All Forum Posts by: Jeremy Hua

Just toss it in a money market account.

If the property is owned by the LLC, put it in the LLC.

If I don't have it by 11:59pm on the 1st of the month, a notice goes on the door the morning of the 2nd. Legally, if you ever go to court, they have proof that you allow late payment of rent, even if it's on the 15th of the month. You've always allowed them to pay rent late, so it's not due on the 1st.

I would get a job.

Is this a serious question? It's the second dumbest thing you could do. The first being taking a cash advance to begin with. I would rank taking a cash advance to play basic strategy Blackjack as a better decision.

There's a 90% chance you'll lose all faith in humanity when you become a landlord. 

I would purchase the property from the Trust. Effectively, that money is going to be passed back to you upon the death of both of your parents. 

Also, your parents can gift you a combined total of $28k/year. And, they can gift your wife $28k a year. I don't know the market value of the property we are discussing, but this could be a way for you to purchase it. 

As far as leveraging, in my experience, even if you pay cash for it, the bank will make you wait a year before you can do a cash out refinance. Your wife is right though, and I would make your decisions with her input. Men tend to be risky, and women think with their heads. You might hate being a landlord, they call you for the dumbest things.

Your first mistake, is thinking you buy a property, and money just comes in. 

My credit union, and a few other local banks, won't touch investment properties. Some of the locals will, but they only allow a certain percentage of their portfolio to these investments. 

If you can find a bank, I would do a 30 year, but you're going to need 25% down. 

Before you even make an offer, I would run the numbers. Virtually everywhere is at market peak right now, there's a good chance it doesn't make sense, deal wise. 

The only con is how long payments can take, especially with a holiday. 

For instance, my tenants had their rent drafted on 7/1 through Cozy. It's not expected to be in my account until 7/10. 

I would tell her to lower the price, and sell it. 

Being a landlord by default is worse than by choice.