All Forum Posts by: Gunnar Linden

Thank you Marcus, I am getting ready to rent out my first residence and invest in another property soon. I appreciate the feedback. 

Hello

How can a landlord lose everything and what can he or she do to protect themselves .I have learned some about putting properties into their own llc's  and I understand you can get an umbrella insurance policy as well to help cover yourself  in case of damages .

Thank you to everyone for the reply's. 

Hello I bought my first house a few years ago. It has almost doubled in value (recent appraisal) due to updates and the market overtime. My overall goal is to get cash flow to leave my w-2 job one day. At first when I was looking into real estate investing I thought take a HELOC out and use as a down payment and rent out my primary residence and start working on another property. (I am not super handy I would have to contract some things out). Then I looked at how much my house has risen and now am leaning toward selling.

If I sell I could reinvest the cash into another rent ready home and still have funds leftover for the next project. The pro I see is that I would not be using borrowed money (the HELOC) for the 2nd property but my own money.

Real estate I have been working a little on the side to learn the buisness but 95 percent of my income is from my w-2 job. I have learned a lot and cash flow is my goal. I feel I should sell and wait for an opportunity or deal that fits because the market is high right now.

Hi looking for suggestions on who to use for Home equity line of credit. I am interested in a fixed rate. Would be nice if they do not have the 12 month primary residence requirement. A local lender I spoke with said their bank does not have this rule as long as the property is a primary residence at closing all is fine but for other reasons I may not use them, any suggestions; new to this aspect of real estate. Appreciate the advise.

Welcome!

A retired builder I was talking with the other day (close friends father). He mentioned a lot about using FOIA (Freedom of Information Act) to search for liens, judgement etc. He said I would need to get a licence in F.O.I.A. Is this a valid way to find distressed home owners? He made it sound as this was a great way to find property (We were drinking at his sons wedding so I hope this is relevant). I have heard of searching for delinquent tax list through the county, direct mailing, driving for dollars, absentee owner list, but never thought about asking the city for a whole list of liens. I assume the city could only provide a list of municipality, or tax liens through a F.O.I.A. request? )

I have my first rental unit almost ready to be rented and in 4-6 months I will be searching for my next property.

Thank you BP.

Awesome! Working on my first one in Westmont currently.