All Forum Posts by: Andrew Junquet

Hi Everyone,

I am currently working through the process of putting a partnership together with 2 out of state partners. We have our LLC, operating agreement and business plan ready. The next step is for me to go find a bank in this area in SC that will work with us. We are hoping to get a line of credit large enough to buy the properties with cash and then refinance into a fixed 30 yr mortgage after the property is performing. We also have about $45k of our own funds to start with.

Does anyone have any good leads on banks or credit unions in the Columbia/Lexington, SC area? We're looking to build relationships with local banks since they seem the most flexible. I'm just trying to avoid wasting too much time with banks that just won't do anything like this.

Thanks!

Thanks everyone!

Just took over being landlord of a single property I rent out. I've had the same tenant for 4+ years and had to let the PM go because he kept doing things like losing her rent check. I called her today to introduce my self. I asked if there were any current issues and she brought up that the light/fan in the living room doesn't work at all. My question is how do I go about entering the property to take a look at it? Can I just call and give her a 24 hour notice or does it need to be a written notice? 

Thanks!

Go see what they say (but see a lawyer first). Have all your records/documents with you. Present a professional front that says you care about the tenant but you run a business. From what you've said so far seems like you were fair about it and they broke their lease because they didn't like that you rented out another unit that the last landlord let go vacant. Personally I wouldn't step down on this. Just my opinion though. Not legal advice. You should get a lawyer to look at it before you have to go in my opinion. Yea you'll pay for the lawyers time for likely a non-issue but it's better than going in unprepared for a $1MM settlement and being ruined.

Seems like she just doesn't like the changes. Time for her to go anyway if that's the case. You may want to try reasoning with her using the broken lease as leverage. It sounds like you have more of a case with that than she does with what she's trying to do. Personally I would ignore it or push back until I hear directly from the agency that's "investigating". If you do hear from a legitimate agency lawyer up and have them look at it. If you have everything recorded and you didn't do anything wrong it shouldn't be more than your lawyer contacting the agency to put an end to it at most. Take all of this with a grain of salt though. I only have one rental in Columbia so far and am just getting started. This thought process just makes the most sense to me based on what I've read so far on these kind of disputes. 

I haven't worked with her yet but I was referred to Sandra Burr in Lexington. She specializes in Corporate and Real Estate law and is very responsive. Sent an initial email to her last Friday afternoon and had a reply from her that evening. We are also looking to invest in multiple states and told her this. She hasn't said that she can't handle this in initial emails. A quick Google search will bring up her contact info.

@John Anderson yes I am aware of the due on clause for a perceived change of ownership. I have it on my list of things to do to talk to our lawyer about this. Thanks for bringing it up though!

I am curious though, what kind of insurance policy would mitigate this? Doesnt seem like normal rental insurance would cover this would it?

ok cool. Thanks Patrick.

Hi Everyone,

I'm working with 2 business partners on starting a rental business. We are working through setting up an LLC to operate under but this is taking a bit longer than anticipated. I found a property that would be perfect and will likely move quickly. Is it advisable to purchase this first property without the LLC and move it under the LLC once we have it setup? Or should we just wait and chance losing the property?

Thanks Jeff. I hadn't though about the self employment tax associated with an S Corp.