I will be a 1st time home buyer that is participating in a program with no money down, no closing cost and i can buy down my interest rate etc. I want to take advantage of the fact that this is a buyers market. I live w/parents and i'm saving money, i have no debt, i have a fair to good credit rating. I'm a parent and i need a home of my own. I want to buy a home before January? I also want to purchase rental property to supplement my income. In my city there is a very high demand for section 8 housing. I'm in property mgmt so i have the experience and contacts for landlord/maintenance issues and I love property mgmt. Next, should i purchase a home to live in buy August? Is this realistic? Or too risky. With the hopes of eventually buying several rental properties should i use my personal credit? Should i treat this as a business and get a tax id #/license and keep the properties seperate from my personal history. Your advice/experience is very appreciated!
2007-08-19 14:48:45 · 4 answers · asked by A.N. 1 in Business & Finance ➔ Renting & Real Estate
If you're employed managing rental properties you must be working for a real estate agency. Why in the world would you need advice from Yahoo? Plus, this isn't a buyer's market anymore as you should well know.
2007-08-19 14:58:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The programs that you are planning to participate in are likely for first-time home buyers planning to LIVE in the property they are buying. You're not likely to get all of that assistance to buy something you're going to rent out.
Ignore the advice above that says you have to have a real estate license. You do NOT need a license to manage your own property, only if you are managing other peope's property for them.
Regarding use of your personal credit... who else's did you plan to use?
2007-08-21 09:33:47 · answer #2 · answered by yeagerre 2 · 0⤊ 0⤋
for rental property , each in a seperate llc
e.g
lets say the address is 123 happy st
llc would be 123 happy st llc
you would have to use personal credit first
I would start looking and make some low ball offers and maybe get lucky and find someone desperate to sell.
Treat this home as if you were to rent it out would you make money on it?
2007-08-19 15:55:16 · answer #3 · answered by chris_sockets 2 · 0⤊ 0⤋
For the income properties, you will have to use your personal credit since you don't have a business entity with a track record.
You should put each individual property into a separate business entity with a separate tax ID, for liability purposes.
2007-08-19 15:04:46 · answer #4 · answered by open4one 7 · 0⤊ 0⤋