All Forum Posts by: James Wise

If the gutted one will cost dramatically less then the rent ready one I would buy that one. If the prices are similar I would go with the one that is rent ready.

Do not forget to account for your holding costs and lost wages during the rehab. Your the one who will be paying the heat and electric bill's for the house while its empty not to mention the lost rent during the rehab.

Pros = Lots of college students, always able to find renters, may bring in higher rent.

Cons = Lots of college students, will have constant turn over, could cause more damage and be disruptive.

biggest difference between SFR & MFH is the tenants will fight. Whether it be over parking or loud noise or dog crap in the yard. Unfortunatly I have actually had the police called to one of my units due to some dog poo issues. With SFR obviously none of these are an issue. I own both SFR & MFH. I prefer MFH due to increased cash flow but will not pass up a good SFR rental if it's cheap enough.

As it pertains to quitting your day job to get more freedom being one of the worst reasons... I agree that investing is very time consuming but I believe there are many that would rather spend 80 hours/week on their own company then 40 working for somebody else and still feel more free because they chose to spend those hours on it. They were not being told where to be & when to be there.

I would say it's almost impossible that a bank will give you a loan. You will have to look into more creative (usually more expensive) ways to finance this purchase. HML's etc.

If you have the cash then no you do not need a mortgage you can make a cash purchase. If you do not have the cash and you need a lender to loan you money for the purchase then yes you will need a mortgage, that is unless you know someone willing to give you an unsecured loan and then use that money to purchase the home all cash.

Another thing to understand about the corporate veil is that if something bad happens and it is from your negligence the veil can be pierced.

It's actually really simple to file an llc in ohio. You go to the secretary of state website find the "articles of organization" fill them out and mail them in with $125.

In my opinion No. I avoid all warranties cell phone, TV, computer etc. Ive worked for a few companies that sold warranties. The profits in selling warranties is big.

Tough call. The company you are currently with is pretty cheap. I would try being more assertive and see what happens. I feel it will be hard to get the same pricing as you have now. Maybe just express your dissatisfaction and see if they shape up.