Advice on what to do

[CJ DeBerg]

What’s up everyone. Looking forward to connecting with as many people as possible. I have a pretty fortunate situation that I would like to hear some advice on. I live in a 275k property in Charlotte, NC that is in my name and completely paid off. I’ve owned it for about 5 years and have had 2 roommates the majority of the time giving me $500 each a month. I recently launched my LLC and A moving the title of the house from my name to the LLC. I’ve also got about 60k in cash I feel comfortable putting into my LLC as well. Looking for different strategies on how to leverage the house I own/cash I have to build out my portfolio. Thanks in advance.

[Thomas S.]

Best advice I can give is don't put it in a LLC. IT will only complicate your access to cash and leverage without having any positive benefits. You have not needed a LLC for 5 years and there is no reason to think you need one now. Insurance is all you really need to protect your assets.

The property you have will need to earn about 3K per month rental income to be a worth while investment income property. IF you can not hit that goal sell and reinvest the equity in multiple properties by using 80% leverage 30 year mortgages.

Do not invest in properties that you can not achieve rents at minimum 1% of property value.