All Forum Posts by: Patrick C.

Thanks for all the input. 

I have spoken with different investors, some like section 8, some hate it with it being my first rental, I might try to do this with no section 8. 

Working on getting my SFH in St.Cloud MN up to speed and rented out. seeing if anybody has had good/bad experience with section 8. Been told to avoid it at all cost, and others have told me do it just make sure to get a nice big damage deposit.

House i'll be renting out will be in the the middle/lower income neighborhood, blue color family. 

3 bedroom, 1 bath, fenced in back yard, 1 garage shooting for $1,200 a month (I'll pay water/garbage) 

Plan to manage it myself since this is my only one, and its close by where I live. 

thanks everybody. 

not to many objects to cut around. 

the more i think about it i should just do carpet, and then once i need to replace carpet put in the nice "fake' hardwood floor. 

about to close in 2 days on our first rental, debating on what kind of flooring to use in the basement. 

carpet the bedroom and stairs in the basement, but the living room/den thinking of Laminate flooring, the lock/click kind.

upstairs is original hard wood floors. and carpet in one of the bedrooms. 

any one have recommendation on basement flooring. been told to just carpet it since its a basement and we live in MN (the state that gets freezing cold) 

(i also plane to install myself)

Thanks for all the help, think i might just go and buy some extra Insurance. my luck the bank would call on the loan if i switched the title to an LLC.

Thank's for the input everyone. 

Yea, seems like your right @Tim Joyce 

i'm just not sure, my original idea was to get an LLC and have tenants pay the LLC, (but the mortgage is in my name)

curious what people do when they still have a loan and only a SFH. llc or no llc

About to close on my first rental property single family home, purchased in my name. I plan to get umbrella insurance policy to protect against anything crazy. also considering getting an LLC, (Minnesota) and have rent paid to the LLC, (since i'd be the only member it would pass to me) and then have the llc pass money to my bank account to pay for mortgage.

Going to talk to my tax specialist next week (who also has a dozen buildings he rents) 

wish you would have gotten a LLC or not needed. ?

Inspection turned out good. 

needs fresh paint on the inside, new carpet in the basement, and just a return air in one bedroom for the furnace. should be closing on it end of month.