All Forum Posts by: Shawn S.

@Tim Norris

Do you recommend me finding an attorney where we live or where our properties will be? If the latter would you happen to have someone you would recommend that would be both solid and reasonable in price?

Right now I only have 300k scheduled for liability on the first property we are closing on. I could pay $55.00 more per year on a $700.00 policy to up that to 1m. I'm thinking this is a good idea. I am being told I'm not able to get an umbrella policy unless I have auto insurance though that company. Eventually as I add more properties I'd for sure like to get them all covered in one place hopefully for one cost. Since I live in another state I'm not sure if there is any way to get that done. Anyway, I'm looking for advice on the best way to go about this.

Thanks,

Shawn

BP and the library are my main two sources of info. I can't see spending money I'm saving for down payments for something I can get for free.

@Steven Hamilton II

Thanks, I'd be thrilled to get the info on your referral. Feel free to put it here or PM me, whichever you prefer.

Shawn

If further research such as inspections, etc go well, this would be one that looks very interesting. It would appear you will cash flow close to $200.00 using the 50 percent rule at a quick glance. I'm a bit surprised it needs no repairs. The first place we got was in amazing condition, and we still found things we wanted to do to improve it.

If all those numbers pan out it looks like a solid deal. Some people seem to shy away from homes that old. I'm surprised you can get rent that high with only one bathroom. Good luck if you decide to pursue it.

Our current CPA is in Michigan from when we lived there. They have been solid, but have gotten so high priced over the past 10 years. Plus we would like to have someone closer so we could sit down with them when we need to. We have an LLC for our online petstore. We are hoping to find someone that is especially good for real estate investors.

Thanks,

Shawn

My wife and I are each getting 10, so we will have 20 before I have to consider other options is the hope. Just another possible angle some may not have thought about.

No chance I'd spend that. Just hang out here and you will be golden.