All Forum Posts by: Aileen Jimenez

I’m a memeber of RETA but haven’t purchased (yet).  One thing they won’t say - but you can research- are the closing costs and capital gains tax .  This greatly reduces that amount they publish you’ll be making.   We own a place in Playa del Carmen, Mexico and met owners who purchased through RETA.  Some shockers - Closing costs when buying is 4-6% of the purchase price.  And capital gains tax can be as high as 35% when selling, and another 10% for agent.  

So, I'm buying a duplex and financing it.  One side side is occupied, the other is empty.  Lender is asking for Insurance -- since it's going to be a rental, it will be a rental dwelling insurance.  As a requirement, I need to provide them a lease for BOTH  units.  But I can't get a lease until it's purchased.  How do you guys handle this

@Shannon Robnett Thanks! Current LLC is partnership between my husband and I. Should the new LLC have same members? Also, concerned of any tax implications if I move the property from one to the other (new).

We have a commercial property under an LLC. Recently, we also purchased a residential lot (under the same LLC), where we plan to build a house and sell. Would you recommend we put them the two properties in separate LLCs? Would like to hear from the Legal side and the Accounting side. TIA.

We're in a slightly similar situation, except tenant has Poor credit (maxed out credit cards --- yes, multiple), going through divorce and selling house.  Homeowner for the past 10 years.  Good paying job (makes 3X rent).  Like some comments, I don't want to ignore poor credit but also don't want to rule her out given that she has good paying job...  According to her, credit cards were supposed to be paid by soon-to-be-ex husband, but didn't.  This would be our 3rd rental, but the other two passed all the requirements (pay, credit score, no eviction record, etc.).  

Would appreciate input, from seasoned landlords.

For those who looks at Credit Score when screening tenants, what's the minimum score you would consider?

Sorry, new to this. What kind of financing do you use? I've read that getting a mortgage if property is on LLC is "near impossible".

Sold a property for 360K through 1031. Already closed on one replacement for 237K. For remaining 123K I’m buying property priced 220K.  Zillow has property valued 233K.

We're Looking to purchase a propery with part 1031 Exchange funds + mortgage. Property will be on LLC. How did you handle? Any help appreciated.