All Forum Posts by: Account Closed

Thanks John. Considering Missouri is the state in which I will be investing (Home state) I really appreciate the insight. Do you have one LLC for each property or one single one for the properties you have in the state? Jeff

Great advice @Greg Scott!   I like the idea of protection with insurance rather than legal entities as it is.  Love the idea of an umbrella policy.   Will check into that for sure.   I currently live in California but buy in Missouri (home state).  

I think this topic has been discussed a bit ad nauseam but I couldn't find a thread that dealt with it directly with recent discussions.Following the latest discussions regarding out of state rentals,   I was wondering what everyone is doing with the legal entities with out of state properties.   Sole proprietorship all around?  LLC for each state/city?  

Interested in what the BP community thinks on this topic.

Thanks,
Jeff Smith

Thanks for the assistance.

Steven Picker it would be high if I needed to. It's very close to PGA West. I know the current owner and he knows the owner before him and neither have had a problem with finding a renter. Of course past performance is not an indicator of future performance. I agree that the appreciation is what makes this deal even worth looking at.

@Steven Picker La Quinta lower cove and in the area with sewer not septic.

Rob it is in La Quinta, CA.

I'm looking at a deal that I know is pretty tight, but am curious to hear the thoughts of more experienced investors. 

Sell 220k - single family home 3bd 2 bath 1,470 sq ft

Appraised value 240k

20% down

4.25 30 yr fixed - mortgage & interest around $905/month

Prop taxes 230/month

Rent 1,500 month

Only monthly expense not paid for by tenant is gardener $120/month

Tenant is signing another year lease this month.  Tenant is stellar never late and takes good care of property. 

Congrats!!!

What's your financing vehicle for this deal?   Looks like you're doing 100% on it at a 5% rate.  Has the bank appraised it at full value or is it appraised for more than 100%?  Also, I don't see any closing costs in your analysis (maybe I missed it).