All Forum Posts by: James L.

Found a similar deal to this one. Interested to see the responses and opinions.

@Alex Silang That is a great question! I am currently looking at Memphis Invest now and have only seen new investors provide their feedback.

Wondering if they ended up managing their properties on their own after a couple of years?

Following this thread regardless to see the responses.

@Jennifer Tsui Good luck. Will be following this post as well. Interested to get the same recommendations.

@Ronald Rohde Is LLC formation something you do?

@Joe Funari Thanks for the advice. Will probably be best if I also consult with a CPA in the DFW area to make sure I am not missing anything.

Just starting out on my real estate investing journey but let's connect to potentially work together in the future.

@Charles Worth Thanks for confirming. In the process of looking for a CPA in Dallas, TX at the moment.

@Kathy Armstrong Hi Kathy, which CPA did you end up going with? I am currently looking for a CPA in the Dallas and Fort Worth area.

@Gautam Venkatesan Hi Gautam - Do you still use and recommend Andrea Ward?

@Taylor Brugna Another added benefit to being a CPA I guess. :) Yup - I will definitely need to consult with the professionals at some point.

@Todd Dexheimer Thanks Todd. Would definitely be good for me to talk to a CPA and/ attorney as well as I am sure rules and regulations apply differently in different states and would be situation dependent.

@Taylor Brugna Thanks Taylor. So did you create one LLC for each Florida property or did I read that wrong? Also, did you look for and use an attorney or CPA in Florida to help set up the LLC or did you use an online service like Legal Zoom?

@Ronald Rohde Thank you Ronald. Was leaning that way as well. As for finding a good single family property, I am planning to use a turnkey company since it is my first investment property and investing out of state just adds to the complexity. Hope I can find something with decent/good cash flow.

@Paul B. Thank you Paul. Heard about the high property taxes in Texas (which I guess is offset by no state income tax - cannot wait to benefit from that when I move to Texas in 2 to 3 years!).

Just curious if there are any other expenses that I need to worry about when renting out a single family property? I assume the tenant would pay for their own utilities and I, as the homeowner/landlord, would need to cover the property taxes, insurance, property management expenses, HOA (if applicable), mortgage, and set aside some money for vacancy expense and CapEx.

Hoping I am not missing something and avoid getting blindsided by an expense not common in New York like sewer or garbage expenses.