All Forum Posts by: Peter Mikhjian

@Logan

- I'll be CF positive day 1, how do you figure it won't make money?  From a monthly perspective, total Income = $1925, total expenses = $1400....$525/month positive CF pre tax.

@Matthew

- There's only one other duplex that sold in the area recently and it went for $258k.  But, it was much, much smaller.  Single family homes are going for $295, $300, $325k.  There are even homes within a few miles that are going for $500k+

For rehabbing, yes I would wait until they're out.  No need to spend extra at their current rental rates.  For average duplex rent's in the area, i'm seeing things around $1150, $1250, $1295.  For a similar sized house, we're looking at $1400, $1495, $1600.  It's an elderly couple that have owned it for the past 25 years and it seems like it's at the bottom of their priority list.  They just haven't pushed to increase the rents or make updates.

Hi everyone, i'm just about to close on a duplex investment property i've been looking at for a few weeks and I wanted to get some feedback on what everyone thinks, here are the details:

Property: Duplex, both sides are 3 bed/2bath, good area (close to downtown, shopping, good schools). Zipcode 28270 in Charlotte, NC

Price: $275k (originally asked for $325k)

Loan: Putting 25% down (yikes!), including taxes and everything, total monthly will be about $1400/month (includes maintenance)

Currently rented: $1925/month total (950 on 1 yr + 975 on month to month)

Both sides haven't been updated since 1988, so it doesn't show well, but structurally, it's perfect.  Also, I think since it shows so poorly, that the rents are super low.  After it's updated, I think we could get in the $1100 to $1300/month range for each side.  Both sides could probably use about $5 to $8k to make them look good.

Do you think this is a good investment?

Thanks

Hi,

My wife and I just bought our first rental property (yes, FINALLY!) and we have the property/mortgage in both of our names. Instead of transferring ownership to the LLC we just created, can we say the LLC handles all of the "property management" side of the business?

I'm assuming if someone tries to sue us, they would sue the property management LLC, not the home owners and we would have that layer of protection.

Any thoughts/recommendations?

Thanks

Thanks for the input everyone - in terms of long term planning, i'd like to accumulate a few rental properties. So, putting the property in an LLC instead of keeping it under my name makes sense for protection purposes.

My next question would be regarding umbrella policy vs an LLC - I'm leaning towards doing both. Any suggestions?

Hi everyone - just bought my first rental property and I'm trying to figure out the best way to protect myself in case of any lawsuits. I've always been advised to set up the property owner to be an LLC and to have a separate bank account as well - which all makes sense.

My question though - what if I create an LLC with a corresponding bank account, but I own the property myself, and have the tenants rent from the LLC? If some one slips and falls, i'm assuming they can sue the LLC (which only has what is in the bank account). but can they sue me as well?

Your thoughts?

Thanks