All Forum Posts by: Peter M.

@Martin W. Wow, 19k is crazy. Try getting recommendations from people you know. You could do searchs on here but thats hit or miss. Your deal is more complicated because its across state lines. Sorry I can't be more help but if you dont get an LLC you don't need a lawyer 😉

@Moni Charles Give them about 2-3 months notice that you will be raising to market rent, let them leave early if they find a new place so you can get in there sooner. Best case scenario they stay and pay market rent with no reno. Worst case they holdover and you have to try and evict. Hopefully for you by then the moratorium will be over. Don't allow them to stay while you renovate, it will be a nightmare. Unless its just some small fixes to allow them to swallow the rent increase. Good luck

@Martin W. I vote no LLC but if you decide to, try to get a series LLC (not allowed in all states). An asset protection lawyer will tell you they all need their own but a series will allow you to have 1 and it will be cheaper

@Neil Adams Yup pretty much. I wouldn't be in a rush to form an LLC though. Besides you could always keep using your DBA and any real property can just be titled into your LLC.

@Joseph Duckett Get her to owner finance

@Neil Adams Register for a DBA and do all the stuff you listed. They're like 50-100 bucks in most places. Later on you can even name a LLC that as long as it's not already taken

@Fernando Garcia-Martinez Live at home and save money as long as you can stand it. Sounds like a good plan. Thanks for your service

@Tsz Mak Cap rate matters as much as the price of tea in China. This isn't a commercial deal. How much of a rent increase can you get? Seems like too tight of a deal unless you can get it super cheap

Didn't see your post about needing 200k till after my first post. Maybe you could still make it work

How about this (you'll have to do much more in depth number crunching). Find a hungry investor and offer to sell the rental owner finance. If its worth 675 make the terms 10-15% down with 6% interest on a 30 year note with a big prepayment penalty to entice the new owner to keep making payments. Monthly payment is about 3300. Now it becomes like an annuity. Your dad takes the 100k down payment to fix up his house and still gets a monthly payment for the next 30 years to supplement his pension. If the investor defaults, foreclose and take the duplex back.