All Forum Posts by: Kevin Siedlecki

@Samir S.

I like the explanation of your first post. This is one of the great things about investing in real estate: everyone can do it differently. As long as you understand what you are giving up, and recognize that you are willing to do that because you are conservative and interested in higher cash flow, then you already know what you should do. Just because it's not the best ROI you could achieve doesn't mean it's not the best investment for you. 

If you can and want to take that extra $10k put it into another property, then you should consider that, but it doesn't sound like you are interested in doing that. I like that you fully understand your situation and are prepared to take action in a way that makes sense and is comfortable for you. Don't be talked into doing something you don't want to do because other people say it's the best way to invest. It's okay for your goals to be different from others'.

@John Rocker- There is a lot of info here about taking out the loan in your own name and then transferring ownership to the LLC. You have to make sure you do ALL business properly with the LLC to keep your personal assets safe from any litigation, but any property you own under the LLC is on the table.

If he really wants to sell and she really wants it, there's got to be a way to make the numbers work. Can she put a chunk down to satisfy his need for immediate cash and then do the rest through seller financing?

@Shibu Thomas: seeing that your picture is your two children, I'm inferring that you are on the younger side, and spending time with them is important to you. A big renovation will be a lot of work for the potential for one big payday, but then you'll have to figure out what you want to do with that profit, and the cycle begins again. Managing a few more multi-families will be less of a time-suck than rehabbing, and set you up for a steady stream of income that you can live off of or save for future investments. 

I think a lot of people would take the flip route and have good reasons to do so, but I would go buy and hold.

You've come to the right place; welcome!

Start with the podcasts. I listened to those every day for about three months before I did anything else on the site. They bring in great guests with a variety of experiences, so you can learn from people who have been very successful in various ways. Good luck!

Listen to the podcasts.  You'll be hooked.  Treat them like another class that you have to attend once a day (maybe two or three times on a slow day), and you'll get through them soon!

You can't let their ages "automatically rule them out."  That's against the law.  In my state, it's easy and legal to put something in about gatherings of more than 7 people or something like that- not that you say they can't do it, but that they let you know first.

Why is there a trampoline at a rental property? Does your insurance carrier know this? If so, reimburse the tenant for the trampoline but don't allow another one, and you'll make your money back in a year or two on lower insurance. If your insurance doesn't know, that tree branch was the best thing that ever happened to you as a landlord. Pay anyway, and count yourself lucky no one got hurt. 

I am not a lawyer and this is not legal advice.

No. You shouldn't. You know that; you just needed to hear it from a few of us to be sure. 

Yeah, I'm with @Richard C. and @George P..  Plumbing, electrical, and updates to the kitchen and all the baths? That's a complete renovation. Not knowing more about the house or the quality of the improvements you've asked for, I can't say for sure, but 60k is not at all a crazy number for all that work.