All Forum Posts by: Christian Ferreira

@Ann Bellamy Thank you for your response, You are right I should definitely speak to my attorney for the first one and have him follow it through. This way I can learn from the first eviction the correct way and in the future possibly take it into my own hands.

@John H. When we initially tried purchasing the property we asked for it clear of all tenants, The seller refused so instead we had him serve the upstairs problematic tenants the eviction notice. It happened to turn out that the week before the closing they were still in the property and I went to the housing court with the seller and I was added to the Summary Process Agreement as plaintiff/landlord.

Hello Everyone,

I recently purchased a duplex, we got a steal on the price however we have to deal with finishing off the eviction on one of the apartments. Prior to closing I had gone to the housing court with at the time the current owner and the upstairs tenant. Instead of going in front of the judge, the owner insisted on going to peer mediation and working out a deal. After all was said and done we allowed for the tenant to stay until 8/30 as long as he paid his rent on the 8/1. He ended up paying late on 8/3, we however did not file for execution of the agreement. They have about 20 days left to move out, they have expressed to me how difficult it is for them to find a new rental apartment. It seems as though they will likely not find one and I will be forced to execute the agreement. This is my first time dealing with this type of situation, I am reaching out to my fellow BiggerPockets members for advice on what my next steps will be.

How do I execute this agreement in the fastest possible way? - I need to do it as soon as 8/30 has passed, because I have new tenants who want to move in ASAP and we still need to get the place sprayed for bed bugs, carpets, paint, and appliances.

Will/ Should I hire an attorney to take care of this or is it something I should do myself to gain the experience and save money? If I hire an attorney does anyone have an estimated cost?

Thank you,

Christian

I am putting together a lease agreement based off of material I have been given from other members in addition to agreements I have found online. If anyone may have an agreement that they used and it had material directly catered towards student rentals, I would greatly appreciate it!

Thanks,

Christian

@Account Closed - I tried PMing you but your name would not show up... Chances are I am doing it incorrectly. Could you possibly try PMing me?

Thank you both for your responces!

Hello Everyone,

I am about to close within the next two weeks on my first Rental Investment Property, I will be using the property for Student Rentals because it is in a great location directly across from a local College. I have done some searching and have not been able to locate a Student Rental Lease Agreement. I was wondering If anyone has a editable Lease Agreement that they use for Student Rentals in Massachusetts or one that would work as a template. I have tried creating a generic Lease Agreement using EZLandlordForms but it seems to be lacking some core information that someone would want in a Student Rental Agreement, also I feel the monthly account fees are too high.

Any advice is welcomed.

Thank you,

Christian

@Jonathan Twombly

I am supposed to be closing within the next 30 days and do not have an LLC set up yet. I fear it may be to short of notice to set up the LLC and have the bank sign off on allowing us to buy the property using the LLC. I will read over your article shortly, It is looking like I may just have to transfer it. What do you think about me transferring the loan after I purchase my second rental property and doing both at once or would this be leaving me at too much risk of a potential law suit?

@Peter Tverdov I would still be getting a good umbrella insurance policy regardless of LLC or not. Even after I refinanced and pulled my equity out of the rental property, I would still be at risk for my other assets to be per suited such as personal finances, my home, and possible upcoming properties.

I am currently waiting for the bank to tell me what they have for a due on sale clause, I have read that many investors understand that the bank could take the property if you switch the ownership to a LLC after purchase. Although this is rare that they would actually follow through with it.

@Ann Bellamy regarding #4, I feel as though there are many investors that purchase properties using conventional %20-%25 down loans and don't use commercial loans, especially with 2 and 3 family rental properties. I could see where a commercial loan could be necessary if I was purchasing a 4+ family unit.

Hello Everyone,

This is my first post, sorry in advance if this question already exists and I failed to due sufficient research before asking. I do believe my situation could be a little bit different than others and that is why I am asking for advice from some of the best real estate investors in the industry.

This is my current status, I am buying an investment rental property and closing in about 30 days. The property costs 90k and we are putting 20% down using a conventional loan. This will be my fiance and I's second property together, we also purchased a foreclosure last year that we currently live in. After doing some minor repairs and renovations we did a cash out refinance, pulling 35k and having the new appraisal value at approximately 230k. I have about 50k in the stock market from investing with extra deployment money I had received while in the military. I plan on eventually refinancing this multifamily investment property and doing the BRRRR method on a couple other investment rental properties. We are currently buying the house in our names, I have read that a LLC is hands down the way to go but it may not be worth it one your first property. In my case I still have a home that I live in plus about 70k in assets. This could be irrelevant but we plan on renting to the college student niche, because of the location. The questions I have are the following:

1. Should I open an LLC. (I think I know the answer)

2. Will transferring the investment property into the LLC be difficult? I know about the possible "due on sale" clause that I could face, but what are your expert opinions?

3. A house flipping friend who uses hard money loans told me that in Massachusetts it will cost an annual fee of $500. He recommended I look into opening a LLC in the state of Wyoming because of the law they have and their annual fee of only $50. Does anyone have any advice on this topic?

4. Is cash out refinancing a property you have in a LLC to use money on your next investment going to cause issues?

Any advice on any of the questions would be greatly appreciated.

Thank you,

Christian Ferreira