All Forum Posts by: Daniel Mills

Hi guys,

There is some great information here. I recently acquired 19 duplexes in Huntsville, Alabama (C class clustered together) with a couple of partners. We have management on site which has worked out well for the previous owner, but I would love to know recommendations for this portfolio just in case - they are run almost like a multifamily apartment building because of their proximity.

One thing that I think would be a great asset would be Spanish speaking staff. Does any property manager fit the bill in the area?

Thanks,

Daniel

Hi @André Anderson ,

Thanks for keeping this going. You know I have been so busy closing a US deal on 19 duplexes with a couple of partners that I just put this on the back burner.

I haven't consulted with a lawyer yet, but I did talk to a couple of lawyer friends yesterday in Tokyo. Their understanding is that it would not be feasible for the same reason that you mentioned - transfer taxes. Transfer taxes in Japan are high and you would have to pay them twice, first to acquire the property in your name and second to move it to the GK.

Shiga is a great market. My personal residence has increased in price in the last few years and you probably know this doesn't occur often in Japan. However, I am mostly focused in Fukuoka. I do have some contacts in Tokyo as well that I might leverage to purchase in the surrounding areas.

Where are you planning to buy in Japan?

Hi guys,

On a couple of podcasts I heard of people creating a book/binder of their real estate portfolio to give to a lender to show your experience. I think one podcast participant even offered to show what his looked like. Does anyone remember which episode this was? Or does anyone have an example of theirs or at least what they included?

Thanks,

Daniel

Hi guys,

I own 8 SFHs and keep a reserve of 6 months PITI for each property. I'm in the process of buying 38 units (19 duplexes) with a couple of partners. We are trying to decide how much money to keep in reserve for maintenance and cap-ex. The duplexes have been well maintained by the previous owner but they are about 100 years old each.

Any advice would be much appreciated.

Thanks,

Daniel

Hi Japan based investors:

I am a US citizen and permanent resident in Japan. I am a university professor with a good income. 

I am looking to buy a multi-family here in Japan with a partner - He is a US citizen who is bringing some valuable connections and resources and I am providing access to financing.

What we are thinking of doing is starting a Gōdō gaisha and then I will get a loan for the property based on my salary and residency status and then transfer the property into our company. 

Is this possible? I bought my personal residence here in Japan but I've never bought an investment property. Does anyone have a recommendation of how I could purchase a property with a partner like this?

Thanks,

Daniel

Thanks for the comments. 

Maybe my first post wasn't clear, I am NOT trying to use a conventional loan with an LLC. The reason I mentioned the LLC is that I know we could do this in that structure using unconventional financing. But, we will get the best rates using a conventional loan.

My partner does have enough money in his investment accounts to cover the down payment, but what I'm worried about is when he actually wires the funds at the closing table. He doesn't want to use his 401K or IRA, he wants me to pay the downpayment. I don't think that's possible, right?

It seems like the only way to do it is for us to have a joint account or I have to give him the money and it has to season in his account for a number of months. Hopefully, when we close and he adds me to the title the money won't be considered a gift and subject to taxes.

Is this right or has somebody done it differently?

Hi guys,

I ran out of conventional loan slots. But, I have formed a partnership with someone who still has 9 left (he owns his personal residence). How do we buy property with his loan and my money? 

I know that some people will say to make an LLC. We already have one, but the problem is purchasing the property.

From my experience with conventional loans, the money for the down payment has to come from the person taking out the loan. It cannot be a gift. Is the only way to put the money in a joint account? Can I put the money in our LLC business checking account and use that? Or, will the conventional lender not allow it.

This is one of the things you hear people do all the time, but no one shares the details. How do you do this?

Thanks,

Daniel

Hi guys, sorry for the late reply. The information was posted in this thread - Areas in BHam

It's the post by Clayton Mobley about halfway down. 

Thanks,

Daniel

Hi guys,

My 10 conventional mortgage slots have been filled. If I partner up with someone and they use one of their conventional slots to buy a property (we both contribute funds for down payment) can I be added to the title? 

Thanks,

Daniel