All Forum Posts by: Roman M.

I suggest to use a realtor. You will get better quality pool of prospects and can probably get higher rent. Request that realtors submit their offers with background and credit check. 

I asked my accountant before about transferring personally owned property to an LLC and he told me that if I own an LLC then in the eyes of IRS ownership did not change and therefore they will not consider it a sale.

Darren, If you have equity on other properties, why not ask for the 2nd on those. I think you don't have to pay such a high interest if CLTV is less then 65%.

Welcome to BP.  Spain is one of the places I may want to spend 3 to 4 months a year when my cash flow is at comfortable level. Let me know if I can help in any ways.

Best to Ask an accountant. However After depreciation you probably won't have to pay anything on your $150 per month income 

land trust became my favorite lately

single owner LLC will save you money on filing taxes as it goes on your personal return. If you go that way just remember to obtain your tax id as single member LLC. If you planning to refi down the road then obtaining a loan if property is owned by LLC is much more difficult as banks consider it commercial loan.

There are tons of lenders that will lend: united bank, total bank, coconut grove bank. Run a scenario by them before actually applying to see what terms fits your goals.

Remember the biggest risk in your deal is the down payment. Your EP money is on the line the same way as yours. If you both funding down payment then both monies are at risk. It's not hard to get HML. The hardest part is to not lose the property if things go wrong. So you are sharing the risk 50/50.

Cain,

Before you decide to go get Section 8 tenant do two things:

1. As an eviction attorney how hard is to evict a section 8 tenant if they retain an attorney. They told me it could be very expense and could drag on for months.   

2. Ask eviction attorney what happens if you have a maintenance issue and you are not able to fix it right away and tenants files a complaint. I was told that HUD won't pay rent until problem is fixed and you don't get rent for period of time that item wasn't fixed. Image a tenant doesn't let you in for whatever reason and you won't be able to collect rent until it's fixed.

I think the answers will discourage you going with Section 8 tenant.  My eviction attorney said it's like making a deal with a devil.