All Forum Posts by: Brad Friesen

There's also another online service that you can use to setup your LLCs www.incorporate.com. I've used them a few times now and things have gone rather smooth. Here's a tip if you want to use them. Instead of filling out the forms online, if you call them up and set things up you can negotiate with them on their prices and often get a better deal.

Hi Elliott. You definitely want to ask for the current rent roll and also for copies of the lease agreements. You can also ask for copies of any utility bills and any financial/operating statements. Schedule E's are good to ask for too. To confirm whether or not rents have been collected, you can ask for bank statements or even property management statements showing that the rents have actually been collected/deposited. The further back you can go the better understanding you will have. To confirm rental rates, talk to several property managers about the property and have them pull rent comps for you. You may find out that the current rents are undervalued.

A lot of the time most seller's won't provide you with all this additional information unless you have the property under contract. But it never hurts to ask upfront. If the deal looks good and fits your criteria, get it under contract and then dig up as much info as you can during your due diligence. If you find something that you don't like during due diligence, you can either renegotiate or walk away.

Looks good Matthew. Better snatch up that URL before someone else does.

Awesome stuff Brandon! Are you guys going to record the webinar for those of us who aren't available Friday night?

Welcome to BP Jeremiah. That's great that you're helping out foreigners. Hopefully us Canadians are keeping you busy...eh! We should chat sometime next week.

Sounds like a project that I'm just finishing up and getting ready to market for rent. We purchased a distressed triplex that needed a substantial amount of work. Vandals had stolen all the copper, ACs, appliances, etc. Also needed new drywall, paint, carpet, and the list goes on.

We had all 3 units rehabbed at the same time and am glad that we did it that way. Not only did we save money and time, but all the work going on drew a lot of attention to our property. Several neighbors stopped by the see what was going on and we also got several leads for potential renters.

We could have worked on one at a time and then tried to place a tenant while the other 2 units got worked on, but felt the tenants would have been dissatisfied with all the noise and such going on next door. Plus it's also nice to provide your future tenants with the option to choose which unit they would like best. First come first serve :)

If I was a potential tenant and I came to look at my property where one unit looks great, but the others look liked a crime scene, that would most likely have a negative impact on how I feel about renting that property. However, if I showed up to view a property and all the units were all fixed up and looking top notch, I would probably have a better feeling about renting here.

Take a look through your lease agreement and see if there is a cancellation policy outlined in there. Also look up rules for subletting your lease to a new tenant.

There's also the "Inside Job" which explores how changes in the policy environment and banking practices helped create the recent financial crisis.

Great idea guys! I was needing some new material to listen to in the car.

Hi Brian,

What size multi-family property are you interested in buying? A good strategy for you may be to purchase a smaller multi-family property (i.e., duplex, tripex, etc) and live in one of the units. Then collect rent from the other units. You would also only need to worry about one mortgage payment, one roof, etc. Plus you wouldn't have to pay HOA fees.

Brad