All Forum Posts by: Sherri Li

Just signed the contract to purchase our first rental property from another investor. Our agent said that a rehab inspection is free but we can order a regular inspection for around $300. We only know about the regular inspection. Should we fork over the money and get the regular inspection or is a rehab inspection sufficient?  The house was rehabbed about 1-2 years ago. 

@Jonathan Rodriguez  thanks for the info.

@Jonathan Rodriguez  Is that better than filing as a disregarded entity?  Since we're husband and wife, I believe we can be filed as 1 and count as a disregarded entity?

Husband and I formed a LLC for our rental properties. We will have property managers and the houses will have debt on them. I just registered with Tenessee dept of revenue to pay excise tax. Do I need to register for business tax as well? It says that if the business provides services then business tax will be required.

We're just buying single family homes with debt right now. Is there a benefit to having your minor children as members? We were planning on hiring our minor children to do secretarial tasks and paying them from the LLC.

My husband and I formed a LLC to hold our soon to be acquired rental properties. I am now in process of registering for a federal EIN. I put the number of members as 2 but the government website is saying that we will be classified as a partnership. Is this what I want? Since we are husband and wife, should we just register as a single member LLC? We are based in Tennessee if this makes a difference.

My husband and I formed a LLC to hold our soon to be acquired rental properties. I am now in process of registering for a federal EIN. I put the number of members as 2 but the government website is saying that we will be classified as a partnership. Is this what I want? Since we are husband and wife, should we just register as a single member LLC? We are based in Tennessee if this makes a difference.

My husband and I are brand spanking new to the real estate investment business.  We met with Discount Property Warehouse a few days ago and really liked them.  Does anyone have any experience with them, good or bad?  I can't find much info on them on BP and so far can only find one person who lists them as a good turnkey provider in Memphis among a few others.  I do have meetings set up with a couple of other turnkey providers also.  

I am finally ready to get in the rental property business. I currently live in East Memphis and want to invest in Memphis. I want to stick with properties that are less than $100k. I've found some neighborhoods that are around that price range but I've also found that there are a lot of other rentals in those areas.  Should I talk to some property management companies and see what areas rent the best and then concentrate on buying in those areas?  Or should I work with a real estate agent and find a property and then hope that it rents out amongst all the other competitors?  Or am I putting the cart in front of the horse and I should be doing something else first instead?  Thank you for any advice!