All Forum Posts by: Joe Miller

@Christen G. Regarding the respective accounts the rents/deposits will be paid to. I am buying the property with an FHA loan and will transfer it to an LLC after the first year. I plan to make a separate account for the property as I don't plan to touch any of the funds other than to pay the mortgage etc. Should I create the LLC and use the Tax ID to open the bank account or just open it under my name for the purpose of the property?

Also because I will be living in the other unit how do you suggest I handle rent collection now and also when I move out down the road? 

Thanks for your reply!

Hey Everyone!
   I had a question regarding how to handle a property that currently has tenants that I am looking at acquiring. The lease which I think seems pretty extensive/quite good belongs to the management company that is currently managing the property. When I acquire the home how do I go about this. The lease has a statement that says "If this property changes Ownership due to sale, foreclosure or deed back to the lender then this lease may be terminated with a 30 day notice unless the new Owner agrees to continue the lease and both parties wish to do so". Overall, I like the terms the lease has set forth but I would need to change where the rent is going to go. 

Would I need to draft a new lease and have the tenants sign it based on these changes? Can I use the current lease only changing the payment information? If I have to change the lease is there any documentation that has to be done outside of the conversation/documentation between myself and the tenant? This is an Oklahoma property not sure if that is important to note!  

Appreciate the help! I am excited to take the dive into real estate with this house hack... Hopefully! Haha

Question for y'all. How are you going about protecting yourself when purchasing rental properties. Are you buying under an LLC, buying under your name and transferring to an LLC, having an umbrella policy? It seems there is a ton of differing opinions on which course is best for protecting yourself from potential lawsuits. Also if you are buying under an LLC did you have someone prepare it for you or did you set it up online yourself? Any troubles getting financing with an LLC?

Thanks!

@Rhett Tullis  Do you have any advice for me moving forward?  I want to take the next step and start to evaluate/make the move on a property that can be both my home and a step into real estate investing!

@Jay Helms Thanks for reaching out Jay! I am definitely going to read through the posts on your site and follow up with any questions I might have! I have been focusing on reading a ton of books on the topic so its nice to read some about it being put to use!

@Zach Sikes  Thanks for reaching out. I sent you an email to follow up!

Hope that everyone had a great holiday season. Since first posting several months back I have been reading, listening to podcosts/audiobooks, and trying to research the area. I have become really interested in the idea of purchasing a duplex or multi-unit property and "house hacking" it. Ideally a property that requires some work so I can add some value to it as well. I haven't yet reached out to a real estate agent because I am still trying to determine what exactly I am looking for.

Mainly, I don't know OKC that well. I worked there briefly before being moved for work and now I am just returning. There are very few multi-family properties listed online it seems and most are in areas that I am not familiar with. Specifically, it seems theses type of properties are more common in the southern portion of OKC. I am not familiar with this part of town and see that home values vary a lot from block to block... 

These are neighborhoods that seem to me would be good for what I am trying to do if there is a property available in them. (Gatewood, Mesta Park, Hertigage hills east, Lincoln terrace, paseo, crown heights) Any feedback on these areas?

Also any recommendations as far as a good real estate agent who can help me hunt would be appreciated!

Thanks so much

which parts of town do y’all see good potential for a fix and flip or fix and hold strategy. I’m interested in potentially doing a deal but I’m not familiar with where the good parts of town are and where to avoid. Any insight? 

Thanks for all the responses y’all have definitely given me some things that i want to read about further! Really appreciate the guidance 

@Michael Minor Thanks for the reply! So if i understand it correct the 203K loan is a single loan based on what the lender thinks the property could be worth. This money is used to purchase the property and then for renovation expenses through a liscenced contractor. The advantage to this is besides the deposit for the Home I’m not paying out of pocket which would allow me to potentially invest in another property right?