All Forum Posts by: Marty Summers

@Damon Tyler  I am too shocked at no stories here.  Either I posted this in the wrong section or I hit a nerve.  We have a duplex that cashflows 2100 per month and we are just starting.  It sounds reasonable that yoh csn easily live off these properties.  I just want to here others experiences in doing so.

I will check out your napkin blog.

Thanks!

-Marty

I want to ask this question to everyone. Is there anyone in here lives directly off their rental portfolio? Will you please share your story? -Marty

Thanks Dave! The LLC is unders my wife and I.

@Dave Foster would it matter at all that I own the property for 12 years in our personal names...but I want to change it under my LLC for protection? does that change my tax situation that I've lived there the 2 out of past 5 years? thanks again!! -Marty

Hey Everyone,

We have just moved into another home recently.  We lived in our recent Residence for 12 years.  I am considering renting out my old home and understand that we will lose our mortgage exemptions on taxes. 

However, Can anyone tell me if I turn my old Primary residence into a rental, do I lose the ability to sell my home "without" paying capital gains from where I purchased it 12 years ago?

Thanks much!

-Marty

The idea would be for the tenants to pay for the Reconstruction so I don't need to go to the bank and pay for it out of my own pocket just to get it back when I sell it .  It's not a money constraint issue it's that time is money and I would like the tenants  to pay for  the reconstruction .

Hey everyone, We have recently purchased our in-laws house because they moved to Florida. After living in our 2 story 3 bed 3 bath home for 12 years, we found that while moving out that our home needs paint, carpet, new flooring in the kitchen...etc. Badly! We have new furnace, roof, garage doors, water heater, water softner, dishwasher, garbage disposal. all replaced within the past 5 years. The home is beautiful and has potential...would probabably sell as is for 225 - 230. We could list it near 280k if it was updated. If it costs 15-20k to fix it up how we want and without spending my own capital, my thought is to rent it for a year cheap at 1250 per month...as is and use that cash a year from now to dump into the home after my tenant pays for it. ;) So here's my question; if we rent it out, we have a 24 foot above ground pool and Jacuzzi in the backyard. Do any of you have experience with renting a property that has a pool or Jacuzzi? I need to understand how I can waive any liability on me if their kid, dog, friend, relative or neighbor drowns in the pool. Thoughts please???? Thank you all so much! you are the best. -Marty

All.. thank you!!!  It's great to hear your perspectives.... I appreciate it all!!!

Hey gang,

We purchased our first duplex this past month.  A large building that cash flows well.. A nice one to boot at that.  Anyway, I am curious to hear from you all..... regarding this.

1.)  How often do you check on your property?

2.)  Is it possible that you never hear from your tenants other than deposits into your account?

3.)  I am curious how involved I should be if the rent checks are coming in with no repair or complaints?  Thoughts on this??

Thanks all... you are the best community!!!

-Marty

@Nathan Gesner   I like you idea the best...thank you!