All Forum Posts by: Todd Lawrence

I am a first year agent with Keller Williams Reality and before I got my license I flipped 2 houses. I figured that if I could do this full time, I could make more money at it. So I have quit my job as a Lab Tech and dove head first into this real estate thing. I want $1500.00 in passive income within the next 3 years and have at least 10 rental properties within the next 5 years, and have 20+ within 10 years. I am going to semi retire by age 50 and fully retire by age 55. I am currently looking for team members and would love to hear from you all. TTYL

Oh Wow...O.K. I didn't even think about insurance. All advice sounds good. Thanks for everything.

Respectfully,

Todd

I'm sure this has been discussed on here before, but I can't find it anywhere.

I have purchased a property under my name and fixed it up (not all the way/ was planning on rehabbing but realized I was running out of money). I now intend to rent it out but was guided to start an LLC to protect myself from a law suit.

It takes about 300 bucks to start an LLC but I need to know if/how I can sell the house to myself. No gains, no freaky numbers, just a way to protect my assets from a greedy tenant (if my screening doesn't catch it).

In fact I intend to transfer the rest of my cash on hand to my new LLC bank account.

Should I wait until next year(1 month away) to start the LLC and transfer the title?

I am not living in the house, and I do not intend to live in it at anytime.

Thank you for your time and advice.

V/R

Todd Lawrence

Hello BP Professionals. I am anxious to get into my first buy and hold. I would really love to get a condo at the beach that I can rent out during the summer months and have my family spend some time there during the off season. I am looking to use my VA loan (no money down) to buy a condo but I am worried that if I use that to buy then I will not be able to get a Homepath mortgage for future ventures. Any thoughts?

Thanks for your time and patience.

Great advice Mike... thanks for the reply. I guess I will stick with bugging my Realtor friend.

O.K....so I should be looking at what houses have sold for nearby and not what they are appraised at(Zestimate). Correct? Should I be looking at price per square foot, or just similar 3bd 2ba houses with similar square footage? Thanks for the reply.

I am very new to all of this, and I was wondering, short of bugging a real estate agent (whom I just met) every 10-15 min about a property that I found online, is Zillow a good place to get a quick and easy (not to mention free) comp? For instance, I found a foreclosure for $25,000, went out to look at the property and from the outside, I could tell that there were no indications of foundation problems, could use new shingles (but no need for whole roof rebuild), new windows and probably air-conditioning repair(10-15,000). I looked though the windows (as Im sure everyone does) and the carpet looked in good condition and walls and ceilings looked clean and sturdy(10,000 est). I looked on Zillow and the neighboring houses were going for 65-70. Now at this point I got on the horn with my realtor and said set me up with a looksee and when I did, he told me that the property had already closed that day...never got a comp (well a real one anyway). Just wondering if this was the right thing to do, or was I headed up the proverbial creek with eyes wide shut. Thanks for your time and patience.