All Forum Posts by: Bob McIntosh

Keep us posted if you do, I am very interested in something like this if I can find it it for smaller landlords.

Thanks!

The security deposits belong to the tenants (assuming that there are no damages) and the current owner should give all of it to you. THe only way you should not get the deposit is if the tenants leave before you take ownership.

If you don't like the site, then so be it, but there really is no need to flame the posters, and attack the whole site...

All you are really doing is adding is more posts to "wade through"

My goal for April is to purchase my first property. I have a couple that I am looking at and negotiating on so I am hoping that one of them will materialize into my first purchase!

Planning getting a good CPA but I don't meet with one until Monday, and I figured I would pose it here first :)

Thanks!

Hello I am looking at purchasing a 2 unit property, living in the one unit, and renting out the second. My question is if I purchase the property as owner occupied, but then lets say at some point down the road I wish to move out and rent the portion I lived in, will this trigger any sort of "due on sale" clause since I am no longer occupying the property? What would the bank do if this did happen?

Thanks in advance!

So I am in the process of buying a 2 family property. I will be living there and renting out the other unit. Now I know that putting a property into an LLC is generally touted as the best way to protect yourself, however I am wondering the following.

If I transfer my owner occupied property into an LLC will that in any way negate the items I can deduct from my personal taxes? In other words, will I still be able to deduct for example my interest paid on the Loan from my personal tax return by doing this? Would there even be any benefit of putting a property like this into an LLC?

Thanks for your input!

But according to the book I read, I can find no money down deals EVERYWHERE and make $500,000 ON MY FIST DEAL!!!!!

It may also depend on how your credit score is. I am guessing that if you don't have a job it may not be stellar. If thats the case, along with no job, you are going to have a very hard time finding finanicing from any bank.

I agree with what nephets said, you may want to look into getting a job that aligns with your real estate interests to help you gain more knowledge.

If however your credit is stellar then I would also recommend that you find a local bank and work up a good relationship with a lender there. That is going to be your best option, the "big banks' (i.e. Bank of America, Chase, Citi, etc...) don't really care about you, they care about their money, and getting it back. To them, no job = higher chance of a non performing asset = no money for you.

Or what you may want to do is find a hard money lender to get you going on your first rehab. Start doing a few of those and you should gain an income which you can show to banks who will then be more willing to work with you, as long as you can document where that income came from (i.e. you didn't just borrow it from another bank to get this bank to loan you money).

Thats all I really got :P Hope it helps!

It may be something that is more of a "i don't see it so I won't say it" type deals.

If you were to create one maybe make it a sub forum of development since developers are the ones most likely to need an architecht