All Forum Posts by: Allen Lopez

Hi all, I am looking to buy my first real multi family property. I have had a couple of independent units here and there as well a a house, and they have worked out great. Now I would like to buy a multi family property and really get into the game. I have found a property that I consider to be great. My realtor referred me to someone that works for “AMGbanking.com” I have never heard of them and their website seems a bit funky. plus the number that they contacyed me feom is in california andi am in florida. Has anyone dealt with AMG banking? (American Morgage Group) Has there been any good lenders that have give investors a fair interest rate? Is there a way to ensure that the lender is real? I already checked the nmls but still have doubts? Don’t just me but the first purchase is nerve wrecking for me. Thanks

Hi everyone. I’m just curious about what’s everyone’s opinion on renters insurance? Do you guys make tenants get it? Do you guys leve it optional? Do you guys even mention it? Does renters insurance benefit us landlords? Thanks

@Nathan G. I agree with you. Doing month to month can result in vacancies which would be an even bigger loss than reducing the rent. Thank you so much for the advice.

@Nathan G. When you say be prepared to show them comparables, what exactly do you mean? Should I show them just what the Zillow estimates are for a couple of properties? Or should I show find a couple of for rent listings in the area? Also, when you say leave it at $1800/month would that be for a one year lease or are you recommending doing a two year lease at that? Would you say that if I offer them a two year lease at $1750 would be fair or should I just stick to $1800?

So I have had an amazing family as my tenant for the last two years. When I posted the house to rent it out, they were the first to want to get on and I was going to charge them $1700/ month but I gave them the option that if they signed for two years I would leave the rent at $1650/month. The last two years have been great. The father is extremely handy, so everything something breaks I just order the parts and he installs them. They have not demanded anything except the screen enclosure replaced (which needed). Long atory short these are the type of tenants we all dream of. Anyways, the two year contract ends in February of 2019. Current rent in that community is $2000/month. So I am loosing money. I would like to increase it if possible. I would also like to give them the option for a two year contract again. My questions: 1) should I renew with a two year contract at $1650 again? My mentality has always been, rent low enough where you don’t lose too much but have the tenants long term. 2) how do I approach offering a price increase? 3) I would like to ask $1800/month if 1 year contract or $1700-$1750 for a two year contact. Thoughts?

@Daniel Hyman So is it difficult to manage it yourself? Is it necessary to have it with a firm? What is the difference?

@Ned Carey Thank you I am on florida

So I have 3 properties under my name. My primary residence and two investment homes. The two investment homes are worth around $350k and 250k. Is it recommended to get an LLC for two properties? What is the average cost in an LLC? I have a friend who paid $5000 to a law firm to create it for him and 2000/yr after that. That seems very high. Thoughts?

So I am starting out. I have three homes that I rent out. I am thinking of opening an LLC. I have looked online at the benefits and it looks like it’s the right move, but am not too familiar with the process? Any advice? Also, all of my properties are under my name. Do I need to put the LLC as the property owner to do this? Any help would be great

@Nathan G. Oh I agree with you they don’t have to do anything. However, the contract for sailing a property is technically only for a time period ( in my case 6 months). So if the property i could technically take the property off the market (as that Is mY rIght) and wait until the contract time period expires, and then sale it by owner. Correct? That is assuming that the buyer is willing to wait the six month period.