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All Forum Posts by: Chris Ruoff

Chris Ruoff has started 4 posts and replied 24 times.

Post: Direct Mail: How do you write a salutation when it's an LLC?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

I am mailing a "Professional Letter" to a list of apartment owners and targeting both people whom hold it in their name but also LLC's and Trusts.

My question: How do you write a salutation when it's an LLC?

In my prior mailers I have always excluded "Trustee-owned Properties" and "Corporate-owned Properties"

So the beginning of the letter would look like this:

"John Smith

123 Main Street

Austin, TX 78701

John,

I am writing you about blah blah blah...................."

But with a trust it would look like this:


"803 Northwest Parkway Land Trust

123 Main Street

Austin, TX 78701

803 Northwest Parkway Land Trust,

I am writing you about blah blah blah...................."

So I have two questions:

1. How do I write my salutation?

2. We hand write the envelopes; what do we put as the addressee on the envelope? The USPS will be crazy confused if I put:

"803 Northwest Parkway Land Trust

123 Main Street

Austin, TX 78701"

Thanks!!

Post: 27yo househacked 2 props in 2 years - Worth $1M and $100k/rent

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Wow. Congrats.

Post: Finance a self storage with a conventional residential loan?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

That's a good idea @Joshua Fulenwider. I'll run it through a USDA site to see if it qualifies... Thanks!

Post: Finance a self storage with a conventional residential loan?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

I found a boat storage property that has a house, a nice metal workshop and 50+ boat storage sheds. Is it possible to finance it with a residential conventional loan? I'd love to get a fixed 30 year loan on it... thoughts???

Post: Seller Carry Back Doesn't Exist?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Nope. I submitted an offer and an LOI with a cover letter that explained my valuation of 915k was based on ~70k NOI and a 8% cap rate and they counter offered 2.7 million!

So it doesn't look like this deal is going to have any legs.

Post: Seller Carry Back Doesn't Exist?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Thanks.

Post: Seller Carry Back Doesn't Exist?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Okay. So it is possible... It sounds like it based on a relationship and these guys aren't the right contacts.

Post: Seller Carry Back Doesn't Exist?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Thanks. That's what my community banker said. He said almost exactly the same thing and that it would present to much risk to the bank. But I know people are doing it because I see chatter about it in other places

Post: Seller Carry Back Doesn't Exist?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Hey guys, I a working with a community bank and a commercial mortgage broker on small (20ish unit) multifamily property. Both of these people say seller carry back with a bank or agency loan doesn't exist... what am I missing when I see people doing this?

I am under the impression that some are doing this wether it be 30seller/70bank or 10equity/20seller/70 bank.

Anyone know who finances this way?

Thanks!

Post: Is the RE-Syndication-Sponsor responsible for a taxable event?

Chris RuoffPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 24
  • Votes 6

Anyone?