All Forum Posts by: Tim Geraghty

George nice to hear #50 is coming soon.

Do you use any special program to trac your expenses on all your properties? I have a few properties of my own and find it hard to track all the expenses and repairs. 

I thought the same thing. After sitting with my mortgage broker she explained to me this,  the rent coming in works into your debt to loan ratio. This income is just that income. So it works in your favor. Banks like that the property makes money.

I was told by friends to jump in. I dragged my feet for a while. After a purchase I am hooked.  I'm hooked up with a great lender and am off to the races. The only issue is that the houses are drying up and I'm looking for new ways to find deals. I've been reading articles on this site and am getting a great education. Thanks Brandon

Thanks Darrin and Mark, You guys brought up good points to a novice on his journey. I do not want to start out with a legal mess. ill seek a commercial loan. In the future would it be easier to buy personally then move it to the company? 

Last summer i purchased my first rental house.  It needed a complete renovation. now there is a tenant in the house.  I now have 80K in equity in the house that i would like to get my hands on. So here is the question I bought the house under my corperation i started for this venture. when looking for a loan, the brokers and banks told me that i need a commercial loan because of the corp. The commercial loan has a higher interest and is a harder process. I was also advised to do a quick claim deed and then get a regular mortgage. Once the deal is done deed it back to the corp.  I spoke to my lawyer and he strongly advised me not to do a quick claim deed. He said it will devolve the corporation and leave me liable in the event of a loss. How do I proceed?