All Forum Posts by: Alex Forest

I have the same issue, with two separate houses on one parcel.  Shawn, did yours go through? Two appraisers so far have asked to be reassigned due to the 'complexity' .  After that, I called the county assessor, they did point me to two properties with the two houses on one parcel sold miles away, so perhaps they can serve as comps for the 3rd appraiser.  If acceptable comps are found, is it generally no longer an issue to obtain a conventional residential loan, as a 2 unit?  The lenders I have spoken with indicate if appraised as a one unit with accessory, it will work well.  I dont know why this wouldnt easily qualify for conv residential as a 2 unit though, since 1 to 4 units can fall under conventional residential loans, with 5 and greater under commercial.

Thanks, yes good points. I suppose I may be slightly suspicious sometimes of an excel summary provided by the seller, so was curious what other practices one might utilize to verify for a greater level of comfort.  A property manager income/expense sheet would seem useful.  But yes, true always important to ask then assess.

What is the editorial process for  biggerpockets? Free content, who is the referee?

Hello, 

When assessing a potential new purchase, how may one request verification of rental income?  There are certain properties where the stated rental income is attractive compared to the sale price.  I understand that it may be related to a certain type of neighborhood.  However, in some cases, it may be a B- type area, where rent decent and price reasonable.  How does one request verification of income over the past 2 years? Bank account statements?  If there are other posts on this, I would be happy to be redirected to those, I just did not come across any. Thanks 

Hello,

I have searched through the forums and found/read many posts, and now wanted to reach out to the BP community on this topic to hopefully get some additional feedback. This post is a question about addresses. There seem to be a variety of takes, but with a primary goal of keeping a primary residence address separate from business activities (not "comingling" personal and business activities), and having a consistent address for the LLC, there seems to be a challenge. I've seen responses to individual aspects of these items below, but wanted to bring some of them together, are there any suggestions on the following with the goal mentioned above?

1.)Formation of LLC:

• a.Registered Agent: Attorney/registered Agent service address
• b.Principal Office (Virginia): allowed to be same as RA address (attorney/RA) or USPS physical address (not PO box)

2.)Transfer of Title/deed to LLC: Address of LLC owner for rental property = ? (USPS physical address?)

3.)Insurance: Plan to List LLC on insurance policy with self as "Additional Insured"; change mailing address to USPS physical address to keep consistent with LLC business address or keep it going to primary home address?

4.)Lender: Update mailing address from primary home to USPS mailing address?

5.)Banking/checks: List USPS mailing address

6.)Tenant (Lease): List USPS mailing address on lease, and have checks mailed there.

Thanks!