All Forum Posts by: Brittany R.

You should be able to look up the deed on your county's website for free. It will give you the information, if it is a SF or a Multi, I always check before I make an offer on a home. (That's how I also check to make sure the taxes are correct, too.) You definitely want to make sure that it is a legal 2 family home. Also, my rental props were constructed in the 1800s and  all of them are in good shape. I recommend having more money stashed for fixes. An older home will cost more to fix. As for the interior, your Inspector should be able to tell you if there are any issues with the home. Also, if you're worried about something with the home, ask them, that's what they're getting paid for.

Anyone?

@Mark Cadle wow, that crazy!

@Brian Boyd- me too! lol!:P

wasting my raise money on too many material things

I would double it. It can't hurt to have more than you need when a serious problem arises with your property but, it Can hurt if you don't have enough money stashed.

I would have at least 4-6months of rent for vacancy saved for each unit, and 3-6months of rent for renovations/repairs saved for each unit. 

As for property management, I'm not sure. I don't have property management for my properties.

Either way, its really up to you to figure out over time, what you will feel comfortable with.

Hopefully, someone else will reply.

I agree with @Justin Tahilramani. (A lot of ppl don't know that they can have more than one VA loan at one time.)

I understand if your trying to do right by your tenants, especially if they have been good tenants.....buuuut, you have to do right by yourself first. If you can make a lot more money by putting your house up for sale on the MLS, then, by all means do it!

@Irene Navasca NY

Mine just continued...I purchased the property at the beginning on May 2019 and by the first week of June I had my first payment from them. I contacted them the day after I closed on the property and the Section 8 employee asked for my email, sent me the forms to fill out, I emailed them back. She confirmed that she received them and that was that.

I have heard it is normal to expect it to take 2months though.

Also, keep in mind in the future when you want to increase the rent for a new lease, you have to inform at least 60 days in advance...

I just emailed my Section 8 supervisor what I plan on increasing it to in June 2020 (over 60 days in advance). So, she is prepared for it and there won’t be a delay in my payments(with the increase if they’re paying for it, not the tenant) once the new lease begins.

@John Underwood- I wish that I could get direct deposits, they don’t offer it where I invest. 🥺

I was advised by my attorney to purchase my rental properties in my name and then after few months of paying the mortgage (so that the my mortgage lender can see that my LLC has been paying the mortgage and it is always paid on time, no issues, with the LLC's business account to ask my lender if I could transfer the deed to my LLC. I did and they told me that it did not matter to them, as long as THE MEMBERS/OWNERS OF THE LLC WERE THE SAME AS THE ORIGINAL LENDERS ON THE MORTGAGE. They are, so therefore, my lender allowed me to do it. My rental properties are now in my LLC and I made sure to call my insurance company and made my company "an additional insured." Also, if my tenant elects to have rental insurance, they must have my LLC as an additional insurer too.

I hope that this helps.