All Forum Posts by: Account Closed

Thanks very much to all!  Def got my answer here!

Seeking advice from some more experienced landlords. Just bought and rented a SFH. Tenant is responsibke for all utilities and lawn care/upkeep. We had a wind storm yesterday. Neighbors arborvitae tree fell into my rental properties side yard. Tenant would like me to use my insurance to pay to have it cleaned up but it didnt hit the home, so my homeowners insurance doesnt come into play. Im thinking its the responsibility of my tenant to get out there (or hire someone) and cut it and drag to the curb. That basically this falls under routine lawn care. But am I missing something? How would others handle this?

I’m curious to hear opinions on buying right now in a high market environment. The way I see it, if the math works (for me that means netting $200/mo on an SFH after setting aside money for capex/maint costs) then you should be okay to buy, assuming youre goal is buy and hold for long term/consitent cash flow. But what am I missing? Where will I get burned when asset prices suddenly come back down to earth a bit?

@Megan Hirlehey how (and from who) did you get a loan as a new/unproven LLC?

@Linda Weygant i'd be interested to get your take on this now that it's basically a done deal. it seems the old adage of putting your properties into an LLC makes no difference for tax purposes is no longer true. It now seems its now very clearly financially beneficial to get your portfolio into an LLC to take advantage of this 20% deduction? How do you think that works? You just take your taxable year end income and reduce it by 20%??

Seems like for REI'ers nothing much else changes though with this tax bill (other than your bracket if affected)....we can still deduct property taxes, mortgage interest, etc.

there is almost zero chance this thing doesn't pass at this point.

i thought 20% to LLC real estate was already included, but thanks anyway! it's odd that nobody on BP seems to really be talking about all of this?

I've been thinking about using my primary homes' HELOC to pay for capex and maintenance costs on investment properties. Even though it's a variable rate (which is going up slowly these days) it amortizes the cost over 20 years making the out of pocket much less than using industry standards like $200/SFH door. Basically allows me to pocket much more each month I can use to keep investing.

Does anyone have any thoughts on this?  Great idea?  Terrible idea?  

How do you typically pay for capex or maintenance?  

I've been told that i have to escrow taxes/insurance because i'm buying an investment property...and fannie/freddie require it.  is that true?

Hi there. I'm a couple of weeks away from closing on my first SFR. I'm putting 20% down and getting a traditional 30 year fix under my personal name.

I'm getting umbrella insurance above & beyond my landlord insurance but am curious to hear from others on here how they may have gone about setting up an LLC for their investment property under similar scenario?

My understanding is that if the bank finds out you've set that up after you've already had a loan in your name, then it can trigger a due on sale clause....not a good outcome. Conversely, there's no chance I would have been able to get a mortgage under a new/unproven LLC. So I'm stuck.....

Does anyone know a way around this conundrum? Any advice for setting up an LLC even if you're new to REI?