All Forum Posts by: Thomas Sokolis

I bought a property 18 years ago and lived in it for 8 years.  When my wife and I moved to our new home, we kept the property, and decided to rent it out.  My name alone is on the deed.  We had a tenant in there for 10 years.  She unfortunately destroyed the property and we are now in the process of an eviction.  We will then have to rehab the property.  

My question is, I bought the property as a single fella in 2005. I created an LLC in 2023 thinking I may transfer it into that, however, the transfer tax ($5,000) makes it not worth it in my opinion. I own the property outright with no loan. Should I collect the rent through the LLC or just keep doing it myself?

 You’re 100% right Stephanie. My first house I bought had a higher rate that I’m seeing now and that was for a primary residence not an investment property. I just need to pull the trigger. Thank you for responding.

 Thanks Jill. I’m very interested your area too. It’s about a 7 hour ride for me but we do have family out there. I’ll have to look at that dscr loan. Thanks!!

Thanks Matthew. I’ll keep shopping. I think you’re right. Just trying to get over some of the fears.

 Thanks Erik. I’m finding all sorts of stuff I’m interested in. I’m just trying to find the right one and get over my fears as well. Stuff I’m looking at isn’t super close so there’s that added fear. 

I currently own a property that is estimated between $220,000-$240,000 based on comps.  I own the property free and clear.  I bought it as my first home and currently rent it.  I am trying to find the best way to use this property to pull cash out to buy more properties.  The rates seem to be ridiculous right now for cashout refinance options.  Does anyone have any better ideas to use this property to my advantage?  I am very new at this even though I've been a landlord for several years.  I feel very undereducated after reading as much as I have thanks to all of you.  It's my only property but I'm chomping at the bit to get in the game and don't want to miss the boat.

Thanks!

Tom