All Forum Posts by: Devon Greenfield

We currently live in Washington state but are moving back to our home state of South Dakota this summer. We have put in an offer on an 8-plex in Iowa. We will be using a HELOC to finance 100% of the purchase in the name of speed. We will then refinance with a commercial loan under and LLC. We currently have not set up an LLC so my question is should we create one specifically for the property in Iowa or in South Dakota. Iowa's filing fees are cheaper.

Keep educating yourself. Read the ABCs of Buying Rental Property by Ken McElroy and then The Book on Rental Property Investing by Brandon Turner. The first book is easy to understand the author is great at explaining things at multiple levels (which I appreciate as a teacher). The second book is on the same topic but is much more in depth. Watch Youtube videos on evaluating deals, and then start doing that by searching your local area. If you have an iphone, download the Rental Calculator app to help with the numbers. There is an app for Android, but I don't know what it is. Good Luck!

Hello,

You may want to wait to fully pay off your student loans if they are Federally backed loans (non-private). Biden may cancel between $10,000 and $50,000 in the next couple months. It would suck to pay off the $80,000 then learn that a month later you would have only owed $30,000.