All Forum Posts by: Bryce Litwin
Bryce Litwin has started 1 posts and replied 57 times.
Post: How do you buy low in a sellers market?
- Danville, PA
- Posts 58
- Votes 58
If you purchase a property that is cash flow positive after accounting for all expenses, and you are a buy and hold investor, it does not matter much if the value drops the next 3, 5 or 10 years as long as you don't have to sell the property. You're net worth on paper may decrease but you're still making money... assuming rents don't sharply decline, which is unlikely.
Post: LLC payback to HELOC
- Danville, PA
- Posts 58
- Votes 58
Check with a CPA.
Is this a single member LLC?
I don't believe the LLC can make direct payments to your HELOC. You probably need to take an owners draw and deposit funds into your personal account and make payments from that.
Maybe it you'd set up the initial LLC funding as a loan to the LLC paid back monthly to you/LLC members.
I don't think the HELOC payments would be business operating expenses. The HELOC is not a business loan.
I'm not a CPA, but I believe under the new tax law, Interest on HELOC funds used to improve your personal home is not tax deductible. Interest on HELOC funds used for acquisition debt (i.e. Buy a rental property) is tax deductible.
Post: Best way to use $100K on additional properties
- Danville, PA
- Posts 58
- Votes 58
Assuming additional reserves set aside to maintain your current properties, I'd probably try to buy 3 SFRs or one larger MF.
Post: Multi-family in Reading PA
- Danville, PA
- Posts 58
- Votes 58
I've seen a few threads on investing in Reading in the past, so try doing a search. I understand Reading is a bit of a rough town.
Post: Renting to a relocating tenant sight unseen
- Danville, PA
- Posts 58
- Votes 58
An applicant with income 1.7x rent cannot afford the unit. You would have to find out the son's SSI income to add in. Total of 3x the rent would be my bare minimum. Another consideration is what if son's condition worsens and he ends up in a nursing home... loss is SSI income.
Post: Not allowing Fire Arms?
- Danville, PA
- Posts 58
- Votes 58
Such a clause would not be enforceable and would likely land you in legal hot water if you did try to enforce it...
Post: Is Solid Hardwood in Kitchen a bad idea?
- Danville, PA
- Posts 58
- Votes 58
Personally, I'd go with tile in the kitchen. High spill and impact damage area. Wood look LVT would be ok.
Post: Stock Market While Saving For Down Payment?
- Danville, PA
- Posts 58
- Votes 58
Money you'll need in the short to medium term, say less than 5 years, should probably not be invested in the stock market.
Post: How does Zillow affect my home value?
- Danville, PA
- Posts 58
- Votes 58
Hopefully someone will rehab those properties and sell them for 100+k in 3-6 months and you'll have some better comps...
Post: Tenant's personal indoor AC unit leaked. Damaged flooring
- Danville, PA
- Posts 58
- Votes 58
Don't tell the tenant it's coming out of their deposit... that's for damages found after they move out. Have the flooring repaired now and bill the tenant for it as soon as it's done. The tenant is responsible to pay for these damages... it's not normal wear and tear.