NO CREDIT CARDS EITHER.

Don't wait to raise cash.

The Mayor of Key West was in an article a few weeks ago warning that they do not have the Money to raise the roads and repair the damages.

Purchase Price: $369,000Rehab costs to date (Cash/0% Credit card): $22,000Additional cosmetic rehabs: $6-8kAs-Is Appraisal: $420,000 (April 2021)Current Rental Income (friend living with me): $800Mortgage: $2000Comps in the area: $490-560K but average sqft price $264 with prop size of 2450 sqft, so could be more.Rentals in the area: $2.5-2.9K a month, not including additional living space.My financing/current capital methods:Personal Income: $129,000 a year.Rental Income from above: $800Student loans: $340 a month.No other debts other than CC payments for rehab and personal debts: $12,000.Savings (does not include investment accounts, 401k or IRA): $12,000Cumulative CC Limits: over $50k.My questions include:What are my best options to get this thing to cash flow while adding as much value as possible for a refinance (pay off CC and have cash for another off market property I have in the wings).

Purchase Price: $369,000Rehab costs to date (Cash/0% Credit card): $22,000Additional cosmetic rehabs: $6-8kAs-Is Appraisal: $420,000 (April 2021)Current Rental Income (friend living with me): $800Mortgage: $2000Comps in the area: $490-560K but average sqft price $264 with prop size of 2450 sqft, so could be more.Rentals in the area: $2.5-2.9K a month, not including additional living space.My financing/current capital methods:Personal Income: $129,000 a year.Rental Income from above: $800Student loans: $340 a month.No other debts other than CC payments for rehab and personal debts: $12,000.Savings (does not include investment accounts, 401k or IRA): $12,000Cumulative CC Limits: over $50k.My questions include:What are my best options to get this thing to cash flow while adding as much value as possible for a refinance (pay off CC and have cash for another off market property I have in the wings).

My wife gave me the go ahead for purchasing a property in September when our son goes to kindergarten and we’ll get a little bit of a raise!

I was born and raised in Denton, but have since relocated elsewhere.

I also own my own home and an investment property as well as having raised 4 children who are all adults now.if you want to talk about anything, do not hesitate to contact me. 

60 day minimum if you can issue a NTT - not guaranteed  - need to check with attorneyand are tenants way under market or can you go under the guise of "substantial remodel"You have to weigh the upside vs costs and make that calculation.sometimes it might be best to raise rents and wait it outor do a voluntary vacany with the assumption of going to do a remodel and if that is the case go all in and issue everyone the same notice and relocation costs so you are not singling anyone out etc and covers you incase it comes back 

@Lena BransomPersonally, having a property in a separate LLC is overkill.Imagine you getting to 20 properties and then having 20 different account numbers, 20 different debit cards, 20 different checkbooks, etc.