All Forum Posts by: Eric A.

@Seth Williams thanks so much! I’m hoping I don’t have to re wire the whole place at this point. Some is knob and tube on the original panel so we will see. I would hate to pay the electricity on the whole place but we will see.

@Drew A Roque I have never met a wealthy person with student loan debt. The reality is that wealthy individuals move quickly with no debt or obligations. Don’t listen to people who aren’t wealthy.

I know several of you have run into this before but this is my first time. I have a duplex that I have to split the units electric. It’s on one meter and I am converting to two. The property is in Maine and it’s a historic property. Just looking for estimates on cost. Thanks!

@Chase Cline you definitely need to find a new accountant and source of funding. First, you need to speak to your NEW accountant about straight line depreciation. You need to depreciate everything at its useful life. Carpet, light switches, paint, EVERYTHING! If the CPA is not a real estate specific CPA run for the hills. When someone who tells you that straight line doesn’t work in this case get up and leave. Lastly, look to private investors to fund your deals. They are out there and would love to get 5% on their money and do not ask for 100’s of hours of work in underwriting. Good luck!

@Mark Futalan I decline every time. Complete waste of time and we are not local in very market we are in.

@William Clark the ceiling I am referring to is in correlation to the individual's own risk strategy. Listen, if you want to have an LLC for every property then go for it. It's not necessary, and the reason I know this is because of my experience with lawsuits and what I have personally dealt with. So, your assertion that I somehow don't have the working knowledge of insurance or competent legal representation is categorically false. Out of curiosity, are you planning to market a course you have developed for asset protection? If that's the case I applaud you, but you should analyze what so many others did before you and failed. Have a great day!

@William Clark the reason it's so contested is because it is typically not required. There were so many gurus out there hawking courses about it and in the end it RARELY ends up in a lawsuit. Most savvy investors combine some sort of process that includes insurance and an umbrella policy. Umbrella policies are extremely inexpensive and very effective especially when the ambulance chaser attorney who doesn't have the brains to get out of the rain threatens with a lawsuit. Anyway, if your net worth is under a certain ceiling an LLC is not warranted.

@Andrea Cole great job! Fresh flowers and a welcome gift are great touches that will lead to 5 star reviews. We will do a local winery red and white or a local brewery growler with root beer etc. If you talk to the local N.C. beer producers they will give you a huge discount and provide a little write up on the brewer with tasting room location. Win win!

@Patryk Sommer I’m sure they do which tells me there are huge expenses involved

@Patryk Sommer there is a reason these units are so cheap and you should really do a ton of digging. Also, I will not buy anything that is controlled by an association or board. That’s me, but it scares me to have someone make a decision on my property with other idiots. I know exactly where this is and there is something not right about the price.