All Forum Posts by: Chris Weiler

Susan, Google "Section 8" or use the search function here on Bigger Pockets.

I have a similar relationship with my business partner. I provide the capital and he provides the sweat equity. I am very happy with the partnership because of the tough discussions and arrangements we made before we purchased our first property. I would recommend talking with a decent real estate lawyer and drafting an operating agreement. It is not as expensive as you think and is well worth the money. A strong operating agreement will set expectations and will determine what to do in just about any scenario. It is much easier to develop a strong trust between partners if you know what to expect from each other at all times.

Why are you doing it though the bank instead of directly through your brokerage account? I use Interactive Brokers and I'm able to borrow up to 85% of my stock portfolio. The rate is not fixed and adjusts daily. I use them for shorter term loans against my stock and the current rate is 1.1% above 100K.

My business partner and I started taking rental applications through this online rental system and have had some interesting replies. Below is one of those responses. All the personal identifiers including the city have been taken out. I have to give her points for being honest but….

“Hello, I am a divorced mother of 10 children who is trying to find a home, which has been a task. For some reason, my family size intimidates many. All we need is shelter with a Landlord who will do the necessary repairs if needed, and not let his/her home fall apart. I've only been in (city) since 1/2009, and we have moved 4 times. We have to move again because my current Landlord wanted to use his key when he wanted. When I wrote a letter stating he has to give me 24 hour notice, we've had bad blood since then. Its gone so far to him not paying the last tenant's water bill, and we are locked out due to no water. I don't know if you are willing, or even care, I just thought I give looking one more shot before I rip my children from (city). I appreciate for patience in reading this. Please give me a call at your earliest convenience.â€

10 kids and it will be her 5th time moving in 2 ½ years…. I feel for her, but it’s not going to happen.

If you can't find an easy solution for the central air, try these alternatives. Does the room have any windows that face the sun all day? If so, do they have blinds? Also, depending on the rental, a ceiling fan or window air conditioning unit might be another alternative.

Michael, I also have properties in Columbus. Did you find a lender that provided a blanket loan for you? If so, please let us know some details of your experience.

ppetshow, if you are still offering blanket loans for Columbus, please contact me as well.

Not many transactional funders will allow you to take title as an individual. Frankly, there are just too many consumer protections that don't allow an easy transition if things go the wrong way.

I have been very happy with World Class Title Agency of Ohio, LLC. I've closed multiple deals with them in Columbus and can say they are very investor friendly.

Bryan, did you get a chance to set it up yet? If you need any guidance, feel free to PM me or leave a message here.

Albert, there is a setup that is very similar to a series LLC and you would not have to foreign qualify. You could have multiple single member LLC's that hold your properties. All those LLC's could have the same "single member" That member could be a "master" LLC. All the finances would flow from the "baby" LLC's to the "master". If the master LLC was owned by only you, you may not have to file any returns for the business. Finances would flow from the "baby" LLC's to the "master" LLC and than to your individual tax return. Now if the "master" LLC is a partnership it is a little more complicated and you will need to file a return for the business.

As far as how many properties or how much you should put in each "baby" LLC is really up to you and your risk tolerance. The key here is to separate liability from each property or LLC. If one LLC is sued the others should be protected. If you have multiple properties in one LLC than all properties in that LLC can be attacked. As always, a few dollars to a competent CPA and lawyer is well worth the expense.