All Forum Posts by: Angie Menegay

Thanks all for your advice. I will definitely need to find a good CPA to speak to. Unfortunately I've spoken to 2 CPAs and don't feel confident enough in either one of them :cry: .

I didn't know that was even possible. I'll explore this option with the CPA once I find him/her :D .

Again I didn't know if this was an option either. I thought the attorney has to re-issue a new title policy for the LLC. Will definitely check this out.

For our regular landlord home insurance, I'd already asked the insurance company if they could add the LLC as additional insured, and they said they could. So I guess the LLC is covered there.

Thanks,
Angie

I agree with what everyone's said, and the same things I've done for my rentals....

* I've never been able to get more than 1 month's rent as security deposit ($1200 in this case). In some of the lower rent areas around here, deposit is 1/2 month. Yeah I know that sucks. I wish I could get more too but lower income tenants can't come up with that much money all at once.

* I'd recommend paying the Realtor full month's commission to list in MLS. That will generate more traffic. MLS data also get propagated to other popular web sites such as Trulia, Realtor etc.

* Continue to publish periodically on free sites like Craigslist, vFlyer ...

* More description and better pictures... Here's what I did for ours: http://dallas.craigslist.org/ndf/apa/1969279795.html (Ironically we leased ours to someone who just drove by and saw the sign, but we got lots of interest from MLS showings).

Good luck!
Angie

We designated a relative as POA, but I don't see why the attorney can't be a POA as well. Might cost extra though since attorneys don't sign for free :D. BTW, that title company charged us $150 to draft that specific POA, so that wasn't free either :roll: .

As Bryan mentioned, a good title company will tell you what they need for themselves, lender, and insurance (my insurance was pretty lax. Lender was the boss behind everything).

Good luck!
-AM-

Congratulations! I'm happy for you :). You're right - it's a numbers game and can be very frustrating at times. I need to remind myself constantly of that fact too.

Hi Ryan,
You said you'll be financing it, so make sure you check with your lender on what their requirements are as well.
Here's my personal experience so far in TX with closing remotely and POA (Both need prior approval from the lender):
* Closing remote: The title company emailed us the paperwork. We signed everything with a local notary and overnighted it back. Will be a costly option for you overseas. It cost us $100 extra for the notary & postage.
* Closing with POA: The title company drafted up a specific POA. We had to sign the form and notarize it in advance. Then the POA can sign for us at closing.
Take care,
Angie

Hi Melinda,
I've joined the TXREIC Meetup group. If you haven't, go to meetup.com and find them. It's a great group and people provide lots of practical advice pertinent to our local market as well. I've met a few good local investors too!
I think I'm also on the mailing list of all local wholesalers LOL :roll:. Lots of stuff rolling around everyday.
Have fun learning!

Hi Melinda,
Welcome :-). You'll find lots of great info on this web site. I, too, am a newbie in REI and a DFW local. My goal is to obtain 2-3 rentals a year as well (depending on income).
Happy browsing!

For conventional loans, most loan officers I talk to require 25% down. I was able to find only 1 local bank here who only needs 20% down for SFR. For duplexes, they still want 25% down. This applies to 1-4 properties. For the 5th-10th property, it's 25%.

Thanks Jon for your input. Yes the LLC only has 2 members (my husband and I). I've been thinking about the Due On Sale clause as well, and we are weighing the pros and cons...

Hi everyone,
I don't know if this question has been addressed before (my apologies if it has since I couldn't find the right thread). I'm thinking of deeding our rental properties into an LLC (our lawyer suggested General Warranty Deed vs. Quitclaim Deed). However, I am not sure how mortgage interest would be claimed at the end of the year when taxes are filed? I presume the interest statements sent from the bank are still for our personal SSN (since we're still the borrowers on the mortgages).
Maybe this is something a lot simpler than I am thinking ... How's everyone doing it?
Thanks for any advice you might have!
Angie