All Forum Posts by: Tanvir Sattar

It looks like a great deal Juvawn. How do you plan on handling rental payments and common maintenance issues being out of state? 

@Omar Malcolm it would depend on the agreement you and the investor agree upon. What percentage of ownership is worth his risk?

As for setting up ownership, you could use a Limited Liability Partnership or LLC. Here is a useful article on how to structure the agreement. 

@Carlos Lez I think setting clear guidelines from the start helps. For the internet and other utilities I always make the tenant set that up. 

@Sofia Sharkey thanks for the information, I will definitely keep that in mind as we scale.

@Sofia Sharkey this will be really insightful, thank you for putting it together. I've always wondered what is the maximum number of STRs an owner has before using a management team? 

@Pete Silan My clients have told me things usually run very smoothly when their child is living in the property for the first 1-3 years. It is after that they sometimes run into issues. I'd advise trying to work with your son to find  underclassmen from your hometown or surrounding neighborhoods after he graduates. This gives you an added layer of protection since Mom and Dad (co-signers) know you are local. 

@Jason Bentz I view the 1% rule as a baseline on deals. It is a great figure to calculate, but sometimes you have to go with what your gut says. If you're unsure of a deal you can always put it on BiggerPockets and let other users chime in. Also, what is the ROI long term? Do you plan on holding on this to for a few years, ten years, 30 years?

@Jason Bentz Adding to what @Nicholas L. said, you need to find the right investment property that makes sense for you. I wouldn't hone in on one or the other, instead let your Realtor know you are interested in both. Once you have some options and are ready to make a bid then run the numbers and see what investment is going to give you the best cash flow. 

@Jason Malabute Great insight! Do you ever play some of your recorded calls as another way of learning best practices? 

@Courtney Clark You are spot on this is very shady. The terms of your mortgage may not allow you to rent out your home and if you do it would be considered mortgage fraud. Some states let you rent your home after living in the property for six months. I'd advise choosing another lender.