It was harder finding a lender who would actually do a 2nd FHA than it was to actually get the okay on it as I guess there is more work & more risk involved.

That's with your cash down, not other financing involved for a higher CLTV.Face it, you'll be persoanlly kissing the note, while your other assets should not be involved, a personal guarantee means that everything can be on the line.

Values on the adjoing subdivision will probably go down, due to the increased traffic, noise involved (there will probably be live entertianment) fights in the parking lots etc.

We are still new to the investing thing and looking at getting more involved in it.

Lots of husband wife teams could have much lower overhead than a company with 8 others involved holding more properties.

Just a Brian said...Also, keep in mind that an LLC can be taxed exactly as an S-corp if you make the appropriate election.And Minh's point is why you should have a CPA involved -- your CPA can help guide you to how much is appropriate to pay yourself as salary vs dividend.

Land is a different sale than SF homes, and usually involves a different buyers list.

my wife bought a condo FHA in 2004; we got married 3 years ago and, due to market, became an "unintentional landlord." i bought my home in 2003 w/ 20% down & last month needed more space so rented out my home & bought an owner occupied (20% down) & doubled my square footage. i also have managed a property the past 3 years. one of my wife's friends was getting transferred out of state & heard I landlord.

Since this is from your father, if any claim arises you'd have to sue your dad who would then make a title insurance claim to defend your suit, and that would have issues being related but sometimes not, depends on the title insurance companies involved.

It really depends on a lot of things, but the first thing to do is get square and current with any existing lines.