All Forum Posts by: Robert Lockwood

Brandon Johnson gives good advice. I found my way here through the BP podcasts. A wealth of information is available there and there are very few problems you'll find that someone before you hasn't encountered. You'll also begin to get a feel for how other markets behave and what marketing/buying strategies may work for you. I myself have no plans to wholesale, but like learning about the process, as I'm currently looking for my next deal in the Baton Rouge or Denham springs area. Best, -Robert

Congrats @Ryan Tortorich!  What area are you investing in?  Hope your success continues!

@Brandon Johnson, your post really speaks volumes about those of us who have been impacted by the flood and aren't letting it get us down.  I was more fortunate than most, but continue to work through a tedious rebuild of my personal residence.  I've only recently been able to make myself take a breather and temporarily step back from my live-in demo zone, but you are absolutely correct, it is our perception that determines if our experiences are good or bad.  Hopefully I can come out of this stronger, and maybe even find time for one of those little umbrella drinks that @Robert Leonard speaks of! 

@Todd Aaron

 Welcome to BP!  You'll often hear folks encouraging you to find your competitive advantage to distance yourself from the pack.  It sounds like your experience in security systems and as a residential electrician might be valuable experience for your investing. ...although most of the "pack" here seems to be quite interested in seeing you succeed. 

Best, -Robert

@Jeff V.

 It's been a while since I followed-up on this post.  How did the situation turn out?  I'm finishing a rehab in a similar market only a few hours away and would love to hear that it went well for you-

After again reviewing your listing, I see that you do allow pets.  Perhaps use that selling point to drive some interest.  Keep us posted-

@Jeff V. your property looks great and the price seems fine.  If you decide to move forward with the vinyl plank floor install, you should consider allowing pets.  Vinyl plank is one of the most durable floor options I've found.  I allowed large dogs in a rental once which had vinyl plank floors.  It was a great decision.  I got the renters I wanted, they got the house they wanted and no wear at all was visible after a year.  You could realize a serious competitive advantage.  A dog owner who is a good tenant will be reluctant to leave a pet-friendly home.

Best, -Robert

@Michael R. I do not have a CPA. I've been claiming depreciation on the property I just sold which was personally owned, but I'm revising my investing strategy to hopefully be more profitable while accepting less risk. I'm basically improving all the things I didn't like about my last investment. The LLC and the much improved liability insurance built into my hazard policy will cover the risk mitigation aspect.

@Robert Leonard

Thanks a ton. I've often heard an LLC used for real estate described as a "pass through LLC" but never had it explained that clearly. It sounds like that will fit nicely with my investment model.

My most recent tax filing made me more aware than ever of the potential benefits of claiming depreciation.  I've since sold that single family rental and have a contract on another in my area, near Denham Springs, Louisiana. 

Before I have an attorney draft the LLC, I'd like to know if there are any added difficulties in claiming depreciation if the property is owned by an LLC rather than personally held. I've started reading Landlording On Autopilot by Mike Butler and he discussed earned income (LLC) vs. passive income and the tax implications of both.  My hazard policy includes substantial liability coverage, so I'm wondering if I'll be causing myself more trouble than it's worth by transferring ownership to an LLC.  Logic suggests that transferring ownership to another entity would prevent me from realizing any personal tax benefits.  Any tax-filing advice from those more experienced than me would be much appreciated.

There are countless threads here of LLC vs. umbrella policy so I'm not really looking to debate that.

Can I claim the depreciation of a property held in an LLC? Also, I'm just looking for advice; any formal consulting will come from my tax/legal professional.

Best, -Robert