All Forum Posts by: Ryan Mahoney

Matt, not an expert by any means but a fellow Nebraskan. I would ask your RE agent if you have one to run some comps on Duplexes that are fairly similar. Also, consider how long it has been on the market. You could always offer less and negotiate a price. The fact that you will be living in it probably changes things somewhat in terms of how much you want it as a home. However, try running the numbers as a true investment where you rent both sides out and see what the numbers look like. That way if you want to move out in a couple years how would it cash flow. Make sure to factor in all expenses (CapEx, etc.).

Paul, Wayne is correct. You are paying it down as if it is a 15 year mortgage. Unless you would be getting a large enough drop in the interest rate to offset the cost to refi it makes more sense to just keep doing what you are doing now. You be looking to eat the equity out to invest in another deal. If that is the case a home equity line of credit may be a easier and cheaper option that will allow you access to those funds and greater flexibility.

Thank you.  Reading @Brandon Turner book at Rental Property right now.  Enjoying the podcast - even though I am still working my way through 2013 episodes.  

I am just looking to get started. I have read a good deal and many sources say to hold property in the name of an LCC. When I have spoken with lenders they say I can not do that. Perhaps it is because I am new or perhaps it is because the LLC I have not created yet has no financial history. My questions are these:

Should I just buy a property in my name and self-manage it under my name?  

Should I explore getting a mortgage in the name of an LCC - perhaps I just have not spoken to enough lenders.  I have the capital to easily put 20-25% down on the properties I have been looking at.  I do not have the money to buy 100% cash so I will need some financing.  

If I own the property in my name should I create an LLC to manage the property?

My goal is to buy and hold several properties over the next few years.  Ideally I would like to get to 10 smaller single family homes in the next 5 years.  Obviously, time and experience could modify this.   

Hello, I am a college Cross Country and Track & Field Coach in Hastings, Nebraska.  I grew up in Lincoln, Nebraska.  I have always had an interest in real estate investing.  I purchased my first primary residence right out of college.  I talked a roommate into co-signing with me so I could get a house with my limited credit.  I eventually refinanced and bought him out.  I later purchased my second home in 2006 right before the crash using sketchy financing.  It worked out, but I owed way my home then I could afford.  Was able to rent a room or two to friends and family periodically.  Currently own my home in Hastings now under more conventional and affordable financing.  I have begun looking into purchasing some rentals this summer.

Rich Dad Poor Dad got my interest reignited and I have read or listened to 6-7 books and have been making my way threw the Bigger Pockets Podcasts.  I have spoke with realtors, investigated LCC creation, spoke with mortgage lenders, and visited potential homes.  I have invested in stocks, REITS, options, and other things in the past and currently, but this is a new adventure for me.  Hope to learn a lot from this site and get some of my many questions answered.  Excited to be here.