All Forum Posts by: Nick Dillaha

Hey guys, newbie here. Just purchased a owner occupied residence (second property - woot!) and have a renter set up for the 1st of January on my first property. I have an LLC set up but haven't transferred the rental property to it yet. Is there any reason to wait until 2017? Any tax benefits to keeping it in my name until January 1st?!

Also, any advice on opening a bank account strictly for the LLC? Easier/beneficial for taxes?

Thank you! 

Thank you! @Jonathan Towell @Tyler Wehrung

HEY BP! 

Looking to buy my second home (owner occupied primary residence) and rent out my current townhouse and I need a couple negotiating tips to help me with my offer.

The asking price is $249k (150/sq ft), the owner has already stated that she's "easy going" and does not have a mortgage on the property that she paid $230k for back in 2008. The home was built in 1996 and needs $2700 in roof repairs (via recent inspection) because the house doesn't have roof vents and the skylights aren't up to code and are almost at the end of their life. She installed a new AC, granite counters, as well as a new lawn last year. There is tile throughout but the home needs some TLC... She put new granite on top of original cabinets and both bathrooms need new vanities, sinks, toilets, etc. Can i use the old cabinets and bathrooms as a negotiating tool? Can I still try to negotiate this even though it's not broken and just old? Also, I agreed not to use a realtor because she stated "I am more flexible if we don't have to pay realtors.'' Can I negotiate all 6% that she's not paying? Or is it reasonable to only negotiate what she would normally be paying my realtor?

I have two comps to go off of, two other homes recently sold at $157/sq ft and $131/sq ft. Both homes have pools (mine doesn't) and are 300-600sq ft larger. I was thinking about starting at $144/sq ft, then trying to negotiate everything else from this point down. This will be a buy and hold for us as a place to raise my future family. 

Please help!! 

Thanks @Allen Fletcher There is a house around the corner from this (7 houses down) with less charm, but same sq ft, build date, yard size, etc. that doesn't have the traffic that this house does. And its pending at @249k. The community is amazing, we were thinking if we did buy, of maybe trying to add signs, speed bumps, etc. but there will always be a higher traffic volume. 

We did offer $235k back when the house was listed for $259k, and we were turned down. Due to the increased time on the market the realtor is confident in a $230k offer. Based on the feedback, its looking like this may be a property just to walk away from... Thank you for you help. 

@Matt Turbitt Thank you for your response. Close to a month back we offered $235k when it was listed for $259k and we were turned down. Due to the increase in time on the market the realtor feels much more confident that they will take a much lower offer at this time. My wife and I are currently trying to start a family and our kids playing in the front yard would be a definite no due to traffic. We thought about seeing if they'll install speed bumps, signs, etc. to help but would always be an issue. The house does have a large backyard (plenty of room for a pool) and plenty of space on the side of the home as well. Currently, there is one pending for @249k around the corner (much less traffic), same sq ft and amenities but doesn't have the charm that this property does, minus the traffic of course. :)

Thanks! Loved the input, I'll look into that for sure... @Bill Gulley

@Bishoy Girgis The HOA is something to look in to but its the corner lot thats causing the delay in sale. The community and house have so much charm and my parent's live in the community and have no issues with the association.

Thanks for your input!! @Kyle Godbout

$105/month. Covers large community pool, small gym, tennis courts, street... @bishoygirgis

Hey guys!

Looking to buy a single family home as a primary residence while renting my current home... The house we love is in an amazing, thriving neighborhood, but is the first house in on a semi-busy road. The home has already dropped $25k in price and the realtor is confident they'll take another $25g off after being on the market for 83 days and are motivated to move. This would be a buy and hold for us as a place to raise a family, close to shops, A+ schools, its 2000sq ft under air, and only really needs a roof within the next 5 years. Its big, well kept, granite counters, large lot, room for a pool...

Just aren't sure if it's a smart buy even with the instant equity because it has been difficult to sell and IS on a fairly busy street. It was appraised at $250k which is their current asking price, but again, the realtor is confident it will sell for $225-$230k.

Please help!! 

Hey guys!

Looking to buy a single family home as a primary residence while renting my current home... The house we love is in an amazing, thriving neighborhood, but is the first house in on a semi-busy road. The home has already dropped $25k in price and the realtor is confident they'll take another $25g off after being on the market for 83 days and are motivated to move. This would be a buy and hold for us as a place to raise a family, close to shops, A+ schools, its 2000sq ft under air, and only really needs a roof within the next 5 years. Its big, well kept, granite counters, large lot, room for a pool...

Just aren't sure if it's a smart buy even with the instant equity because it has been difficult to sell and IS on a fairly busy street. It was appraised at $250k which is their current asking price, but again, the realtor is confident it will sell for $225-$230k.

Please help!!