All Forum Posts by: Nick M.

Dustin, thsnk you for your feedback. I am planning on setting up an LLC this year and have this rental under the LLC (and since it is paid off I understand that it is much easier to transfer to the LLC from my personal property).

Nick

I purchased a rental property in 2009 and had to do major remodeling before it was ready to rent. I do not have an accountatnt yet but planning on looking for one to have my taxes done this year. This is my first rental property.

I did most of the work myself with my wife and was wondering if there is a way to deduct all those labor hours as an expense and at what rate would it be reasonable. Or what is the proper way to go about getting paid (or deducting) for rendering services for your own property.

Any ideas are appreicated.
Thanks in advance.

I am curious to learn what methods are out there to get information about properties you want to buy for rental purposes...

How do you find the houses/apartments?

What I have done is the following:

I have a realtor and he set up a seach in his system which sends me an email every time something meets the criteria I have set (Location, price, type of property, etc). If I like something, I tell my realtor and I can go and see it.

Are there better ways for finding investment properties for fix-up and rent or flip?

Thanks in advance.

thanks for your comments....unfortunately I was not the highest bidder.
There were 24 offers and mine was not the highest (even at 10K more than asking price). This is becoming more the norm nowadays where the bank lists a house at a very low price attracting bidding wars. At 30K it would have been a nice cash flow rental but unfortunately it did nt work out this time.

thanks Steve,
My realtor did mention that the resale value would be less than on a ranch of same size however renting it should be no problem.

Thanks for your feedback.

It is a very attractive deal in a pretty good area: $20K asking price for 1,550 sqft, minimar repairs required, there are 15 offers already. It was lost to the bank when the previous owner still owed $163K.

I am thinking it will go well over asking and may put in an offer closer to $30K....

I am in the process of making an offer on a Bi-Level (1550 sqft) to have as a rental houme and would like to ask the experts here what they think about Bi-Levels? Do they rent well/easy?

what is the general opinion about this type of house?

Thanks in advance.

Hi, I am in Sterling Heights, MI and am looking to learn/network with a group of real estate folks. I heard of associations that one can join and was wondering if anyone is aware of such groups here in MI.
I bough my fist rental in June and renovated it and rented it. Maybe some remember it...bought for $15K, remodeled for $13K and rented for $800/mo.

Anyway, just wanted to get in touch with some of the people here in the area and see what options there are to join a investor group. Thanks.
Nick

Hello everyone,
I noticed an ad that says that "Rich Dad" free seminar is coming to town towards the end of October (Detroit). Now, I was wondering how much valus attending such a seminar could add or is it just another sales pitch to attend another high dollar training course? Did anyone go to such a seminar? Is there any good information that cannot be learned on this forum?
Any feedback is appreciated. Thanks in advance.