All Forum Posts by: Chris Vail

@Account Closed 

Want to chime in here real quick about the "Rule" you reference up above (50%, 2%) I want to caution you on these and make sure you understand that these are "rules" of thumb and are not true for every market and every situation, they are not "laws" of REI. You need to find what works for the area you are looking to invest in, and you might find out that they are very different than the 50% or 2% once you factor everything in.

For instance your current residence, if it is only 1.5 years old how many major Cap-Ex expense do you think you will need to account for over the next 8-10 years?  

How long do you plan to keep it if you were to keep it as a rental after refinancing out into a 30 yr loan? 

What expense are there that you would need to account for as the landlord for a SFR? A lot of the monthly items might be covered by the tenant depending on what is normal for your area.

Again the "rules" are guidelines for REI as a whole not "laws" that are expected to work in every market for every situation.

@Davisha Shivers Welcome to the site.  Make sure you set up keyword alerts so that you are notified of topics that you are interested in...  That's how I knew about your post, I have an alert for "Sacramento" :)

@David Oldenburg 

 There are a couple of handfuls of people that are in the Sacramento area on the site.  We generally try to get a meetup going once every 3-4 months.  

Usually 

@Al Williamson  heads up the meetings, my guess is the next one which is at the bottom of @J. Martin 's signature in San Fran will be the last one of the year for this area.

@David Oldenburg Welcome to the site.

@Richard C. Thank you for the link very informative.

Congrats @Dawn Anastasi That is a fantastic deal.  Thank you for the pictures.

Hello @Anja Brey 

I just used T.M. Brown & Co. for a home inspection out here and was very happy with the service and results. Only one that I have had done but he came from a recommendation through a REI friend who has used him many times.

Thank you for the responses @Robert Leonard and @Curtis Bidwell . I am leaning towards just having the rental in my wife's and my name. Once we get a few more under our belt I think I will look at forming an LLC and yes they are pricey compared to other states for getting that set up out here in CA. I believe an umbrella policy will probably be the way to go and will look into it with my insurance agent.

@Gerald Harris 

I guess my question is really is since I only have one rental is it worth it to set up an LLC or Land Trust, or is that something that could be done at a later date after say 2 or 3 more properties? What are the pros and cons of waiting/doing it now?

Curious what is the best way to vest your first rental property, I believe this can be changed at a later time with an attorney but curious as a first rental is their any benefits one way or another on how this gets set up?

Thanks in advance for the responses.