All Forum Posts by: Account Closed

Does anybody have any advice? Thank you again!! 

Hey all,

Myself and 2 other partners had a great 2015 starting our rental property business! We have 5 properties all purchased in 2015. 

4 Condos- 3 purchased in all 3 of our personal names, 1 purchased in a LLC with the same people.

2 of the 3 purchased in our names were then quit claimed to the LLC (working on getting the last one in there as well). They were in the LLC for about a month of the 6 months owning them.

1 SFH- Title and Mortgage only has 1 partner on it.  He also receives a 1099 from the PM company in his name.

Questions: 

1)Do I need to file two partnership returns, one for the LLC and one for the properties purchased in our personal names? 2/3 properties were not in the LLC for most of the time.

2) Can we somehow split the 1099 and mortgage interest on the sfh without causing a red flag?

Hopefully someone on here can help lead me in the right direction. Thank you!

Hi everyone!

Just looking for some advice: My personal residence is paid off and worth the equivalent of 4-5 prospective rental properties.

 I do not have any investment property mortgages (buy and hold rentals) yet and am contemplating my best strategy to be able to qualify for the most financing.

I know this is a very general question, but is it typically better to apply for a HELOC first and then apply for the mortgages or the other way around? Ideally, the heloc would fund the down payments and the mortgages would come after but I'm not sure if this is standard practice. Does a heloc count in debt to income ratio?

Any advice is appreciated! Thank you 

Hi everybody,

My team and I just acquired our 5th property. I am trying to evaluate our insurance needs for 4 condos, and 1 SFH. We currently have policies for each place, which have minimal interior coverage, and 100k of liability per policy. Each policy costs about 300 bucks a year. While we don't have enough capital to "self insure" these places, they are relatively inexpensive. Our primary concern is liability insurance.

Is it typically cheaper to have one policy for all properties as you start to acquire more units? Is this possible? Do we keep just adding a 300 dollar policy for each new unit? 100k liability per place probably isn't enough either. 

I know more information is probably required, but any general opinions would be great! Just starting to do my initial research.Thank you! 

Thanks, Parker..my accounting is already all set up so I will need to find something separate. 

Hi all,

I wanted to use cozy for rent collection but one of my tenants uses a debit card to pay. What is the cheapest/best way that I can collect the rent? I need to collect the rent in a few days so a quick response would be appreciated! 

Thanks!! 

Thanks everyone! Hopefully 150k for a sfh will work better..have to do some more research. 

 Great! Thanks, how can I get in touch with Doug Marriot?

Hey everyone!

My boyfriend and I live in Queens, NY and are looking to make our first real estate investment purchase. My parents own a home in Lakewood Ranch (near Bradenton) but most of the properties there do not meet the 1% rule. We are now looking in the broader Tampa area and are trying to decide which areas are the best to both generate a positive cash flow and hopefully see some appreciation.

We are looking for a multi-family and to stay under $150,000. All advice is highly appreciated!

Melissa