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Posted by 5.0-srt-4 (Member # 5864) on :
 
me and a friend are considering buying 2 properties out of state(cash) just to rent out.

my question is do we need a particular license for this? since we live out of state is there any special insurances we need? extra taxes?

just any general advice would be appreciated its new to us and we are very interested
 
Posted by GOT 50 (Member # 1960) on :
 
+1 thinking about doing the same exact thing.
 
Posted by Yaterstang (Member # 7659) on :
 
No license needed. Dont know much about insurance but i think there is rental loss insurance you can get. I'd have a rental company handle renting the place unless you are willing to travel if someone has a problem with their toilet in the middle of the night. Which area are you looking in btw? Hope its not Detroit!
 
Posted by N8 (Member # 6048) on :
 
be very aware of the areas taxes and if any tax laws get passed. I got, got on some stupid thing that Texas just passed on land owners with no structure on the property but it being zoned commercial.

Also have a good real estate agent for that area. But other than that all you need is the ability to buy the crib.
 
Posted by Wolfie351 (Member # 651) on :
 
quote:
Originally posted by 5.0-srt-4:
me and a friend are considering buying 2 properties
50/50 partnerships are a VERY VERY bad idea. It would be best to each purchase one property and then share the management and maintenance responsibilities.
 
Posted by GOT 50 (Member # 1960) on :
 
quote:
Originally posted by Wolfie351:
quote:
Originally posted by 5.0-srt-4:
me and a friend are considering buying 2 properties
50/50 partnerships are a VERY VERY bad idea. It would be best to each purchase one property and then share the management and maintenance responsibilities.
Please eloborate if you dont mind. I have four buddies I plan on buying property with. We have written a company charer with shares depending on amount of intial buy in.

Thanks

Eric
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by Wolfie351:
quote:
Originally posted by 5.0-srt-4:
me and a friend are considering buying 2 properties
50/50 partnerships are a VERY VERY bad idea. It would be best to each purchase one property and then share the management and maintenance responsibilities.
+1

lots of things to worry about and cover. I would go to a lawyer and have agreements drawn up. One thing that stung me on a partnership with a property is my partner had a child support garnishment and they placed a lein on our property. Also you can write it in now, but if later this arises and your partners name comes up in Child Support or a lawsuit or student loans. If his name/SSN is a attached to the property they will attach themselves as well.
 
Posted by NavidR (Member # 3164) on :
 
my company is moving to reno and I'm thinking about doing the same thing, buying an investment property. I've looked at loans and what I have learned is that if your getting a loan for rental property you have to put more down etc. So you don't have that problem paying cash, the only thing is that make sure to claim it on your tax return as an income!
 
Posted by aslowdodge (Member # 854) on :
 
4 things that are critical

1. a good honest realtor that know income property and is not out to screw the rich californian with more money than sense.

2. a good management company that understands it's there to make you money, not themselves.

3. a good honest realtor that know income property and is not out to screw the rich californian with more money than sense.

4. a good management company that understands it's there to make you money, not themselves.

That's right- I repeated it twice. There's a lot off folks who think Californians have lots of money and are easy targets. As someone who had out of state property I will tell you it might be harder than you think. Just make sure you do your homework. If you haven't already been a landlord here already, it will be hard. You won't know if the management company is truly doing a good job. Every month the may send you bills for nickel and dime maintainance that you have no idea if it was valid or necessary since you aren't around to check up on them. Also watch out for smaller towns. Some treat outsiders differently than they would treat locals.
 
Posted by liftedF150 (Member # 868) on :
 
quote:
Originally posted by N8:
quote:
Originally posted by Wolfie351:
quote:
Originally posted by 5.0-srt-4:
me and a friend are considering buying 2 properties
50/50 partnerships are a VERY VERY bad idea. It would be best to each purchase one property and then share the management and maintenance responsibilities.
+1

lots of things to worry about and cover. I would go to a lawyer and have agreements drawn up. One thing that stung me on a partnership with a property is my partner had a child support garnishment and they placed a lein on our property. Also you can write it in now, but if later this arises and your partners name comes up in Child Support or a lawsuit or student loans. If his name/SSN is a attached to the property they will attach themselves as well.
One thing maybe you can look into is creating a Inc. company to place the property under so this cant happen? Also what was said before i would get everything in writing for sure.
 




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