All Forum Posts by: Michael Lewis

Sorry for the poor proof reading. I'm currently at work and doped on cold/flu med to combat the plague I've contracted heh.

Hello all. Ok so looking for advice on how to proceed from here. I have gotten 2 partners to join me. I have a main house and 1 rental one of the partners the same and the third has no houses. We have 50k cash and another 40k in credit lines available to do rehab etc. the 2 rentals houses sent part of the deal currently but could be added into the mix at a later time. My question is should we start an llc to buy our first sfh which we would rehab then refinance and use the money to find a similar deal or use to do down payments for 2-3 more houses. Should we forgo an llc for now and purchase the first house under the partner with no houses? I don't want to put under my name as I'm getting close to finishing the main house I live in and refinancing it and turning into a rental as I purchase another one desperate from this partnership.

My schedule is clear that day so count me in. 

I am also looking into USVI but am looking into a stand alone single family residence as I hate HOA

Um in your 2nd post you confirm that's what you are trying to do. Now your a scumbag and a liar. You also repeatedly said how you were gonna do what you had to do to get yours. Now you are back pedaling and trying to act like that wasn't your intention.

don't let someone half *** fix it. Entire door jam should be pulled water prodding tape around the framing and flashing and or proper siding channels added. 

see how it's wider at the door and narrows as it comes in. That's an indicator that's it's wicking. 

What a POS. I hope it all backfires on you and you loose everything. You are part of this countries problem not its solution.

That clearly wicking in for the outside not a roof leak. My guess is the door framing is not correctly water proofed and/or water is pooling around the bottom there and seeping in. For them to correctly fix it the bottom plate will have to be removed and door tape or some other waterproofing method will have to be put in there.

For most banks the standard seems to be 2 years of rental income before they will count it. So you may have to wait to procure your next one. Read up on the BRRR strategy. This way you can pull out the equity to purchase your next one.