piercy

Thank you all for the replies - my goal is to get the property in the LLC but it's catch 22 with obtaining a loan for the home in the first place.

So even though I've been keeping my financial records combined, I'll need to separate the income/expenses out into the Sched. E and C depending on where they land. Thanks!

Hi all, 

Here is my situation:

1) Married, filing jointly, living in Texas

2) We, married couple, owns the rental property in our personal name (also in Texas)

3) We route all rent income and other craft related income received for small business thru an LLC. We also have a separate business checking account used for income/expenses.

Do i file a Schedule E for the rent property but also a Schedule C for the LLC? Or how does that work? Should the rent income be on the Schedule E and maybe other income on the Schedule C from the small business?

Thanks!

@Michael S. Sorry to bug you but I've purchased via Audible and need the access codes also.

I purchased both books, Managing Rental Property and Rental Property Investing.

@Ernest D. 30yr, 20% down, conventional.  What do you normally estimate repairs at?

@Rajiv Patel I hadn't factored in 1% loan origination fee. Thanks for the info. Do you have any helpful tips on charging water back to tenants? If the water meters aren't split per unit, I'd think you'd just have to divide the bill equally. Which may be disproportional to usage. How have you handled this?

@Mike Landry I agree. Because it's a converted property it would be a challenge reselling. Likely why the seller has dropped price significantly recently. Thanks for the thoughts.

Hi BP - I'm looking at making my first deal and would like some feedback.  Here is what I've got:

A large home turned quadriplex with additional commercial warehouse (warehouse includes living space). Home recently re-roofed and remodeled in 2017. Asking price is $329k

Total Rent Income (per month): $3850

Expenses (per month):

Taxes - $485

Insurance - $85

Water/Sewer: $250

Garbage - $50

Lawn - $150

Vacancy - $192.50

Repairs - $385

Capex - $385

Prop. Mgt - $385

Electricity/Gas - payed by tenants

HOA - none

I've been pre-approved for a loan at 4%. 

Thanks for the help - hoping to make my first purchase soon if the numbers work!

Thanks all for the warm welcome!

@Rosy Bruno I'm a pretty crazy audio-booker! I read Rich Dad ten years or so ago and probably need a refresher.

Recently I've read these:

Crushing It in Apartment and Commercial Real Estate - Murray

The Book on Managing Rental Properties with Little... - Turner

The Book on Rental Property Investing - Turner

Set for Life - Trench

The Millionaire Next Door - Stanley

Hi BiggerPockets - I'm excited to have found you! I'm Nathan in Northeast Houston (Kingwood/Humble) and currently getting as much education from books, forums, and podcasts as I can.

Within the next year, I'd like to have purchased my first multi-family home with the intention of building a portfolio of multi-unit properties to build passive wealth.