All Forum Posts by: Account Closed

Our closing is scheduled this week for a multi-family purchase, and we just found out that the seller returned the security deposits to the current tenants. We are inheriting the tenants in this purchase.

What recourse do we have to adjust for the now non-existent security deposits?

Our closing is scheduled for this week for a multi-family purchase, and we just found out that the seller returned the security deposits to the current tenants. We are inheriting the tenants in this purchase.

What recourse do we have to adjust for the now non-existent security deposits?

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Cross-posted from buying and selling forum

Hey BP - looking to purchase another investment property AND want to purchase an owner-occupied house hack in 2019. My concern is becoming DTI. I think my partner and I are definitely getting near the threshold where conventional lenders won't give us a commitment.

That being said, assuming our next purchase is going to max out our DTI, should we prioritize purchasing the owner-occupied property first, and then look to unconventional funding/portfolio loan for the investment property? Are there pros and cons to doing the investment property first, and then the owner-occupied property? I'm worried that there are not as many unconventional financing avenues for an owner-occupied property as there are for an investment property.

@CalebHeimsoth, fair is fair, that's a relief then. And yes, will definitely be shopping around for title insurance. The higher taxes is just what I get for investing in New York

Hi BP - what do you think of this closing cost breakdown? Feel like this is a bit unnecessarily high? Property is in upstate NY (not NYC), investment property, and non-owner occupied. House was 58k, 25% down.

Ok cool! Thanks all. Will definitely be shopping around for the right title company.

Cheers,

Danielle

Hi BP folks - my partner and I are closing on a property shortly. We're long-distance investors and are wondering if you must be present at the closing. If you have experience with getting all the documentation compiled, completed and signed and such kindly share your experience!

@Raul R. This is why I love this website. Pretty sure we're going to change our whole strategy for awhile and follow your advice - at least until our LLC has some legs to it.

@Randi Plevy I now have no idea why I was under this assumption, but I entirely thought we would have to wait until we had a tax ID before we could do anything with the LLC. Thank you for setting this straight!

Hi BP folks! My partner and I are purchasing our first investment property and we're at the point where we have the capital to make a move on whatever property best aligns with our interests. We're purchasing a non-commercial multi-family.

The problem is that our LLC isn't finalized but I'm loathe to wait until it's finalized with the busy season rearing up. We're based in New York state, so we're at the point in the process where we've sent in the certificate of publication.

My question is, what are some of the ramifications of taking it out in our name personally and then transferring to the LLC? Will business expenses not count toward taxes until the property is owned by the LLC?

If anyone has had a similar experience I'm all ears!

Also, this is definitely my first post so please flag for me if this post should be elsewhere/on a different forum and such.

Thanks!