All Forum Posts by: Brian Ky

All we know about lawyers is what Hollywood shows us, big powerful people that crush the weak. Instead think of them as another contractor in your real estate team. They are cheaper than you think. They are not immune to economics and follow the supply and demand model. Good news for you, if the tenant can't afford rent, they can't afford a better lawyer. 

I live in another state from the property so I let the lawyer handle it. I am sure you could write the letter yourself, but it goes back to the beginning of this topic where you don't know the rules for your venue. 20$ to a lawyer is cheaper than a possible suit for not doing it correctly. 

I pay my lawyer 20$ for the pay or quit. Not a lot of money to ensure you so it right. 

If you are a sole proprietor, rent income to yourself is still income so it shouldn't have a benefit. If you own the building in some sort of corporation then you are still having income and may have corporate tax depending on how you structure it. 

As for tax benefit, you get to write off loan fees, loan interest, and depreciation of the residence. Zeros out rent income and gives you a tax return. 

Also in some states you can be employed under a broker to be a PM as long as you are paid a salary and not a commission. This might be a great option as you will get a few years of experience in PM while you work toward getting your broker license. But check and see what your state laws are and talk with a brokerage that does PM work. 

They are recorded with free access to them for a few days. After that they are archived in the pro section for play back. 

You can make an llc at any time, or stay the owners yourself. The llc is for protecting your assets that aren't in the llc, not management of the property. I have property in ca and tx but live in Europe. I haven't started an llc yet. If you are concerned over management you can hire a property manager. 

You can reach out to a realtor in that area now to get the mls emailed to you. That way you can see prices for the are.  As for the va loan, a loan officer can help with that. The property must be livable to get a va loan, so no fixer up. Once you purchase your property you get renters in the other portions of the building. Keep in mind you don't need to sell the property once you leave. I haven't lived in my house financed by a va loan for 6 years now. just buy a new property one you move and you can get the down payment as low as 3.5%on the next property. 

As a German resident, not citizen, I can see how self storage would be a good niche. There are many residential bosons that are hundreds of years old and lack storage. If the Germans are willing to buy farm plots just to have a yard, I could see them renting a storage unit to have somewhere to store items. Along the line with that niche would be a place to store their tailors they hook up to their cars when shopping at a hardware store or ikea. For now they leave them on the side of the road leaving them open to be stolen. 

Check out the webinar from last week on brrr, buy rehab rent refinance. Sounds like it is the same plan you are trying to use in this purchase. Good luck.