All Forum Posts by: Jonathan Styer

@Michael P. Ewwww cashflow? Who wants that?

Best of luck!

There are plenty of great cashflowing deals in great rental areas. As Remington has said, you just need to know where to look. 

This is why it is usually best advice to use the services of a Realtor and as a buyer it costs you nothing. Any Realtor worth their salt would have known from the get go that it is in Probate. I'm not licensed in Florida, but here in Columbus, OH of course you could so no. You are correct that the deal may not close due to probate which should have been disclosed initially. You've found yourself in little bit of a can of worms here as you will need to effectively renegotiate this contract. Is this property listed or are you buying this off market? If it's listed, find a Realtor to help.  

This is not advised. Just keep it in your name, save the money and get an umbrella policy. It does not need to be in an LLC as an umbrella policy will do pretty much the same thing. If you're refinancing into an LLC your mortgage terms will take a hit. If you feel you must do this, then you're best going with a local lender, not the ones you have listed. Reach out to some local investors and see which local lenders will give you a business loan on a single unit.

Again, you'd be best keeping it in your name with your current mortgage unless your rate is bad, in which case I would still refinance into your name. Best of luck!

It should be in your mortgage docs if there is any prepayment penalty but I doubt you will have an issue. If you sell it more than you paid for it you will need to pay capital gains unless you do a 1031 but that should be your only issue beyond the stigma of why is this going right back to market. 

I've done it and it worked out great. If you have the Lender I say go for it. I prefer it over a cash out refi as you aren't locked in to an increased payment. Pay down the HELOC and you're good. Also you can rinse and repeat. Good luck!

Originally posted by @Remington Lyman:

Originally posted by @Brandon Sturgill:

 Seems like Columbus, Ohio is a great place to invest in real estate

 A1 analysis here. 

Are you planning to be an agent as a career or just be an investor with a license? General consensus is that unless you're planning to actually be a working agent it's not worth it. 

I have not read the book, but I would imagine they just mean open a personal checking account that you just use for your business purposes so as not to mingle funds and to make your accounting clearer. This is good advice and an easy way to keep yourself from getting confused especially when you're just starting out. Good luck!!