All Forum Posts by: Rod Hanks

@Jeffery Drayton

I really wouldn't worry about forming an LLC until you have 5-10 properties. Just get an adequate amount of liability insurance and conduct business the right way. The cost wouldn't justify a LLC with one property. As far as triggering the due on sale clause ask your bank if that would trigger. If it's a single member S-LLC it shouldn't trigger it. But even if it does I've never seen a bank call it due with a mortgage that's paid on time.

@Isaiah Doss

Not worth the risk. His real question is how does he sell his house without his wife knowing and getting half the proceeds. In Texas the wife owns half whether she contributed anything or not. If you do this deal you won’t be able to sell it later because the wife owns the other half. If you insist on doing the deal offer him half the value of the property because he is only selling his half. I could gone on with a lot of reasons why I wouldn’t do the deal without title but I think you get the point.

@Alon Niv

It’s still hot!!!

@Byron W.

Exactly the same with credit and background. The income is not factored in since section 8 and they run income guidelines.

@Talley Haines

Depends on the zip code but Mobile is pretty high since its so close for the coast.

@Tim Coppola

Depends on the bank. Speak with the bank but if the income drops it could be a problem. Unless the income from the property supports your debt. Good luck Keep your head up and this too shall pass.

@Katie Greenman

You probably want to join the Texas Apartment Association. They have some great resources for PMs

@Yonah Weiss

I thought I was clear but after reading these responses I’m more confused. I heard a multi family investor who uses Robert Kyosaki’s accountant use bonus appreciation on an apartment complex and trimmed his tax bill. But there’s a couple of accountants on this thread are saying it can’t be done.

@Christian Carle

Take your realtors advice and sell next month. It’s not easy to manage a rental long distance especially if you are a new investor.

@Raghu Naidu

Listen to the podcasts and read Rich Dad series of books. That will give you a solid base of knowledge. Also Search the forums for answers to your questions.