All Forum Posts by: Account Closed

@Matt Popilek great project and love the social benefit twist. How nice to just get one check from the NFP each month. I’m in Dallas, so once you start getting situated in Texas, let me know if you’re up this way and want to grab a beer.

My personal opinion (not an attorney) is to agree with others... multiple LLCs seems excessive. And I doubt if it matters who owns the website for a particular property. The structure that makes sense to me, and what a lot of syndicators (as mentioned above) is for the property to have its own LLC (1234 Washington St, LLC) and for partners to be owners in that LLC. In this case, I guess your LLC (i.e. "Leslie Ray, LLC") would be a XX% owner in 1234 Washington St, LLC, and 1234 Washington St, LLC would own 100% of the website.

Side note... I've been advised by my attorney that using a Delaware entity can have some benefits from the perspective of raising capital, but there is also a fee associated with that.  In any case... I'd keep it simple.

*** Apply my opinions/advice at your own risk!  :)

Also interested to hear from the group... what's the benefit of Wyoming LLCs?

Thanks @John Woodrich and @Kevin Dean... thorough responses and great insight!

@Bjorn Ahlblad we’re also looking forward to the buying opportunities should they materialize... but I can say that we’ve felt the softening of home prices here in Dallas over the last 6 months, and it’s not just the high-end stuff.

Here's a great article on what to expect in multifamily in 2019.  

"... with that inherent price pressure in mind, 2019 is looking more like a buyer’s market. Attractive multifamily acquisitions will be captured by buyers who secure assets that are “right priced” to account for rising interest rates."

https://www.kiplinger.com/article/real-estate/T050...

Interested to hear your thoughts... how are you adjusting your approach/strategy into 2019?

Hope everyone is getting ready for a great year!

Would be great if you can get it approved... get the additional income & improve your property value.  In our neighborhood in Dallas, there are lots of garages either converted to efficiencies or with a 2nd story added for the same purpose.  I think a lot of the old ones have been grandfathered in, but would certainly confirm with the city before starting a new one to avoid hefty penalties.  

How long have you been waiting for the P&L?  They should be able to get it to you pretty quickly... at least current to the prior month.  If they take too long, I'd be worried that they're "customizing" it for you.  Good luck!

@Aurus J. Sanchez make sure you don’t overpay and that you’re comfortable being in your rental situation for quite a while. With real estate prices softening, you’ll do okay of your place is rented out and cash flowing, but it may not make sense to sell for several years if we have a recession.

@Shanese Francis going to echo @Ken Breeze... focus on deals that cash flow well, and keep enough cash reserves to cover 6 months to a year in case you need to cover between tenants. If the property cash flows, you don’t need to worry about the recession... when lending tightens, fewer people can buy homes, so they need to rent. A good property in a good location will stay occupied.

@Bruce Foster are you in a desirable area? If so, you can do really well with a furnished studio. Depending on how a kitchen is defined, maybe you can get away with a kitchenette without the need for additional permitting?