All Forum Posts by: Minna Reid

noobdog - I just filed the trade name at my local town hall so it was legal for me to call myself that.

If I'm an LLC all I really do is limit my liabilty. On a small time time scale ( as in I plan to buy 2 more properties this just to rehab) is it really necessary? Is there a tax benefit to being an LLC?
As far as incorporating - I really dont even know how that differs from an LLC, honestly. But would love to, if someone wants to share.

Ok the kitchen is smallish 11x11 and the only place I can really lay any counter is along one wall and another spot where I have a 9" cabinet. The cabinets are 24" out. So whats that maybe 25-30 sq ft? At $60 a sq ft that less than 2k. I dont think 3k is out of the ballpark. Maybe that's even too little counterspace and I should find some way to incorporate a small island or something. But - yeah I guess I do have to go the granite. It would probably be the worst shortcut not to go that route.

Well it depends on how bad your credit is. If you're talking 600, you're not getting financed. If you're talking 700, no income verification shouldn't be a probelm.

Is the problem your credit, your aunt carrying the second, or something else?

Hey even if you don't become a realtor, consider the wealth of knowledge you've gotten from taking that course and how much that can help you, no matter what road you take in RE. Aren't you already a step closer, just by being more educated?

Well I advertise as Northeast Home Buyers to buy houses.
They were just calling to let me know people were calling to check me out, no complaints or anything, and did I want to become a member.

Or neither. I am not big time or anything yet. But I got a call from the BBB the other day because people were inquiring there about me, and it got me to thinking maybe I should have something more formal than a trade name registered at town hall. What are your thoughts?

I got my first deal from my ad in the small local newspaper.

Being a landlord comes with its headaches, so be prepared for that, but the more units the merrier. I have a single rental, and now that I'm evicting the deadbeats I haven't gotten paid in 2 months. Zero income, hefty mortgage payment. If that was a fourplex, and one didnt pay me, it would hurt less.
But certainly do not get into a rental situation if you're moving far away.

You know I have had some job offers, even some good ones, but I've passed. I can always go back to the regular working world and get a "job" if I have to. But I'm really loving my rehab. I just feel like it was always my calling, but I was always too scared to just go for it. Now I have no choice but to make it work.
Fortunately I did have some reserves at the time, but they're dwindling fast. i figure I can make it about 3-4 months with what I have left, but -knock on wood- as long as I can get this house sold within that time, I get my money back, and I make a healthy profit. That way I can afford to live, and I can buy the next one and just keep it going from there. Really it would only take me about 3- 4 smart rehabs a year to maintain my standard of living, if I never did anything else.
So hey I'm just gonna roll with it. Tell you what I wake up at 7 am wide awake and I'm excited to go "work" now. The rehabs more than I bargained for, but I feel satisfied. I never felt like that about my job.
I wish I had done this years ago.