All Forum Posts by: Rebecca Samarelli

Hello,

My husband and I just purchased our first rental property (!!!) and are planning on doing some renovation work in the next few months.

We currently have the funds in our own separate personal bank accounts. Should we open a new joint account, transfer our cash in it and use it to pay for the renos expenses, and later on to collect rent and pay the mortgage?

In the future we are planning on opening an LLC and transfer the property to it, does that come with its own business account??

In general we want to make sure we are tracking our expenses correctly for tax purposes, and I really want to separate personal and property-related/business expenses.

Thank you!!

My husband and I are looking to buy our first property and we just got pre-approved for a Conventional loan with 5% down, 30 year fixed rate. We are still very new to the game, what are the things to look out for when structuring the loan? For example, our broker told us that if we put down 10% we don't have to pay for Mortgage Insurance, or that we have an option of doing a rate buydown. Do or don't?

We are currently looking at buying either a single family to live in for one year, fix and rent or a duplex to house hack around Miami, FL with a budget of around $500k.