All Forum Posts by: AL Brown

Adam Rego This can be a very sticky situation and it can cost you money and wasted time trying to get this freeloader evicted. Either you walk away from the deal if they do not get this individual out. If they stated there was a lease and come to find out there is not, that can be your exit strategy. I would have them evict the tenant because this person can end up being squatter from hell. Don't ever think it's a easy smooth process. If you proceed follow your state and county laws because serving them wrong will only delay the process and cost you money. DO NOT EVER FOR A SECOND think it will be a clear cut case. Eviction can take months and that person can end up damaging your property. Best of luck and welcome to the club

Oh ok @Kevin Fox the seller mention they will be shutting it off the day after closing so I am planning to put it in my name at that time. 

@Lelith Walker thanks for he advise on the appliance, I never thought about that. They actually has a list of handy ppl they use for miscellaneous things. @Jason Bott Thank you sir, I was able to get insurance on the property within days. @Kevin Fox can you elaborate more on why I should put the utility in my name vs my business name? 

@Andrew Portnoy thank you, I have no ties to my personal information, I have the LLC set up with, business accounts, EIN, emails etc. as far as the separate bank account FL require it to be in a non interest bearing account that I have set up for my other property. Thank you all for taking the time anything else please let me know.

I'm closing on a multi family (3-plex) next week Thursday. What are some of the major to-do items leading up to closing and after? I already will be getting all security deposit on hand, prorated amount from 6/2-6/30. All 3 u its are already occupied so I will be honoring the remainder of their lease however I will be drafting up a new lease which will mirror exactly their current lease but in my company name and options to pay rent. I'm assuming I should call now to get the utilities(water/sewer) in my company name with an expected start date. It's separate electric meters however it's one water meter which is landlord responsible. Am I missing anything else BP family?

Has anyone ever heard of Lord Mortgage & Loans located in Boca raton florida??

www.lordmtg.com 

Hey BP family,

COCROI - do i have to factor in Repairs, capex and vacancy on the YTD projected Cashflow amount Or its the amount after true fixed expenses (mortgage, prop tax, Home Ins & HOA)? All other expense will be covered by tenant.

@Andrea Castor Congrat!!! We are in the midst of 2 properties. One That i will be finalizing the deal tomorrow as a all cash purchase and one that we are working out the kinks of the appraised value which came in significantly lower than the sellers asking price...which we may walk away if they do not. @Matthew Kreitzer I agree thanks @Scott HildebrandI will look into this further thanks @Adam Bontrager thank you sir, I will speak with both a CPA and a attorney, by any chance do you know the charge for counsel. @Ned Carey I agree however overwhelmed but will look into it. @Samuel R. Harden I need to get some advise from a professional as you stated and make a sound decision. I do not want this to be too complicated just want the right coverage and protection while building my portfolio. THANKS TO EVERYONE for your valid points and opinions much appreciated. 

Question BP family. Its just myself and my wife starting this REI investment business. What would be the legal structure as it relates to forming the LLC? Partnership?

@Jeff B. absolutely I totally agree. Having bigger pocket as a tool and experienced individuals like yourself help newbies such as myself do it the right way. Appreciate your time. 

@Jeff B. thanks for the insight. Misrepresenting is something I would never do/condone and I'm well aware of the stringent requirements as it relates to the substantiation of funds, because everything has a source. Thanks for the advise on this concern.