All Forum Posts by: Richard Sherman

@John Clark Gobundance.  Not the M1 program.  Interesting and thank you for the info.  Maybe that is what is going on, though there was nothing on the site or the application process that said anything about not taking members, so not sure.  Oh well.  Maybe I will hear back maybe not.    

@Amy H. yep, 10+ times in different properties.  As long as it is solid hardwood...or engineered with an actual hardwood wear layer that can be refinished, the sand off the old varnish and some of the wood and then put new coats on.  They will look brand new and are a very effective way of handling flooring...ALWAYS use the hardwood when it is there unless really damaged and even then try to save it, very durable and people LOVE it.  

I googled "Richmond Virginia refinish hardwood floors" and there is  Fred Floyd Floor service with decent reviews and "SandFree of Richmond" with AWESOME reviews and pics!

@Samuel Akisanmi any chance you have been to your local REIA meetups and see if you can work along with some investors?

@Amy H. Yep, good advice in here.  Look for a company that refinishes hardwood.  They will almost certainly do repairs as well...and then have them refinish while they are there  :)

@Jason Rowlett They will include income from the rental.  Depending on the size (i.e. is it 4 units and under and a normal loan or more than 5 and a commercial loan) then your other income may need to be included or may not...USUALLY the stronger your income is regardless of source the easier and cheaper the loans are.  I know it is a vague answer but not sure what size of property you are going after.

@Craig Sutta I agree with @Jay Helms .  Haha, the purpose of a discussion board is someone telling you that you need an attorney and accountant before you create a massive tax bill where there should be no tax bill.  :)

Option #1 could literally cost you tens of thousands is done without proper planning to use your gift exemptions.  I am not trying to be short of a jerk, but spending a little money to get a professional opinion based on your actual situation is a very very good idea in your situation.

@William Huston My concern if the rents vs prices are that bad in multi is that they are worse in SFH and SFH has more volatility (maybe not that duplex or tri plex, but as you get larger the value is more based on rents vs general likability of it. Might be the way to go though, if you value cash flow the same way in SFH. Maybe you just end up investing in something you do not live in and that is located in a different market.

I agree with @Terrell Garren I think there can be some personal variability for sure and agreed, if you have large personal assets then ALSO a LLC...but probably also worth talking to an estate attorney about a trust.

@John Clark I submitted an app for the Gobundance program, but have not heard anything...for a couple of weeks.  Odd.  I wonder if they are not taking new members...or maybe I am blacklisted somehow?  haha

@Lawrence Morgan When your assets are over $1 million or so its time to move to an LLC, maybe less maybe more, but until then it is not worth the costs and complexity, you are better off just getting a good umbrella insurance policy. Insurance protection > LLC protection all day every day.