All Forum Posts by: Adrian M

All,

Thanks for your input!  I've gone about 90% paper-free (with my files).  I'd like to open this discussion again, as I'd really like to go 100% paper-free.  Please share your thoughts.  In your opinion, is there any type of document, in which, I really must hold onto the original (hard-copy) document?

I buy houses, and then rent those houses.  So, I have documents related to acquisition, and leasing.  I look forward to your replies.

Thank you!,

Adrian

Fellow Investors,

I'd like to obtain a line of credit against the equity in one of my investment properties. If you've pursued a line of credit against an investment property, could you please share your experience(s)? Were you successful? If not, what prevented you from getting the line of credit? If you were successful, which lender did you end up using? Thank you!

-Adrian

Fellow Investors,

I would really appreciate your advice on this matter. A tenant of mine is very interested in buying (with owner financing) a property that I own. I've never sold a property with owner financing. Below, I've listed my concerns in hopes that some of you can provide some guidance (based on your knowledge and experiences).

My Concerns:

- The loan will continue to weigh against my Fannie Mae 10 property limit.

- I will have to keep detailed records for principal and interest paid.

- I will have to 1099 the Buyer each year.

- I will need to verify that taxes and insurance are paid each year.

I admit these are not huge concerns. And, I can already think of some ways to address each of these items. That being said, I would love to hear how some of you have handled each of these items. Also, if I am leaving out any items that could potentially be a challenge, please add them to my list (with your advice on how to address).

Thanks for your help!!! -Adrian

I have a property that is approaching it's Builder Warranty expiration date. I'm considering having an Professional Inspection done to determine if I have any items that I may need to address with the Builder. I'm wondering if any fellow investors are following this approach. And if so, could you provide any advice or tips? I've addressed items that fell within the 2 Year Service Warranty, but never dealt with any items that fell into the 10 Year Builder Warranty.

Any advice would be appreciated! Thanks!

-Adrian

Thank you Chris, and J. Scott, for the information!

J. Scott, are you following this approach (as you've described above)?

What about the Note (between you and the Lender)? What about Lease Agreements?

I would love to have more people chime-in! Has anyone had an issue, in which a soft-copy (of any Real Estate document) would not suffice?

Thank you!!!

-Adrian

When I started my Real Estate Investing Career, I held onto the hard-copy of every document! After several years, I came to the conclusion that I should not need a hard-copy of every document. So, many of them, I scan into my computer, and discard.

I'd like to reduce the amount of hard-copy filing as much as possible. I'm assuming, I should always file the hard-copies of the Deeds. But, providing I have soft-copies all other documents stored and backed-up, do I need to hang on to any other hard-copies?

In your response, please consider all documents, pertaining to Purchasing, Selling, and Leasing.

Thank you!!

-Adrian

Hi,

I'm considering the use of my Company Name (LLC Name) on my Lease Agreements (as opposed to my Personal Name). I think this will imply more formality. For example, I just denied a Rental Application (due to Accounts in Collections and Criminal Activity). The Applicant is trying to contact me to explain his case (justify the negative information). I replied by stating that my company has strict guidelines for accepting Rental Applications. My theory is that Tenants, and in this case, Potential Tenants, will consider policies (and guidelines) more formal, if they are dealing with a company (as opposed to an individual).

I would really appreciate some advice on the pros / cons of using my Company Name (LLC Name) on future Lease Agreements (and related documents).

Thank you for your time!!

-Adrian

Thanks for your input, Tom!

If moving back to the condo, for 2 years, would qualify me for the exclusion, I think I would choose this route. Did you see Bill's input (in this thread)? It sounds like this strategy would only give me a pro-rated exclusion.

Is anyone (in this thread), a CPA? Can anyone verify that 2 years, living in the property, would not qualify me for the full exclusion? Bill, are you a CPA? Or, can you cite a reference on the qualifications?

Thanks again (to everyone), for your help!!!

-Adrian

Thanks for that information, Bill! Your input is really appreciated!!

I bought the condo in October of 2002. I lived in the property for about a year. After that first year, I moved-out, and converted the property to a rental.

With your valuable input, I think the 1031 Strategy will be the best choice.

Thanks again!,
Adrian

Thanks Wayne, Eric, and Dave!! I appreciate the detailed responses!!

I have a couple of follow-up questions regarding the Personal Residence strategy:

- Would I need to Deed the property back to my Personal Name?

- Are Lenders making Home Equity Loans again? If so, this would allow me to leverage some of the existing equity now.

Thank you!!,
Adrian