All Forum Posts by: Patrick Owens

@Steve K.

Thank you for the information.

There are two other houses for sale in this subdivision- $175k and 200k. The lower priced one is similar to the rental I am looking at.

The subdivision is 75% owners.

This house will need a new roof in 3-4 years. The HVAC was replaced 5 years ago. The seller lived in the house for 6 years before renting it.

I will give it a thorough walk through next week.

@Nicholas Covington

This is being financed with 20% down on a 160k price.

Recently, I attended a local REIA meeting and met a fellow investor who stated he is selling one of his three properties to pursue a construction project.

The house looks great and has a tenant in place paying $1500/month until the contract ends in October.

The owner has the property market below market value because he is not involving a realtor to sell it. Sort of splitting the savings with the buyer.

This would be my first rental property purchase.

What services does a realtor typically perform in a transaction that doesn't require selling? In other words, what will I need to do for my due diligence?

1. Title search

2. Home Inspection?

3. ??

@Filipe Pereira

Great information!

@Ashish Acharya

Thank you so much!

This is exactly what I was searching for.

@Basit Siddiqi

Hey! Thanks for the quick reply.

Planning for the visit isn’t a problem. Notify the tenant (through the property manager). I am curious about the itemized deductions: mileage? hotel? other related expenses?

So, I am considering a long term rental property in Florida. We live in Charleston, SC. In addition to having cash flow, this would be a great vacation spot for us. The question is: What are the tax deductions available for us to visit the property once or twice per year?

I’m certain that someone on BiggerPockets has already worked this out. 😄

Since creating an LLC, I have been receiving emails from Kabbage. I don't think real estate is their normal business (they may think I own a brick-and-mortar store). Has anyone tried using this lending company?

Good evening, BP.

I will have a one-time cash inflow from a land sale in the near future.

Once deposited, I will have a myriad of decisions on investment types.

My first question will be:  If I choose a single family home to rent, I can pay cash for one property and have a good cash flow with no P&I or I can use the money as a down payment on two or three properties (each with lower cash flow due to loan re-payment).

Which is the better option?

Thanks in advance for your advice.