All Forum Posts by: Jeremy Karja

Hi,

I know it depends on what you want to do but just wanted to get some opinions on how close you can be to the bad area and still attract high enough tenants that required little attention?   See pic below from Trulia as an example.  This house is on the edge of the troubled area.  Probably C range in my eyes property or maybe even C-

Basically I am very busy (like most) but with 5 young kids and a job I work pretty hard at but control my schedule I don't want high turnover and attention but also want enough income from the property for the cash flow to  be there.  Love to get 1.5 to 2% rule if I can with 15%++ cash on cash.  I know they are extremely hard to find these days.

Look forward to hearing some opinions here.

Jeremy

@Jesse Houser That is all very much appreciated Jesse!  We will start to dig into all of those things today.  Hopefully, the listing agent has those items or like you said we will put that cost on them.

Hi BP,

My wife just got her RE license and looking to sell her first home.  The issue is the driveway to the home her buy is looking at is shared with the neighbor and he does not like that.  Most of the driveway is on the home they are looking to buy, land.

1.  How can we check the title or county to see if we can stop them from using the driveway?

2. If it is written in the title that we must share the driveway how and can we change this?

Thank you!

Jeremy

@matthewberry love to connect with you.  Sorry I somehow missed your message before. I will inbox you.

@Basit Siddiqi - VERY good tips, thank you very much.  I am not very concerned with SS income in the future as it is such a small portion of her income (compared to rentals) I don't want to give up a lot now.  So maybe we will file under myself to help with the W2 taxes.

Thanks again!

I will be calling my CPA however I don't think he is a specialist in small business.  Which is another subject, I will probably need to change CPAs for 2018 tax year.  Thanks @Alex Deacon

Hi BP,

Quick tax question. I am setting up my LLC this year but I have some RE expenses from last year? With other businesses in the past I still wrote those off I thought without an official business set up but I may have set up a sole proprietor.

Also, if I can do that should I set up expenses under my wife or myself.  My wife stays at home with the kids without any earned income and I have the W2 income.  We are both going to be doing the RE together and she started her RE training to get her license late last year.

Any thoughts are appreciated!

Jeremy

Thank you 

@Melissa Kirchhoff and @Tarik Turner!  Great advise, will be looking into both!

@Brian Eastman @Ryan Luthi @John Woodrich - Thank you all for the  ideas and tips!  This clarifies what I was looking for.

@Melissa Kirchhoff thank you very much.  Great tips.  Would you recommend then I talk to some small local banks to start to find the RENO loans first then look at other options like lines of credit, private money, hard money?

Also, not sure if this is your cup of tea or others but if I bring in private money for any part and back their money by the property do I simply structure it as a percentage on how much they are in on the total deal is how much of the home they own if something goes wrong or as a private investor they just get the house 100% regardless of the amount of money they bring to the table?