Updated about 6 years ago on . Most recent reply
Rental property investment
Greetings all. So just a quick synopsis of what we have going. We, well mostly myself, have owned a large 4 family house in a blue collar/working class neighborhood. We get decent people applying for rents and screen thoroughly to get the best that we can for the area. I've found that a mix of Section 8 [Housing Authority], disability assistance and as mentioned above working class folks. I manage the property and hire out when time does not allow me to care for the responsibility/issue/maintenance request, etc. We are normally at 100 percent rental but I'm down one unit right now, lightly renovating the largest unit. The tenants are typical tenants, good most days then horrible others.
I have 2 very young kids now and I'm interested in buying number 2 and possibly 3 in a better area but keep in mind that I have a full time municipal job and family that is at the forefront. Therefore I've considered hiring a management company to assist me or holding off on the investments. I have several questions/concerns. 1. What's the best option for financing a second project? 2. Should I go LLC? I never did on the first one and things have been fine in the 15 years I've had it.
3. What's the best play...paying off the first one or stretching the money and investing in the 2nd and 3rd? I'm a little lost and need some guidance. I need a mentor the more I consider my situation. Thanks for any advice.
Brendan C.