Vinny Incognoli
Need help moving beyond my first property
15 April 2024 | 5 replies
Vinny - I would say that if you're next deal will be a BRRRR you have a couple options for finding the funding, including: 1) Taking a HELOC on your primary house assuming that when you refinance you'll payoff the HELOC, 2) You can also use a loan from someone else like a private lender (friends/family) in which you pay them 10-12% for the use of their funds, OR, 3) You can use a hard money lender in which the rates are a bit higher and there will be some points added as well.
Benjamin Weinhart
Happy Tax Day! Quick Reminders For Those Yet To File
15 April 2024 | 1 reply
If you mail, be sure to mail to the correct address which can be found on the instructions (first result on google if you google "form 4868")If a payment is due with any of the above, you can include a check with your mailed form, or you can pay directly through the IRS DirectPay system and select "extension" as the reasoning for the payment.
Kevin Smith
VOIP/Virtual Phone Service?
15 April 2024 | 2 replies
It includes everything from call management to analytics and monitoring.
Tony Stephan
16 Unit Value Add Multifamily Update - Metro Detroit Market
15 April 2024 | 9 replies
.- It needed a community face lift and re-brand (was called windmill apartments....yuck.)We came in and strategically worked our business plan:- We upgraded the exterior including fresh paint, signage, and landscaping.- We removed delinquent tenants and changed the community standards around to provide a safe and clean place of living.- We've upgraded 75% of the units with fresh flooring, paint, cabinets, countertops, and appliances as needed.When we took over the property the 16 units were producing around $9000/month in gross rent.I just checked our rent roll today, and we just crossed $17,000 in gross income monthly!
Tanner Martillo
Looking For Guidance On First Investment
16 April 2024 | 10 replies
It's important to be aware of the risks involved, including unfamiliarity with the market and potential travel costs.
Jane Z.
Hiring kids for a rental LLC
15 April 2024 | 19 replies
He's here this weekend for actually two days: Friday p.m. from 3 to 6 he'll be talking about using QuickBooks in your REI business and Saturday from 9am to 5pm he'll be talking about building your entity structures for tax advantage, asset protection and estate planning, including how to pay your minor children without also having to pay SUTA, FUTA, FICA, etc. for them.I can't do this justice not being a legal / financial professional, but from what I remember, you DO NOT WANT to pay them out of an S-Corp or an LLC.
Jonathan Small
$25,000 Special Allowance for Rental Real Estate Activities With Active Participation
13 April 2024 | 1 reply
We have 5 rentals in seperate LLCs that have created losses on our return.
Veronica Solomon
Insuring Rental Properties Deeded into LLC's w/ conventional personal loans attached
16 April 2024 | 11 replies
Plan to re-fi down the road and create entities then to put it in, and fully keep it separate.
Joe Chirdon
Section 8 Leases, Harrisburg, PA
15 April 2024 | 5 replies
We have had success with 1 br units, including senior citizens.
Ryan Cummings
Been on the sidelines too long, ready to get started and could use some advice.
15 April 2024 | 9 replies
If not, better to get an easy one for the first one.....And don't worry too much about the interest rates. they are still pretty low (historically anyway, I won't even tell you what they were for my first house :-)The numbers just have to work, and they can work with even higher rates.....there are other variables, including the perceived high rates keeping a lot of your competitors out of the market.