All Forum Posts by: Heidi Kenefick

@Ben Satterfield

I guess it depends. If you are in a profession where you are likely to get sued (which includes being a landlord) and LLC isn't a bad way to go. An umbrella policy is also worth having and very cheap (mine is $100/yr).

I just met with a lawyer yesterday who highly recommended I put my rental (I only have one right now) into an LLC, thus if I'm sued it is limited to the value of that property and they cannot go after my other assets. Apparently it is a lot easier than I thought. I will definitely do this going forward, and each house will have its own LLC, and then I can create a parent holding company for all the LLC's. However, my situation may be different from yours because I'm in a profession that is very likely to be sued.

@Robert Wood

I agree with what everyone says about getting an attorney. You can get a subscription base (sometimes it is a benefit of your job) for lawyers that covers all the fees. I have MetLife law and it is $11/month.

Also, as a landlord you may want to consider getting umbrella insurance if you don’t have it. For about $100/yr you can get a million dollar policy that covers you if you are sued over anything.

Good luck!

@Vinh Huynh

Can you rent it by the room for higher returns? Maybe to the students at Western U or any of the Claremont colleges? Are you able to add a fourth room?

@Ryan S.

I personally haven’t developed a park, but a good friend of mine owns a few in NC and developed one in MT. One thing I learned from him about mobile home parks is that they make a ton of money and are not a pain is the a$$ if you don’t own the trailers. If you own the trailers, it’s a pain, bc then you have to fix everything all the time. Owner occupants also take better care of the trailer. Of the two parks he owned in NC, one he always complained about and the other one he almost never mentioned... and the difference was he owned most of the trailers in the problem park.

@Sebastian Kressley

Hey Sebastian,

I was a resident and Vidant, and rented out my rooms to all the travel nurses that came through. It was a good strategy and I made a lot of money and stayed pretty full. But I found that by expanding to not just the nurses, I stayed even fuller. I advertised on Airbnb that my room was for traveling professionals and offered an all inclusive monthly rate. I didn’t make them pay through Airbnb since it had a surcharge, but you have to be a bit careful. While I never had a problem getting people to pay, some of the people that I could not host and referred to a friend didn’t pay.

Feel free to PM me if you want to chat about it.

@Ryan Pozzi

Well, I think you answered your own question without realizing it. Truth is, if you inflate your lifestyle to keep up with your income, you will not increase your wealth. I think what the podcasts are talking about is keeping your lifestyle the same, so that you can build your wealth as your income grows. Wealth is created between the gap of what you earn and what you spend.

That said, enjoy the things you enjoy but pay attention to your spending! Find hobbies that are free or low cost, and ENJOY your life, no matter your income!

Good luck and happy investing!

@David M.

Thanks for advice! Definitely felt over my head so it wasn’t for me. I’ll keep looking, but one thing I know for sure, where I used to live in NC the numbers were much better than up here in CT. I didn’t expect to hit it out of the park the first time, this was the first property that checked all the boxes for what I’m looking for, but the rehab was more than what I know I can take on at this time.

@Randy Harmon

The septic inspection was $575, but included two separate systems. Otherwise it would of been $350. I got three quotes for inspections ranging from $925-1400. I’ll be reimbursed for part of those since they included water and air tests, and I asked the inspector not to go through with them. Inspection costs may vary a lot by location, so call around to get different estimates.

Update: the realtor just messaged me to say the sellers would like to know if they agree to make the repairs would I still be interested. That’s interesting... still not sure I’m going to do it but I guess it may be worth while to think about it... what would you guys do if they still wanted to off load it and pay for the repairs?

@Keith Lyons

Keith I wish I had your experience. The tank quote came direct from the septic company. I had them come do an inspection, the new tank was leaking, the second system for the other house was over 50 years old but still worked well.

One or two of the issues probably would of been fine. All of them combined was my concern. Some were expected, those didn’t really scare me. But the septic +well+asbestos sure did!!