All Forum Posts by: Connor Deneen

Good morning all,I am an out of state investor considering starting an LLC in the state of Florida for real estate investing purposes only. The in-Florida lawyer I am using to set up the LLC will be the registered agent going forward, but the business address must be different. My questions are below:

1) Should I use a virtual mailbox or UPS mailbox? (I know there are companies that do the scam and send but is that worth it vs just having ups forward the mail to where I live?)

2) Do banks refuse to use virtual mailboxes or UPS addresses if I go in for a loan?

3) overall, should I even use a virtual mailbox or ups mailbox or am I better off using my personal (out of state) address?

New to the LLC side of things so I appreciate all your advice and help in advance.

Thank you @Taylor L. And @Ari S., I'll start researching the JV strategy now. Ari, could you elaborate a little more on how the down payment investor relations work? The investor is interested in having me run the property and simply being an investor only.

Got a question for the BP community. How do I do this legally?

Say there is a multifamily property that is a good deal, and I’d like to buy it but don’t have all the cash needed for the down payment (large property). If there is a private investor that wants to partner by putting up the whole down payment, and have me pay them back over time, how does one structure that to avoid illegal silent mortgages.

Partnership where both parties have ownership like an LLC? Or is there a way to structure an agreement with a bank and the investor so that I pay both loans off at the same time?

Thanks in advance for the advice.

@Bill B.

I agree, screen better, until they (the government) decide that not renting to someone due to their history of being a bad actor and/or not paying in the past is discrimination much like what Oakland did in saying that you’re not allowed to do a criminal background check on someone before renting to them.

I will be living in one unit with a friend and renting out the others, there is some rehab that needs to be done in some of the units and after I take possession tonight I plan on opening up a separate credit card as well as a new checking account for all my real estate related expenses from here on out (for accounting purposes). My question is two-fold: 1) I plan to scale in the future, but this property won't be in an LLC due to me using a VA loan on it, so would you recommend a business credit card or a personal credit card? 2) which card(s) would you recommend, or should I stick with one of the ones I already have? I currently have Amex Plat, Gold, and Chase Sapphire reserve.

Thank you in advance!

Literally exactly that, it helps to have a good list of benefits in you mind that you can tell the seller about. (Like how they could actually make more money in the long run by being the bank and collecting interest as well as principal, how you could buy as-is and there would not be any need for realtors, possibly no fixes, etc)

Thanks for the reply John, I’ll look into AppFolio, fingers crossed that this inspection turns up separate hot and cold water lines! 

Diddo owner finance! Pursue that avenue! Your’s be surprised how many tired landlords want to get out of their properties because it is causing them a headache, but they still want a monthly payment. I thing that would be you’re golden ticket without having to go get a loan my man.

Hi everyone, I am currently under contract for a 4 unit property, looking to bill back the tenants for their utilities each month via RUBS if I find the cost to install individual sub meters to be too high (In the process of getting quotes). The property is in Hanford, CA. My question is two fold; 

1) How have those if you that have switched from owner pays utilities to RUBS or Sub-meters informed the tenants of the changes and what advice would you have if you were to do it again.

2) Do you have any recommendations as to companies that you use for either(sub-metering or RUBS)? All the way from software to billing? Or do you just do the calculations yourself on Excel? Do you property managers (if you have one) just do it for you?

Note: Since California passed AB 1482 this year (rent control), one cannot simply add a flat fee to the rent to cover utility costs, to my understanding, as this would be considered part of the max increase to the rent alone. And yes, other properties nearby charge for utilities (mostly sub-metered) so my property wouldn’t be the only one around doing it.

Thank you all for your replies in advance!

Mark, Did you go ahead with livable? Came across them as well and was wondering what your experience with them has been so far. Also, how did you go about implementing RUBS to the tenants? Thanks!