All Forum Posts by: Bryce Wong

I admire your goal, but I'm curious to find out how you're planning to achieve 100+ units in 10 years. Definitely achievable, but starting off with a duplex only next year might put you behind on your goal realistically speaking. I wish you the best of luck! As for the pros and cons of buying outright in cash, it depends on your appetite for risk. The one thing we have not control over is market prices, and leverage can be your worst enemy in a market downturn.

Has your friend considered the option of private lending with the possibility of refinancing later on? Conventional loans are cheap, but they take forever to get approved whereas with private lending, you get the funds a lot quicker. Also, your friend could also consider partnering up with other people on her first deal so that way she can join the realm of "cash" buyers.

Hello fellow Michigan friend! When you quitclaimed your property to the LLP, it'll be a good idea to first check beforehand with the bank or credit union if they have a "due on sale" clause, which basically means that the full amount of the loan would immediately be due upon the sale or transfer of your property to your LLP which can be disastrous if you did not anticipate that. As for changing the "status" of your home from residential to investment property, you might want to check with your bank or mortgage company to be on the safe side. Consult an accountant as well to figure out your tax implications. In some counties or cities, you are required to apply for a certificate of rental dwelling. They'd send out an inspector to your home to make sure everything is in good working condition before they give you the green light to rent it.

I share the same sentiments as Mike D'Arrigo . It really depends what your goal is at this point. If you do not have much time on your hands, a turn key rental might fit your investment profile. How many homes have you looked at prior to this home before you decided to buy this? The question you have to ask yourself is, how do you want to spend your time? We only have so much time in one day so if time is your constraint, a turn key at market cap rates might work in your favor, but without knowing the dynamics of the neighborhood or running a detailed inspection on the home, there are too many unknowns. Perhaps a good starting point would be to determine what your appetite for risk is and work from there.

Thank you all for your prompt replies. I think I'm going to go with the NAA one. Any more responses and feedback on the forms would be appreciated. 

Hello everyone! I'm new to the Biggerpockets community but I just want to say that I'm impressed at how much I've learned from the experts here. When I first moved to Michigan, I started off by renting at an apartment over at Clinton Twp. The lease documents that they gave me were obtained from the National Apartment Association, and I recalled signing multiple lease addendums that pretty much covered all the bases you could think of. Now that I'm a proud owner of my first single family home, I was thinking of paying them to download copies of their lease agreements for use on my own homes that I was planning on renting out. I have a good feeling about their forms after going through them, and I like that their forms eliminate the headache of me having to enlist the services of an attorney since they've already vetted them through one. They have forms specific to most states. I've tried doing a search on this forum on their forms but I couldn't find any so I thought I might ask all of you what your thoughts are on their lease forms. I attached a link to one of the sample forms that you could obtain on their website. I'll appreciate any advice or feedback on their forms before I use them.

http://www.naahq.org/about

https://www.bluemoonforms.com/products/forms_online/print/index.php?state=MI&form=ALL&sample=1