All Forum Posts by: Joseph Leonard

Thank you both. My logic told me that this was a disaster waiting to happen but just wanted to pose the question in case I was missing out on an opportunity. Thanks for the input on what to me seemed like a no brainer!

Attention experienced landlords - need some advice. I just listed my second rental property and I got a call from a potential tenant with what I feel is an odd question. The woman who called is asking me if she could rent this SFR to be used as a daycare.

To me, this sounds like a liability nightmare. I would think my logical answer is no but has anyone ever had this situation come up? Do I run for the hills or explore this option? Also, I had the rent listed at $850 on the ad. If I was to explore this, am I legally able to ask for a higher rent in this situation? 

Also, I assume some special insurances would need to be put in place on behalf of the tenant. I have an umbrella policy already in place on my end. 

Thanks @Bryan O.. I assume if they do call it due you can just transfer it back to your personal name?

BP community,

I'm starting out and am about to close on my first rental property. I'm using conventional financing from a bank. I want to see how it is possible to hold this property in an LLC while still having conventional financing.

The bank has told me I cannot hold the property in an LLC while having the loan with them. Advice?

BP Community,

I'm about to open escrow on my first rental property. I'm planning to get a conventional loan on the property. I do not yet have an LLC. I'm interested in opening one for asset protection. If getting a loan to purchase the property, am I able to first purchase it under my name then open an LLC and transfer it to an LLC? I'm not sure if a lender will allow you to do that or not. Thanks for any help.

All - I work for a company that manufactures surveillance cameras and recorders. If you would like any advice, let me know.

Good info @Ben G. Much appreciated. 

Thanks @Ben G. As we have been going to look at houses we sometimes see abandoned houses which we have started writing down the addresses of. Just looking to see how we can take action from there. The info above is helpful. Keep us posted on any wholesale deals you have. Thanks!

@Ryan Dossey - thanks for the reply. I'm actually not looking to invest in Fishers. I'm looking to invest in Indy, Noblesville, Fortville, Greenfield. 

What do you mean by regular absentee owner stuff?

We do have cash to buy a home, was just looking at D4D as a more unique way to find properties vs looking at the MLS.

Wow @Huyen Nguyen  Thank you for looking and finding the site for my personal situation. Much appreciated! Good info!