All Forum Posts by: Nicholas Reece

Without more specifics, I think you're misunderstanding the cautionary tone of the LLC vs personal holdings. What is it that you are believing is the problem with having it under your LLC?

We currently use Zillow. It's sometimes a bit clunky, and takes a few days to process through the bank using their system, but is free and tracks the payments pretty well. 5 doors for us. Expanding to 17 total soon, so we'll see if we need to upgrade as well.

You must acknowledge the costs of selling a property and acquiring a new property as well. You already have this property, and without much equity in it, what exactly are you walking away with after realtor fees, other than possibly $400 cash flow? Why not refinance, and use the cash flow created to build the money you need to use instead of chasing a heloc that will cost money to set up and utilize. The benefit of a Heloc is utilizing equity. Without much equity you are spending similar money costs with the refi, just to get access to a small loan. Might as well just have the cash. If the heloc market tanks in the future, you will have cash. If it doesn't, drop the money on the house principal and the use the heloc later. Even that scenario only makes sense if the house appreciates further.
It costs 20% down to finance a rental through the bank. Imagine coming up with 20% to buy the property YOU ALREADY OWN. It can be managed better, increase rents to market, and refinance to unleash the type of investment you have, but just doesn't quack like you want it to...yet. If it can, get it there. Isn't that what real investors and entrepreneurs do? Remember, the HELOCs usually carry costs similar to the refi anyway. Apples to apples. One nets you cash income, which is never bad. 

@Account Closed, spot on for the area.  Great advice.

@Naeem Kapasi, I'm most definitely doing both this time around.  I'll just have a little bit of cash tied up in the property, but it'll cash flow enough to recover it in just the first few years.  I'll update once I get the final numbers together.

@Walker Seid  Will do, thanks!!

Thanks @Jennifer Beadles, I'll check them out. 

No better place to start than BP.  Welcome and GL!!

Just like I tell other people in my industry(mechanic integrity inspection/NDE) that get discouraged because of the amount of information...I've coined this phrase btw.  "Even porn stars start out as virgins."  It seems to get the point across, and hopefully does for you too.  GL!!

@Jennifer Beadles; @Christian Bors

Thanks for the recommendations!!!

@Chris Mason  I'll look into this a little more and make sure this can work.  Thanks for the insight.