All Forum Posts by: Justin E.

The responses here are very interesting, I posted a similar topic a few days ago and everyone was very negative on the information provided within. Opportunity Cities

This is like textbook subject to. Have them sign over the property to you for you agreeing to make the payments on the property. Check and see if they are behind on any mortgage payments and that taxes are up to date, if not you will have to pay those off up front.

America’s new opportunity cities

If you were starting from scratch, which of these cities would you choose and why?

About the VA loan closing costs: The workaround is to make a deal with the seller to cover all your closing costs, but offer them a higher amount for the house to offset it. So the closing costs will become a part of the loan. The only thing is you can't offer more then the house is appraised for, but you should only be looking for bargains so that shouldn't affect you.

Have you looked into Atlanta, GA? You could buy and live in a place like 627 Utoy Cir SW, Atlanta, GA 30331 and do some small scale flips around the area.

Sounds like she is tapped out after paying first, last, and security deposit. That is a lot of money for most people, especially a single mom. Then you have to figure moving costs, maybe utility deposits too? What are you charging for rent? Well, that cost X3 + extras = $$$$

I would go with it.

First property I would want to have a multiunit. Your finances would be more hurt by the loss of a tenant at this stage, so you don't want the loss to be your only tenant.

But if the choice were to have 10 SFRs or one 10 unit apartment building, I would probably choose the 10 SFRs.

When I look for a multifamily unit, I expect that half the units pay for the regular expenses of it (tax, mortgage, insurance). So if one side of a duplex, or 2 units of a 4-plex, can pay those expenses - then I consider it a deal worth investigating.

You need to form an S-corp AND an LLC. Make the deals under your S-corp and transfer them to the LLC. You personally don't want to own anything, but want to control everything. Never link yourself personally to the LLC's, just the S-corp.