All Forum Posts by: Landrin Lewien

@Tyler Labelle

Mini splits otherwise known as heat pumps are awesome, I’m an HVAC contractor and I highly recommend these units. They are 300% efficient in the heating mode, regular baseboard is only 100% efficient. The initial cost is pretty expensive but I believe it pays off. Electrical costs go along as there will need to be a disconnect at the condenser(outdoor unit) and power to each head. And I would definitely recommend getting a contractor to do the work.

@Glidden Rivera

Thanks, ugh I’d like to keep family out of it lol.

@Ryan Johnston

Hey Ryan, I bought my first rental a few months ago and after closing and getting my renovations done and the renters in I finally had time to sit back and think about an LLC. I got an LLC and I went to a local CPA to see how I would transfer the house over, he told me don't bother with it right now he said when I go to buy another rental to get a new LLC and buy it through that. Because of the fact that I am a single owner of my LLC he said even if something did happen I'd be ****ed either way lol. He said I don't need to worry about an LLC really because I'm the only owner/manager of the business. For you it might be another story, because like you said you ha e a partnership.

@Tyler Speelman

Hello Tyler, I do industrial HVAC, I’m a service man and I went to school for HVAC. I would definitely recommend a heat pump for the 3rd floor but you have a few options. The condensing unit is fine on the ground and I agree that it’s a much safer location for servicing. Your contractor will run a line set up along the outside of the building to the 3rd floor. And depending on what you want it will run into a small air handler with a coil and fan, or if you choose a “mini split” there will be multiple line sets running to the “heads” basically the fan and coil all in one that mounts inside the room and looks very nice.

Depending on the square footage and what the original heat pump was (air handler with duct work already installed?) decides what unit to go with.

Mitsubishi mini splits are always nice or a Trane. Also with the supplemental heat I doubt it’s needed, heat pumps are 300% efficient and can provide substantial heat at very low outside air temps, + there on the 3rd floor and what does heat do? Rise from the other floors.

Thanks

@JM Payne

Thanks I appreciate it, yes so basically I got a few months rent in the bank in a separate account that I’m not touching so around 5g in there right now. And in reality I could scrounge up the 9 grand for a down payment but I really don’t wanna do that just because the 30g for my first rental was a hard hit and im just trying to save my money now. I was just wondering what my options were to get a few grand like that. And no I don’t want to borrow from family lol.

Hello everyone, I’m 22 years old and I own 1 rental property that is pretty major cash flow. I struck gold on a house in a college town. The home cost 153k and I put a 30k down payment. My payment is around 650 a month and I’m receiving 1725 in rent each month! I’ve only owned the house for around 4 months and have had tenants in for 2.

My question is how fast can I buy another property, I’ve hear of home equity loans, are they a good idea? I put a good chunk of change on the down payment. But I can’t just turn around and get a home equity loan can I?

Also I found a little 1 bed 1 bath house for sale in my home town for 45k and I was pretty interested in buying it for a rental, I’d only need 9k for a 20% down payment, can I use equity from my current rental to go towards a down payment on a new one?

@Corina Eufinger SFR yes and why use multiple LLCs?

@Eric Footman thanks for the info, actually 100% will be a rental and I did not get an OO loan so I don't think I caught any first time buyer breaks :/ House is in very good condition maybe what are some things I can do to lower my home insurance? I have updated furnace,water heater and electric service. Anything else I can do?

I'm in the buying process of my first home and it's a rental property. I've never had home insurance before because I've never owned a home, I'm going to be renting to college students what are my insurance options/requirements. Also should I start an LLC? What's cheapest for me? *Lacrosse WI*

@Lexi Teifke 35 day closing and I’m on day 5. The thing is anywhere close to campus going to be 150+ I really want to get into college housing.