All Forum Posts by: Wes Marden

What are the tax implications if you start an LLC and put the house in that and rehab it through the LLC? That is our plan.

Thanks for the reply. I think the roof is pretty solid. At least I couldn't see any signs of leaks and with the rain we've had lately I would think we would have problems. There are no spots in the ceilings that look bad and based on the condition of the rest of the paint I don't think the last people who owned/lived in it would have covered it up.

The other numbers have helped too.

I assume that roofing price is with materials too. I priced roofing at about 36 dollars a square.

Thanks for the tip about kilz. We also will have a cat house.

Thanks for the info and the encouragement.

I am still working on my strategy. I just know that I am going to be shooting for properties that are at least 30% off FMV or ARV. Also for rentals, I will not do a deal if I cannot see positive cash flow. Most likely at first I am going to be working with my mother as she has the free cash and credit. I have the ability to look for deals and do the math. She is looking to improve her retirement. But really I am still learning as much as I can so that my strategies will be the best I can make them. Location I am looking for stuff within a couple of hours of either my place or mom's. My goal is to put together deals that will net us 60000 each this year. I would like to see something like 1000-1500 total positive cash flow for each of us by the end of the year from rentals. Our economy is still pretty strong, but we do have some issues with depreciation in some segments of the market and in some locations. My main focus would be residential and probably not more than 4 unit properties.

I am new to the real estate investing community. I do have some experience as a mortgage broker, but I was not a huge success at that. I just got out of a 3 day seminar put on by the James Smith organization, His son was the instructor. It was just the basic introductory seminar for 50 dollars. I also have read a few books on real estate investing, I own 2-3 by Robert Irwin and 1 by H Roger Neal. I am now trying to learn as much as I can in order to be a success. I am in an area of Arkansas that has a pretty solid economy. I do need to work on credit repair a bit.

I am interested in any excel spreadsheets for calculating cash flow.

MikeOH what do you consider an acceptable criminal record? Or credit for that matter? Do you do section 8s?