All Forum Posts by: Chad S.

Why have an LLC for only $180,000 worth of investment property? Why not just get a million dollar umbrella policy for your protection.

I'm moving away from single family homes to ranch style duplexes with nice yards and preferably basements. I also want them to be originally built as a duplex.

I have one house with a crawl space and it has the well water tank and softener down there.  I encapsulated the crawl space with foam board insulation and vapor barrier and installed a crawl space dehumidifier and a lot of lights. 

It actually looks really nice and clean and could be used for storage. It also makes it nice to do repairs now.  it stays around 50- 65 degrees down there year round.

my tenant asked if she could store stuff down there but I told her no.

I could never bring myself to purchasing a occupied bank owned property.

My luck would have it that by the time I got them out, the cabinets, carpet, fixtures, furnace, water heater, and copper would be gone too. 

ok, I know I'm pushing the line, but I just found out that I don't need to replace the tank. So maybe technically a repair ?

I have a septic system that has failed and needs to be replaced.

Could I deduct this as a repair instead of a improvement, since I have no choice but to replace it?

@Walt Payne 

WOW, "Double your current income after retirement"  I may have to reconsider my goals now. I have made it my goal to retire on at least the same income I receive wile working. I wont accept a drop in income.

The Roth IRA is great, but know that the IRS could change the rules in the future and tax some, or all of it. Nothing is guaranteed, and the greedy government changes tax laws all the time. With 100 Trillion in unpaid liabilities, where will the government get the money to pay the entitlements in the future. Remember, they said they would never tax social security.

My next property might be a $30,000 fixer upper. The way I see it, If I buy a fixer upper and remodel the whole house from top to bottom, then I should not have any major maintenance issues to deal with going forward.

Thanks Jake,

I'm hoping I can qualify by the banks 75% rule alone without adding to my DTI ratio. Time to take this to the next level one way or another.

chad.

I have two rentals and one is owned free and clear with a value of $80,000.

I also have been a landlord for over three years now.

I would like to leverage my $80,000 property to buy more properties and increase my positive cash flow. I currently am getting $675 a month positive cash on my paid for rental and would like to receive at least $300 a month on future properties that are financed.

My question is, what would be the best way to leverage this property and will the lender consider me a seasoned investor and work with me ?

Thanks.