All Forum Posts by: Steve Vaughan

Guy with the 20-yr old squeaky minivan checking back in. Wow @Mark Ferguson !  Thanks for giving us newer people still in the trenches something to shoot for!  Cheers!

I would certainly consider a $496 beamer payment to be debt. ("earn $100k, no debt, no IRA or 401k"). When I ask financial advice from normal (broke but lookin' good) people, they think I am crazy, too. I don't want to be normal, wondering where the money went. I want to be weird! As a business owner that earns 6-figures, you certainly have the mindset to do REI or whatever you wish. I wouldn't suggest not telling my SO about a rental property I bought, but I wouldn't let objections like blind fear stop me. Oh- and never buy together before you're married! Good luck, @Brandon Duff 

@Justin Bell Lenders will require you to sign personally anyway until your entity is massive with assets and credit history. I still have to sign personally for assets titled in my LLC. Single-family homes in general aren't worth messing with the hassles of borrowing and insuring thru an LLC. I have my single-families in my own name. Multi's over 5 units I put in my LLC (s). Once you reach the commercial space, commercial lenders and insurers are more comfortable with LLCs. Hope that helps!

If under 35 employees S-corp is the way to go.  C-corp has double taxation and way harder to compile and file taxes.  What profession recommended a c-corp again? lol

Go get 'em, Ben!  Good to see you off the sidelines again.  You missed it, right?  As much as I enjoy peace, the thrill of the deal has no equal! 

Try a local insurance  broker.  I found one here.  They'll shop for you amongst a bunch of providers to help you find a good fit for your property at the best price.    The residential/car insurers like Allstate, Farmers, State Farm, etc.  don't do commercial.

Most people are interested in RE investing on some level.  It is a sexy business!  Try and bring up a little bit about what you are trying to do in casual conversation.  If prompted, ask if they may know someone interested in earning more than peanuts on their money.  Refine your 'elevator pitch' and be sort of reluctant to let 'em in.  Tons of resources here on BP.  Good luck!

Here I just have the electric taken out of my name, not shut off.  The power co posts a door hanger that the occupant has 5 business days to put in their name or it will be shut off.  You are being more generous than most letting them use your power.  If the tenant doesn't fulfill their agreement regarding this, just call personally and have the power taken out of your name!

So many to blame, so little time! In the end, the transaction with any real estate purchase is buyer beware.  However, if a seller disclosure was (and should have been) completed yet didn't disclose material issues such as this, you may have cause against the seller.  If I got an inspection report that said no power to inspect a major mechanical, I would have had a re-inspection when the power was on. Hope this lesson doesn't cost ya too much.  Thanks for the warning to others!  

I like your idea @Joshua Frahm ! A reasonable 2-4 family that you  occupy is a great strategy.  The good news is, your renter is right next to you and you can keep an eye on them.  The bad news is, your renter is right next to you!  Have clear boundaries with them. "No, I will not change your light bulb for you at 10:00 at night."    Oh - yes, punch that student loan debt in the nose like you have been.  It never goes away unless you are deliberately paying extra against it. It's not bankruptable and only goes away if you pay it off, become permanently disabled or you die.  Welcome to the site!