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re: TOS: Being a landlord
Posted on 6/12/15 at 3:54 pm to S1C EM
Posted on 6/12/15 at 3:54 pm to S1C EM
His has 5 units. So he not exempt.
5 units also exceeds Fannie/Freddie limits so he'll need some other finance type.
Couple of red flags on this one, i will elaborate later.
In the meantime, see what kind of cigarette butts are on the curb.
5 units also exceeds Fannie/Freddie limits so he'll need some other finance type.
Couple of red flags on this one, i will elaborate later.
In the meantime, see what kind of cigarette butts are on the curb.
2
Posted on 6/12/15 at 4:30 pm to deeprig9
We have a couple of condos we rent and it's turned out good. But our goal was to find something different to move some cash into. We're not trying to earn a living off of them but there's a pretty decent cash flow coming out of them now. A couple of things:
Get a real attorney to draft your documents. Also, we set up an LLC to run everything through. There's a difference between how the law really works and all the bullshite out on the Internet with people's opinions or what they heard from somebody else.
Don't stretch too far. If you don't have the bank to carry all expenses for a few months this is too big of a step out of the gate...but I'm conservative by nature.
Also, go ahead and get a good handyman ready unless you want to spend a bunch of time working on shite yourself.
Don't bank on capital appreciation...you make your money on the front end purchase price and your monthly margin...if values go up markedly then that's a bonus...but a lot can go wrong in 10-30 yrs.
That's all for now.
Get a real attorney to draft your documents. Also, we set up an LLC to run everything through. There's a difference between how the law really works and all the bullshite out on the Internet with people's opinions or what they heard from somebody else.
Don't stretch too far. If you don't have the bank to carry all expenses for a few months this is too big of a step out of the gate...but I'm conservative by nature.
Also, go ahead and get a good handyman ready unless you want to spend a bunch of time working on shite yourself.
Don't bank on capital appreciation...you make your money on the front end purchase price and your monthly margin...if values go up markedly then that's a bonus...but a lot can go wrong in 10-30 yrs.
That's all for now.
Posted on 6/12/15 at 7:34 pm to deeprig9
quote:
His has 5 units. So he not exempt.
5 units also exceeds Fannie/Freddie limits so he'll need some other finance type.
Couple of red flags on this one, i will elaborate later.
Yeah, I completely forgot to give thought to the 5 unit thing, though the information is still good to have if he's in the market to do this with any single-family properties.
As it is, I agree....LOTS of red flags flying on this one. Personally, I wouldn't want any part of it, but that's me.
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