All Forum Posts by: Tyler Witkowski

Its been way too long since I've attended one of these. I'm going to try to work my magic and see you guys there!

Thank you for the advice, I will check it out now.

Something new that I found out, there was no permit pulled for the roof that was redone. What kind of problems could I run into because of there arrogance?

Hello BP!

I am proud to say I have put an offer in and it is going smoothly until I hit a wall...
I have found a nice duplex in a very nice charming town outside of my home town Rockford, IL. I am under contract, and I have gotten my funding, and inspection done. My only problem now is I have found, and my inspector has found cracks in the foundation. The house has settled and a cement floor over a crawl space has settled and cracked. it is not a huge crack, but it is still a crack.
Im in search for finding a Structural Engineer and I'm coming up short with my search. within my area there is a total of 3 people so far to look at it. With one gentleman who will cost $1500 because his office is 2 hours away from my town. and others who haven't gotten back to me or out of town.

Im not sure if I should continue going through with finding someone or just walk away front this deal. And boy, its a pretty deal.

1900 home that was a single family converted into a duplex, only minor repairs needed. carpet, paint, new light fixtures, needs a new water heater, and just a foundation issue. I know this won't mean too much since its not your particular market but the home is at $75k with so far, only a couple thousand of repairs needed. most homes in my area sell right around $100k with this towns market appreciating I see a good future for this deal. I am not relying on the future appreciation either. This will be a House Hack, so I can finally start my dream of being a Real Estate Investor. :D

I can possibly try and post some pictures of the bad foundation but without, what are you're experiences with small cracked foundations?
I need my BP families help!

Thats what I'm thinking I'll have to do after all of your answers. 
Thank you again Joe for saving me, thats why I love this site! I get to learn from others mistakes and then once I make my own, which I AM going to do, I can save others from doing the same. Im sorry you went down that road and wasted time and money for nothing, besides learning something new.

Thank you again friend, I will put that book into my reading list.

I thought you get the benefit of only paying taxes on the actual income you earn, after all expenses of the property are paid for. I didn't know that you can do that regardless of being under a LLC or not.
I would be getting a conventional loan and my only assets that I have are cars at this point, which in my eyes are not an asset.

I dont fully understand what having an LLC would benefit me so this has helped me out a lot so far. Thank you @Joe Splitrock. Just trying to put all the puzzle pieces together.

Thank you all for your answers, you guys are a huge help (no sarcasm intended).

@Steve Vaughan,
For my first property I am now steering towards a duplex. The main reason I would want an LLC is to protect my self and my assests. I was hoping that being under an LLC would bring me the tax benifits and protect myself from over paying in taxes when in theory I would only be making $100-200 per unit in cash flow vs. the (just for example) $2,000 a month the unit brings in.

From my understand thing I could always set up an LLC later and then put the unit under my business name.

I wont be able to make it, thanks for the invite though!

Thank you Michael!

Hello BP,
I am starting out in Real Estate and I was wondering for my first purchase into my portfolio should I buy under my own name, or an LLC?

I know down the road this would be beneficial for tax purposes, but for your first buy would it be to any benefit. If there is any resources I can look at that would be helpful. Otherwise when the time comes closer to purchase I would have to get an CPA to help me out with this question.

Thank you all in advance, have a wonderful day!