All Forum Posts by: Ralph Miller

Jonathan Schneider awesome! Sorry for the late reply...I didn't realize I don't get notifications for people replying to my posts so I need to change my settings! I'm not necessarily sticking to Columbia but it's where I live so I'm primarily looking here. I've been looking at places in Springfield and Jeff City. I'm really excited about REI and am so glad BP exists! If you ever come to Columbia let me know and we can grab coffee or something!

Okay thanks for the info! I really like how you mention a vacant home is expensive! The current landlords say he's a great tenant and always pays on time so I definitely don't want to lose him! I also like the discount idea to reward good tenants! Thanks again for the advice! I look forward to being a landlord!

I'm in the process of purchasing my second rental property with a tenant already on the condo. He pays $825 a month but the typical rent in the neighborhood is $875 and up, plus he has a garage which most of the other condos do not have (so he has a really great deal going for him). I want to raise the rent to $850 immediately (given 1 months notice) and then raise it again to $875 next year when his lease expires in May. Is it bad practice to raise rent on a tenant when you first purchase s property? I fee bad for the tenant bc he already had an agreement with his (soon to be) previous landlord and he has no control over the fact that the condo is being sold to another owner. Should I just let him keep his rent at $825 until the end of his lease since that's what he originally was promised or should I raise it to $850, considering what a great deal he has (and still would have)? Thanks for your advice!

John Anderson thanks for the reply. So in your opinion, should I just get a better mortgage under my personal name rather Than a balloon mortgage under the LLC? Additionally, what is a good insurance policy? Are you talking about rental property insurance or is there a more "all inclusive" insurance you're talking about?

I'm in the process of purchasing my second rental property. My first property I purchased just using my name Ralph Miller. I spoke to some other RE investors and they said I should get an LLC to protect my assets and what not. My problem: my mortgage options aren't as good under an LLC as they would be if I bought the property under my name. Under my name I get a lower fixed rate. Under my LLC I only get a 5 year balloon rate. Additionally, I keep hearing that an LLC actually doesn't help that much, especially if it's only a sole proprietorship. Looking for people's advice: purchase under my name or an LLC?

Hello! If you all don't mind I would like to take advantage of this post and introduce myself to everyone! I am currently attending MIZZOU and getting my MBA in Finance. I'm closing on my second rental property on the southern side of Columbia. It seems like there's plenty of great people in the area doing REI that I'd love to meet! I want to purchase 1-2 rental properties per year for the next few years and see how things go from there! I also want to start purchasing homes that need some repairing so I'm looking for recommendations on contractors. I look forward to hearing from everyone else! I especially look forward to meeting up in person and increasing my REI network in mid Missouri!

Greetings BP community! My name is Ralph Miller and I am a new rental property investor! I'm in the process of closing in my second rental property and am really upset that I didn't know about this forum during my first purchase! I feel BP is an invaluable tool to use! I'm looking to network with other investors as well as seek advice! So far I've only purchased "ready to rent" properties but eventually I want to buy properties that require some fixing, Erich means I would love to find some excellent contractors, if anyone has recommendations! I'm looking to buy 1-2 rental properties per year for the next 5 years and see how things go from there! I look forward to hearing from others!