All Forum Posts by: Tom C

I have used Wells Fargo on my personal property loans, but I after sitting down with my local credit union, I found that Wells Fargo charges huge fee's compared to your local banks. I would sit down with a local bank in your area or credit union.

ctrentalguy,

Sounds like very little profit for a lot of headaches. Even if you do a 30 yr Mort figuring your taxes in the low $1,500s, I wouldn't take it on at that price.

Thanks Mike... The only screw up so far, which may push the rehab out to 4K is that I didn't even see the termites trails during my first inspection. We don't have termites in my area, or so I thought. Luckily they haven't done much damage, its just the extra expense of having them professionally taken care of that really gets to me.

Beerock,

He is my example. Purchased for 23K, needs around 3 to 4K to make it rentable. Needs around 10K to make it stand out and sell in an awful market. ARV 60K, will only be able to move fast if I list it at 52K. By time I look at the holding cost and fee's, I would rather hang on to it, rent it for $650.00 month and pay down the mort. I can refi it and use that money as a DP on another property at anytime, while the renters pay down my mort. Its in a great location and I would rather build the EQ then lose it for a one time short gain.

thanks

Yes.. Mike has a book and its an excellent read. Finished it in 2 days and I have learned a lot.

No do not rely on a HUD inspection. As an example, the property that I just bought says mold, water damage and plumbing not working condition. It has a little mold in the basement, plumbing is fine and there is no water damage, but it does have termites. That was never mentioned. Most of the things HUD puts on their web site when detailing a property is to cover them just in case.

Good advice thanks

Thanks for the advice Joe!

Wow, thanks for all the info Joe. My orginal thought was to have the LLC not only manage the property, but also be the title holder of the properties. Of course until I read that if it is done this way, an attorney must do the eviction. Thats why I posted this question. I do need to find a CPA and attorney that knows how to handle investment property/LL issues.

Question.. If my wife is also be a member of the LLC with me, does this qualify as a multiple member LLC and if I do a multiple member using her, doesn't this mean that we have to have company meetings, minutes and by laws?

Thank you

I agree. With 85K coming in a month, how can you not have anything to do? I would think that it would be a full time job just running to the bank.