All Forum Posts by: Brad E.

@Tiff Palmer

As often as possible.  If the market rent goes up you should take advantage of it.  Your taxes and expenses are going up every year.  

If the market rent falls below todays rent, you aren't going to keep your tenants in your unit if you try to keep your rent where it is.  You will have to lower your rent.

If you raise it often and not by much, it's easier for tenants to swallow and they also will come to expect a rent raise periodically.
  

@John Bradley I'm sure you are going to get varied responses to this question but here is how I look at it....

Yes learning QB will take some time.  But then you know how to use it.  Even if you have a book keeper you may at some point down the road want to use QB as you say.  I had rather learn to use the software when my business is relatively simple before things get complicated and may be overwhelming.  

thanks @Stephanie P.  I had a couple folks DM me about this.  

I'm at 4.875% now with conventional.  I dunno, maybe I should just leave it as is.  The main reason I was wanting to refi was to cash out some.

I've been using and old lease that another landlord gave me when I was getting started.  This year I decided to buy the Bigger Pockets state specific lease package because there were some areas in the old lease that I didn't feel comfortable with any longer.

I'm requiring renters insurance now and there is a section in the BP lease that covers this.  It specifies that the renter should add the landlord as an "additional insured".  The exact language as is below.

I've been reading posts about this on BP and elsewhere saying that landlords can't be "additional insured" on the policy, but instead an "additional interest".

I'm confused.   Can someone straighten me out?  Thanks.

From the lease: "Tenant shall, at Tenant’s sole cost and expense, obtain renter’s insurance covering the full value of all personal property of Tenant in the Premises, and providing liability coverage to Tenant in an amount not less than $_________, which policy shall name Landlord as an additional insured."

  

@Troy Jones Yes it has a tenant in it with fresh leases just signed.  I'm planning to hold at least 10 years.

@David M.  Thanks.  Ill check out that post.

Hey guys - I'm looking to refinance a property I have currently held in my LLC. Called a couple lenders and it sounds like I'm going to have to quit claim it back to myself to do the refi using a conventional loan. Then, quit claim it again back to the LLC after the loan is in place.

Are my only options to either quit claim it or go with a commercial loan if I want to keep it in the LLC long term?

Thanks.

@Eileen Smedley

That deal ended up not going through.  How did your situation turn out?

Interestingly enough I am in the same situation again right now, but I have agreed with the seller to wait until the eviction is over which should be end of this month.  

Yeah, it is and I can see that it has the LLC as the owner.

Thanks guys.  I am definitely using an attorney for this.  The main thing I want to focus on now is getting the property locked up....correctly.

@Account Closed

This may be a lease option but I thought it was an seller finance the way he described it.  Sounds like I need to see his agreement to know for sure.

In either case (seller financed or lease option) it sounds like the only signature I need is the seller in order to move forward. 

I really appreciate the advice!!!

Hey BP -

I found a motivated seller. He has been owner financed by another LLC (not a financial institution). The title to the property is still in the financing LLC's name. The way the seller described his current agreement with the 3rd party LLC is that when he pays off the loan he will receive title.

Here is where I am getting lost - do I need to get the LLC to sign the purchase agreement since they currently hold title? How I can even verify that the seller has this agreement in place and has the authority to sell the property?

Any advice on how to proceed here in order to get the agreement signed by the proper parties and property under a valid contract?

Thanks in advance.