All Forum Posts by: Chris Tedeschi

Thanks guys. No worries Mike, thanks for clarifying. To your point though, I think if we were planning to reside in Malaga after June, we'd do it ourselves. (We'd absolutely love to stay, however my work contract is up and I'd need to find another job here to stay. Such is life.)

Welp, it is slowly looking like this is falling through. (not 100% positive on this yet) We were planning to buy the property with cash, and come back and get a mortgage, but we've got some unusual income sources here in my family, plus I'm not considered a tax resident until after the house purchase, PLUS we just had that 50 basis point jump in interest here (https://apnews.com/article/ecb...) and so the banks here are making it difficult. A 15-20 yr mortgage, needing to put investment money in Spain... all strange to us, but I suppose probably not unusual to those who have been doing it here awhile.

I'll keep ya'll updated.

Sorry, I couldn't think of a better title >_<

So, here's the question: If you have own a property which you moved into an LLC AND you have a property manager, managing said property, how should payment of his services work?

So, before our home was in an LLC, all rent went to the property manager, he sent it to us and removed his fee from it and any additional items (lawn care costs, HVAC repairman, etc...)

Now that it's in an LLC, does the rent he collects need to come to us completely first and we pay him for his services from our bank account?

To me, its an accounting question and I'm not sure if legally it all needs to come into our account and then be paid back out or not.

Can someone give me an education on this please.

Thanks,
Chris
 

 So, I'm looking at Mijas Pueblo, 370K euros, 30% down, about 20-30k rehab. Loans looking to be a 25yr fixed at 4% and as I look at property managers, they're all saying about 70k at full 52week booking, but I'm not expecting a full 52week, so I averaged it at about 34 weeks. Seeing what I can make throughout the different seasons, I'm looking at around $4k per month and $3.3k in expenses (between loan and 25% management fees, and odds and ends)

It's about 20 min from the beach, in a mountain town overlooking the Med, but is definitely more of a retreat. 4 beds, 3 baths, beautiful terrace with a hot tub you can soak in while staring at the Med.

 :)

Oh… and we live in Spain, nearby

Good afternoon everyone,

Put in a reservation deposit for a property that will be an STR in Spain for us. Its our first STR and I think we're nervous about it. (which shouldnt be a surprise for a first-time buyer of an STR)

After running the numbers, we're looking at a 5% CoC return (or about 550 euros / month) after all is said and done.

I'm curious if that seems low for an STR and should we be shooting for something that either brings in a higher $$ amount or better CoC return.

What do ya’ll shoot for? Any help would be welcome.

Thanks,
Chris

@Bjorn Ahlblad Thank you for your response. Two more questions: 1. Since this property was one of the assets considered when we had applied for another mortgage loan, will that no longer be the case because it’s no longer personally owned by us? 2. Should we ever decide to say, “hey, I want the house back in our personal names” what are some of the complications of this? Thanks everyone!

Hey everyone,

I have one multi-fam rental that I am planning to move out of my name and over to an LLC. Does anyone have some pros and cons to doing this? I know some of the pros, which is why I'm doing it, but I'm thinking that I will now no longer have any ability to utilize any equity in that home after this, is that correct?

Any help here would be great!

Thanks in advance,
Chris