All Forum Posts by: Joseph Labit

@CHRISTOPHER CALDWELL the first thing you have to do is find out what the house would rent for. Without knowing the what your expenses will be and what your projected rent would be it would be hard to answer that question. I would do what josh said and start reading books, listening to podcasts, watching YouTube videos, and reading posts in BiggerPockets. Knowledge is the only thing that will ease your fear.

@Claudia Rhoden in every market you can find investors doing well. I would pick a market that you want to live in and would enjoy living in. Then find out what strategies work in that market. Some markets may take longer to achieve your goals, but as long as your happy that is what matters. Just remember you can be an investor anywhere you want!

@Dave Foster Thank you for your help!

@Dave Foster thank your for clarifying this for me. It sounds like the second option would work great for us. If we did this option, would I be able to get on the mortgage with him as well?

Not sure how the 25% of the new property comes in? He sold his old property for $335,000 and the property we are looking at is $850,000.

I have a friend that is purchasing a strip mall with money from a 1031 exchange. The exchange will fund 25-30% of the purchase price. He wants me to partner with him and provide the rehab money. I know he can enter into a partnership at the purchase since he owns the first property in his own name, but can we create a llc after the exchange goes through and enter into a partnership shortly after?

From the research I have it looks like we can buy it as tenants in common, but not as a partnership? Not sure if I interpreted it correct?

I don’t really want to own the property in my own name. I would rather it be in an llc.

@Jaysen Medhurst thanks for the advice. I didn’t want to let the bank know the house was vacant since the contract was not fully excepted yet so I called the city. They would not shut the water off since I didn’t own the property yet, but they told me it would be shut off due to none payment the next day. So I kinda lucked out.

@Brian LaBrec you will properly be starting off with 2 bad tenants if you keep them in place. I would not let them stay unless you have vetted them and make sure that they can afford it. I would try to evict them or pay them cash to leave.

So I just won a bid on a single family house that the bank thought was still occupied (witch means they did not winterize it). I talked to the neighbor and found out that they moved 2 weeks ago. The problem is that the water is still on and the gas and electric were shut off. I am afraid the pipes will bust by the time i close on the property (20 days away). Called the village and they said the water is scheduled to be shut off in 4 days. They would not move that date up since i was not the owner yet.  The temperate for those 4 days will be a high of 32 and a low of 16-20 deg. What are my options??