All Forum Posts by: Sean Ploskina

10k a year in taxes seems high.  But maybe that is your area.  You have only 5% for repairs which for a building at 50years old is low.  Even then you are at 1875 in expenses leaving 1925 a month for cash flow and debt service.  

I would pass on this deal.

Pass.  Don't let your frustration lead to a bad decision.  If the numbers don't work, they don't work.  

The big guys(wells fargo) will say no but I got one through a credit union.

Check out what bigger investors on here have said like @ben Leybovich have said on this.  

From my experience I would buy in a better area and a SFH so you are learning to manage one unit rather than several in an area with more headaches.

Welcome @christopher murphy to the game.  Always nice to see more public safety folks on here

Try Colonnade Construction, they are based in Virginia Beach

BB&T will do them also

The LLC will not affect your tax status. You would be eligible for the tax breaks that normally apply to a homeowner. However you will need to ensure that you and your father are not both taking the full deduction. I had a similar scenario with my own father. I LLC's for legal protection but we set out before I bought that the money was his on the down payment but everything else was my responsibility.

I prefer to leave the money I am using for purchases in an account so it is ready.  That is assuming I am actively looking to invest. I don't have easy access to tax liens in my state but they would be interesting use of 5-10 thousand.  

We do both.  My wife has a 401K and contributes to it at the company match level.  We are using it as a back up source of income in the future.  Personally I don't believe the concept of a total number 20-40 years can possibly predict what you will need. 

We plan to make cashflow from rentals to replace our paychecks +30%, then we can safely retire.