All Forum Posts by: Account Closed

Me and my father now own 5 residential rental properties in CA and looking to protect ourselves from future potential problems. We are looking for full assets protection on our properties to protect from predators IRS or anything else that might come our way. I have been looking into this for sometime now on this site along with many others

My goal is to form a partnership LLC with my father, Form a land trust, then have the LLC become the beneficiaries of the land trust.

I wanted to do this myself without all the crazy cost that lawyers charge. I can file and LLC with the state along with articles of incorporation and a operating agreement, both of which I have found on the internet that are simple and geared towards real estate investors. But I am worried that it may not cover me completely if something goes array. "they" might find something not done correctly in the operating agreement and make all this hard work useless. Or running into tax issues down the road

Should I hire an attorney, if so who? I am in the Bay Area and would much appreciate some help or direction. Some of these real estate attorneys don't even know what I am talking about. Should I do myself, if so can you guys help me out with possible review of operating agreement/ land trust agreement. or suggest any other options I may have.

I also heard that proper insurance would take care of all my concerns.

Thoughts?

Thank you BP

Where is this thread very interested

Hello friends

Looking to put my properties in a land trust then drop it into an LLC. Are there any local real estate lawyers/attorneys in the bay area that could help me out with this without charging an arm and a leg?

Any suggestions or direction would greatly be appreciated.

I was thinking of doing myself then having an attorney look them over. What do you think?

I have 4 rental properties which I have been book keeping by hand for the last couple years. SUCKS! I am now looking for a program/spreadsheet that helps with my income and expenses. I am looking for a free and easy program. So far I have been digging into GNUCASH but it seems pretty tricky. I have also looked in the file place but haven't found a good one. Please post links. Thanks guys

Example some of my expenses

auto ( fees, gas, parking, repairs )

Bank fees

Equipment rental

Insurances ( fire, renters, other )

Licenses

Loan interest

office supplies

payroll expenses

postage

printing

Advertisment

property taxes

Repairs ( general, major, other, vacancy )

utilities ( sewer,water, pg&e, cable, garbage, internet, cell phone, vacancy )

Services ( alarm, property management )

Credit card debit

Depreciation %

@Pierre Belanger This is the issue that I have I do not own the land.

@Kirill Chervets Do you own your land?

My manufactured home was appraised at 160k. It is fully paid off and I am looking to get a home equity line of credit for around 50k. The park is in a great area of San Jose CA

Is this possible?

I have been to 2 banks and both said they do not do it. If it is possible where can I turn too?

Thanks

Its located in a quaint little town where 35% of the population lives in rentals. Does it really matter the location if the rental market is there? 50% expenses is my rule of thumb but its realistically like 40% at most.

Hello BP

Heres what Im looking to move on quickly just trying to determine my offer.

Asking 249k 5 unit multi family unit

(3) 2 bedroom 1 bath rents for $700 each ($2,100)

maximum rent if renovated up to $850 each ($2,550)

(2) 3 bedroom 1 bath rents for $900 each ($1,800)

maximum rent if renovated $1,050 each ($2,100)

Needs 20k in renovations but not necessary at current time. Fully rented currently for $3,900 with operating expenses at $1,250 a month. This has not been yet provided bye the owner but based on the market rental rates in the area it is very close to accurate besides operating expenses. I punched in the numbers based on 50% rule and still seems good.

30yr fix at 4.75% (I round up to 5%) putting 20% down. I would like other loan option feedback or suggestions. Haven't figured in closing cost or any other variables not exactly sure what they could be.

Let me know your feed back.

I am new to BP an amazed by how willing people are to help out with suggestions and advice. I look forward to coming to the event and meeting with all of you. I am looking to expand my portfolio and grow my nest egg into MF properties (which i really have no firm direction on where to go yet) so I may be the one nervous one in the corner just listening in :)

Thanks for your help recently and the invite @J. Martin

Ok my BP gurus,

Here is my situation. I am looking to expand my real estate portfolio. I currently own 4 properties valuing around 500k-560k. 3 properties are fully paid off the other is at 50% LTV.

Looking to purchase a multi-family unit 4-10 units for under 200k (preferably about 100-150k) and keep for long term.

My idea was to do as I always have which was pull out the equity from my current homes to purchase the MF cash. I can get a better deal if paid cash but interest rates may be slightly higher (my equity line of credit is at 4.25%) I was thinking of using a portfolio lender and possibly getting a blanket loan on the 3 properties that are paid outright.

Any suggestions on loan options for my situation?

I currently have 10-20% cash on hand if I choose to do a 30 year fixed loan.