All Forum Posts by: Soh Tanaka

Even with the potential future growth, I would just stick with what you are doing because of the number of properties you currently manage. You'll get money sooner with Cozy, if you pay some extra money. 

Just know that flipping out of state is a difficult thing to do, if not impossible. 

Without all the numbers, this is just my guess, but I feel like there's not enough money, definately not for both. Run the numbers and see what you come up with. If you can't run the numbers, come back here and ask again before you pull the trigger. 

I'm not sure all the numbers, but it sounds like cash-out refinancing maybe an option to buy the next properties.

@Kadeem Wells Wow, 3 broken into out of 13 house sounds prety bad. Are those houses in a bad area?  

Even looking at the full side of the glass, it's getting harder to justify buying rentals in Chicago. This Alderman is going to present yet another tenant friendly regulation.

There are a lot of reasons why this is tenant friendly, but one of them is you can no longer end month-to-month, even with 30-day notice, unless there's a "good cause," which is described here.

Also, now the tenants could have a longer period to pay back the rent and stay in the property. In other words, even if you pay the eviction attorney, and start the eviction process, if the tenants pay pack all the money by certain time, you have to keep them. 

The above is just a proposal at this point, but I'm not surprised if this pass. Obviously this involves legal matter, so read the above with that in mind. 

This website summarizes prety well.

Las Vegas sounds like the winner.

So you'll lose almost $50/week? 

This came up on biggerpockets many times. This is just my opinion here, as I'm not an attorney, but technically, you are correct. That said, I never heard of people who transfered the ownership to LLC and got asked to pay off the loan. I do heard that the first 6 months, you may want to keep under your name, but I'm not sure how true this is.

Not saying it's wrong, but your friend is taking a super conservative approach. 

If I were you, I just get a loan under your name, and just Quitclaim it to your LLC, but again that's just my opinion.

Since you sigend her again, I'm assuming she's a good tenant. It'll take a while for you to be in a situation where you can sell it and break even, but that's better than selling now and pay $20k+. I would keep it. Just know that $159 cash-flow before repair expense is not a lot (it's not a lot, even after repair expense), so have a lot of extra money put aside, so that you have money to fix big ticket items (driveway, roof and HVAC) or cover vacancy in the future.