All Forum Posts by: Matt Tallent

@Dan Trinh I know a lot of banks don’t like to lend to llcs because you can claim bankruptcy on an llc and I don’t thInk you’re personally held liable. So if you move a leveraged asset into an llc it can trigger the due on sale clause. Not saying they would call it due but it could happen.

@Dan Trinh No you dont. What I did was before you buy anything open a checking account just for that house and get a debit/credit card. Then get quickbooks and hook it up to that bank account. Quickbooks cost me 21$ a month well worth the time saved and a tax write off. So you got your bank account and quickbooks linked. When you go anywhere and swipe your card quickbooks will pick it up and you just go in and select what type of expense it was. For your mortgage you will have to journal out the principal, interest, insuarance, and taxes on quickbooks. At the end of the year print out the profit and loss statement which is free and send it to your cpa. I actually just am getting approved for lending again and I used my quickbooks report as part of the preapproval package they look very professional. Hope that helps!!!

@Dave Carella doesn’t the market slow down in August usually? I don’t know florida but I noticed a price dip in my market also.

@Anthony White I’m sure I’m 1/1000 to ask but how did you work out the financing to grow that quick?

So there may be extra interest tacked on but it wouldn’t be that much. And this is not for owner occupied or a primary residence strictly rental I won’t be living in.

I am looking to find a loan that I could put 10% down on for a rental property. For personal homes I know you can do as low as 3.5% with FHA but when it comes to rentals I've heard 20% to sometimes 25%. I found a lender who can do 15% down for rental properties but would love to get a 10% down loan. Any advice is appreciated thanks!

So Philadelphia City is our water supplier and I checked online they say they don’t offer insurance. I’ve heard Philadelphia Contributor does offer it and I actually found American Water Resources probably will to. I’m going to call tomorrow and I’ll let you guys know how the policy plays out. Thanks for all the input!

Most of it is pvc except for where the pipe exits the house which is around a 2000 fix so I was trying to find an alternative. 

I have been looking for insurance on my sewage and drainage pipes in my basement and out to the street. My house is around 100 years old which is common in Roxborough, Philadelphia and they have these old cast iron pipes. I've called Home Serve, Aqua, Geico, Erie, and have had no luck so far. All I can seem to get is sewage and water back up coverage but I want to actually insure the pipes in case they break. I just want a plan to cover these pipes because if they go the repair can be 10-15k. If anyone knows of how I can do this it would be greatly appreciated!

I’ve been interested in this for awhile as well. Clayton Morris describes it as simple interest like a credit card. However I asked my lender and he said it was amoritized interest. Can someone clarify this for me? Thanks