All Forum Posts by: Mike McConnell
Mike McConnell has started 2 posts and replied 6 times.
Post: $850 a year profit
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
in 15 years it will be paid off, and then I'll clear over a $1,000 a month or can sell it and clear 100k
Post: $850 a year profit
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
I lived in the house 2 years before moving out.
Post: $850 a year profit
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
Yes I was stuck in FHA and had like another 8 years of pmi till I could build any real interest. That is why I switched to 15 year mortgage.
Post: $850 a year profit
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
Had my house for 2 years, just switched over to a 15 year mortgage. My house I rent out is on year 1 of a 15 year mortgage. $107,000 left on mortgage, house is worth $150,000. I use a service to find renters and take care of everything. With that said, after service fees, I clear $850 a year. Would you stick with $850 a year, hoping nothing breaks, or sell. The 15 year has no pmi so building decent equity in a few years. What are your thoughts?
Post: Separate LLC for each rental
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
Thank you all for your input. I use a property management company. So I guess the bigger question is how often do you get sued by a tenant?
Post: Separate LLC for each rental
- Investor
- Kennesaw, GA
- Posts 6
- Votes 2
#BrandonTurner mentioned he has a separate LLC for each of his rentals. Have you setup an LLC for your rentals, if not one for each? If so what is the benefit?