All Forum Posts by: Account Closed

Yes I will look into that pretty sure I saw about 250-300 for the year is definitely worth the investment. Also when I file my taxes I have heard if you have an llc it can benefit you more with taxes, but my idea was to open up a separate bank account for that and deposit checks, perform maintenance, pay p I and taxes with so when I file my taxes I have it all organizined on one account. No need to save every receipt ! Haha

ok should have been more clearer, The loan is Convential I am not living there and a tenant is living upstairs right now and has been for 7 years. the bottom floor can be rented out with about 1 week of cosemtic updates. I am basically asking how accurate is the loan officer when they say your numbers look good, at first they were tight because of the income but after she put in the tenants income of 625 she said I looked good. and the credit has been updated as the collection agency sent a letter confirming it wasn't my account!

hey I am currently in contract for my first rental which I am buying for 45k, worth about 60-65k now and will have a loan of about 34k on it. I will buy and hold the property and it has 2 units, my question is I do not have my own house (live at home with parents) am 22 years old, have a paid off car in my name though worth about 11k , and a savings account. What should I get to protect me or should I not bother with an LLC or the umbrella policy at 1million in liabilty becuase I do not have many assets yet? I think I should protect myself somehow but I am not sure what the best way is especially since I don't have my own house yet but do have good amount of savings for my age. thanks

So I sent the form in and should get a hearing in a few weeks to try to get my taxes reduced. I am buying the property for 45k and it is assessed at 110k I also have recent
Comps to prove it my question is they said it needs to
Go by the 2006 values and not this year? I am in Connecticut and is that true? Who has experience with this? Thanks!

I am not sure I can always get an estimate on that and see if that is something that can work i am open to new options thanks

Thanks man finally someone who is leading me the right way I apperciate it. The house I am buying for is 45k and only needs about 5-6k worth of work new roof soon, chimney, gutters, but is rentable now as a tenant has been there for 7 years. I will owe the bank 33k so basically is the house was to burn down I would pay to mortgage off and take the rest to clean up whatever I had and pocket the rest and sell the land? Just want to make sure I am covered, and yes umbrella policy is a must but is an LLC now? remember I am only 22 and don't have a personal house to go after yet just this house, savings account, and car.. haha

Also since I am only paying 45k for property and it did burn down or something and they can't rebuild it for a 100k won't I get that 100k and pay off mortgage an keep rest I am
Confused as to what I actually need for insurance.

Ok most agents on here people use arn't based in CT I will try though, Also since this is my first unit and only have a savings account decent amount, and a car and some equity in the house.. Should I look into an umbrella policy or LLC? I am confused as to what I actually need with insurance on my rental thanks

I am in contract for my first rental and plan to rent all the units out. I am having trouble finding a responable quote, and also on what exactly I need as far as coverage goes. I had a quote from 21st century for 100k on building and 300k in liability, but now another agent said that to rebuild the multi it will be like 250k and I would lose 150k and that quote won't protect me? what do you guys recommend? I am in CT if you know any agents thank you

Any one ever listen to Lou Brown audio. I found a clip where he basically says everything I have learned on here about taking control of the first phone call with a potential tenant asking questions about stable job, credit score, etc. He also claims he makes rent due on the 25th as opposed to the first? Is that something you have had success with? He says it trains the tenant to pay him first before the other bills are due which is interesting and also he will tact on late fees the day after. He is also in Georgia and can have people evicted within a month as opposed to CT laws which takes longer than that. thank you