All Forum Posts by: Conner Olsen

Hello, curious to ask if I should create an LLC before I purchase a real estate property.

I will most likely either buy a house hack, small multifamily, or partner deal with my first purchase. 

I understand that banks do not like lending to LLC's to start off so maybe I would have to take some personal liability to begin with or get an umbrella insurance policy which I have heard could be an option.

I have also seen that it can be complicated to move a property into an LLC when the property was purchased before the creation of the LLC in terms of the mortgage terms.

I am curious if I could benefit from the taxes benefits from forming an LLC right off the bat or if the annual costs would outweigh them to begin with.

Wanted to reach out to the community and make sure it wasn't a necessity to create an LLC as soon as possible because I would like to make sure I hedge my risk as much as possible in case an emergency would occur at or with a property I purchased and own outright, thanks.

I'm a new MTR host, looking to implement systems, and I really like this idea!

Is the cost of maintaining this responsibility baked into the cleaning fee, or do you pay them extra on top of materials each time for having gone to the store?

Hi @Conner Olsen,

Thanks a ton for your response! I understand 10% would be more on aggressive side, least I am looking for is better returns then current CDs which are offering almost 6%. 

Yes I also think with my budget may be San Antonio would be a better fit. Thanks a lot for your suggestions on what I should look for in a house, really appreciated!

Cheers,

Abhi

I am hosting my first MTR guest now and new at this.  I would love to hear from anyone who has done this for a while and would be willing to share tips. I run a monthly webinar for investors and this is our next topic!  It is not just Florida as they live all over the country.  I am reading the 30 Day Stay as well and it is full of tips which I am grateful for.  Thanks in advance.  Love this community! Mindy

Hello - Folks I am remote property owner of SFH in Austin area. I own a home relatively new (5 years) and there was a major leak in the house that I had to get fixed and a lot of restoration work is needed. I believe insurance is going to cover it but plumber wants to do a hydrostatic test. But they are asking for whopping $1800 which seems insane. A little bit of research online seems to indicate it should not cost more than $500. I wanted to check if this is something I can hire someone else independently but then I worry that current plumber wont guarantee their service. Please advise what my options are. Plumber is suggesting to get it done before the restoration work.

Hello BP Community,

I'm Abhi, a newbie investor eager to dive into the exciting world of real estate! My sights are set on acquiring my first rental property in the Austin/San Antonio area, aiming for cash flow and a 7-10% yield on my down payment.

Here is my initial plan based on the learnings I have done so far:

• Property Type: Single Family/Condo/Apartment also open for other suggestions
• Strategy: MTR/LTR 
• Budget: $300k - $400k
• Credit Score: ~750
• Down Payment: 15-20%

Where I need help of this awesome BP community:

• Guidance & insights: 
• I'm open to any advice and tips from seasoned investors and experts in the Austin/San Antonio market.
• Experienced team: 
• I'm actively seeking investor-friendly professionals, including lenders, agents, property managers, tax experts, inspectors, and lawyers. Ideally, I'd find a team willing to not only help me find the perfect property but also mentor me during my real estate journey.

If you have:

• Any recommendations for lenders, agents, property managers, etc. in the Austin/San Antonio area who specialize in working with new investors
• Valuable insights or advice for navigating the market as a newbie
• Experience you're willing to share (success stories, lessons learned, things to avoid)

Please don't hesitate to reach out! I'm eager to learn, connect, and build a strong foundation for my real estate future.

Sincerely,

Abhi

Hey yall, currently remodeling our basement for an MTR rental in the lehi area.  Seems like the average 1 bed is right around $17-1800, I’m curious if there’s anyone else on here in this market focusing on MTR’s and what you’ve learned?  

Thanks

I'm looking to start a MTR business. I want to learn the ins and outs. What book recommendations do you have (besides 30 day stay) that will give me an overall scope to MTR? What are some youtube channels I should look at to learn? I want to learn in an organized manner. Thank you!