All Forum Posts by: Mark Burlison

yes in the process...after purchase you do a quit claim and put the property into the LLC and out of your name.

@jeff....in your Indy market people are renting SFH for 750???? That won't even get a good apartment where I live. I'm early into it....so, I'll reserve my judgment for later. My wife has a friend that is going to take over one of our apartments...she is moving out of the house she rents. They don't want to mow the grass or do anything! I think both rentals have there appeal. Cheers!

@jerrard, I appreciate your insight. There is wisdom in a multitude of counselors. My friends in my area shared there reservation with SFH and have experienced a loss of income(the ability to make the payment) due to vacancies. So I may or may not have have your experience with SFH....but there is still that possibility and I have friends that have too. Doesn't mean it's a bad investment, but you will need a reserve. I personally would rather have my one building with 4 units, then visit 4 different properties for repairs and or maintence. With one purchase I'm receiving income at around 1000.00 a month, 75,000.00 investment (down payment & closing fees). Didn't have to buy 4 properties, pay 4 closing costs, 4 mortgages, on and on. I do agree the SFH might be easier to unload at the end. Best of luck.

Tenant moves out of SFH....unable to find suitable renter for 2-3 months....do you have the funds to keep it afloat? Multi unit...you will always be able to cover at least your payment! That was the advice I got from the friends I knew who were long time landlords. Good luck! P.S. love my multi unit so far!

I personally think this a great idea. I've recommended my kids starting out like this instead of a SFH. After you build enough equity you could always go out and buy that SFH you want and rent both sides out.

First rental, so quick question. Tenant broke glass in storm door. Do I eat it or bill the tenant. Thanks for your input....was not there so not sure if it was anything beyond a normal accident. 

Exactly as I stated! As a agent it’s your job to submit offers. Whether they reference there own cheapness or faith. If they ask your opinion it’s a different story. Demetrius would love to talk faith with you...but, this a real estate setting. Love to hear your story, that’s a great mix bible school and real estate. Blessings! 

What would be the difference if they were just cheap or believed God would make a way??? Make the offer! 😀  Maybe Gods trying to give a Bible student a lesson in faith! 

I had a copy of the existing leases prior to closing so I was well aware of the rent amounts and deposits that the seller had. I strongly stated to our attorney that I was to have ALL deposits at close. She wholeheartedly agreed and then right before close back pedaled. To be honest there was a lot going on....as this was my first purchase. I should have questioned here more about putting the brakes on the whole deal, if they didn’t pony up. But I had already pulled a large sum of my 401K, etc. etc.......so the 800.00 was and still not a deal breaker. I learned a TON in this deal. So it will work out. For now I just want them to keep paying rent. Thanks for your insight.

Well, they now have 4 kids in a 2 bedroom apartment. I’m sure there strapped financially. I did meet with them and ask them to start making small contributions monthly. But as I said I still think this ethically wrong for a landlord to sell a property without a deposit and was wondering about my legal counsel!