All Forum Posts by: Parker Doyle

Hey BP community,

I am turning my first home into my first rental property. I had a few questions I’m having trouble figuring out that I would really appreciate any insight on.

1)how do I structure this in a way that I am protected(assuming an LLC would do this) but I can also help my personal credit

2)how would you go about getting a loan to move while giving time to look for a renter as we’re on a tight budget

Thank you for any advice anyone can provide in advance!

I have been seeing a lot of posts about landlords and renters alike who have been struggling as a result of this current pandemic we’re facing. I would love to know if anyone knows of any ways those of us who are willing can donate to possibly help with people struggling to pay their rent or any other good ways to help. Any info would be appreciated

I was hoping to develop a solid business plan before approaching any banks/hard lenders. To start we plan on flipping homes before we start investing in any other forms of real estate. Naturally, my first thought was to tackle a business plan in relstion to flipping and then revisit it and make revisions where necessary. Firstly, is this the right approach? Secondly, does anyone have any templates or guides to share that I could use as a guide? Thanks for any help!

@Anthony Wick I haven’t run them yet but honestly rookie mistake I should have sooner. I will for the next property ask decided to find one in an area with mode amenities. Thanks for the reply though

@Tyler Jahnke thanks for the reply! I definitely will consider all of that and after looking into it I decided to pass up on the house and look for something with more amenities as I think I could attract more buyers and still remain in the same price range too

@Robert Khalev the house is in Kannapolis NC, not too far from Charlotte about 25-40 minutes depending on where you are

@Andy Webb Thank you for the reply, your insight helps a lot! It’s in the Kannapolis area of NC. I would say it’s growing as the surrounding areas are starting to become overcrowded so really the main downside to it was the school even though the area is up and coming

I am currently looking to buy my first property and I made the decision to stay local to minimize my learning curve. I found a nice 2 bedroom 2 bathroom with great potential at $103,000 asking for an 8k down payment. The only problem I’m having is that the high school isn’t known to be good(2/10 on greatschools). My question is, does this matter? Buying my own home I always look at the quality of the schools in the area as an indication to be able to sell, but I’m not sure if as an investor this is something I should pay attention to? If not, what else should I be looking for?

@Ryan Luby This helps a lot I definitely think that doing the 3 as rent to owns and ultimately having the goal of selling atleast 2 before starting the flips is a great idea from there I have additional money saved for the building so I could use the money that I earned from that to get more rent to owns and eventually flip them. Thank you!

@Ben Sears thank you for the response. I was thinking about to doing 5 single families and then by that point doing a multi family and then starting on the new builds