All Forum Posts by: Dennis O'Loughlin

 The Salem area.

 A little further West...Oregon.  

Have a family member that is trying to sell some land in a gated community in Hereford, Az.  The information that I found online shows that land in the immediate area is ranging in price from about $37,000 to $150,000.  With such a huge variation in price we are wanting to find out the most accurate way to determine the true price.  

Does anyone have any connections in that area?  

I've seen a vacant lot for years and have had what I feel the perfect plan is for it.  It's in a part of town that is being revamped from former industrial to nice stores, shops, restaurants, and businesses and I believe there is even some money offered to help revamp that part of town if you purchase something and help improve the area.  

The lot is finally for sale and in the listing it states almost exactly the idea I've had for it.  We have absolutely no clue where to begin but in speaking with our lender he stated that we would have to find an investor with ground up experience to even begin to be considered for a loan of this size.  

What is a good place to start?  Since our investments are currently elsewhere due to the price of things locally, we are not networked with investors or other local landlords.. Suggestions would be greatly appreciated.  

My wife and I are considering purchasing our first 6 unit apartment building. The numbers are looking good so far but our only question is that 3 of the 6 units are rented to Section 8 recipients. We have never had Section 8 tenants previously so we are wondering what the basics are and if there might be pitfalls or concerns when you have Section 8 tenants. Is there a way to find out for sure what you should be charging for your units? I know there is a FMV that Section 8 Housing Authority looks at but I don't know where to find it and it seems like the current rents are low.

My wife and I currently have 2 SFR both with great tenants and generating income. Our current lender, who is FABULOUS, can only loan on quad units maximum.

We are needing suggestions for lenders who can work with a small company getting started, with half down, for a 6 unit MFR in Illinois. We try to avoid the large banks because we have had horrible luck with their lack of personalized service and them expecting everyone to fit into this neat little box so we prefer credit unions or brokers who will work with you.

Thanks for the help.  

My sister-in-law is wanting to invest with us in a multiplex.  We are planning on going 50/50 and as she put it, she just wants to be a "silent partner" because she doesn't have a lot of time to devote to all the in's and out's involved with real estate. 

In terms of setting things up, what's the best and easiest way to do this? Should she form an LLC with us and have it be the owner of the new property or should we just buy it with our current LLC being the owner and then she just pays her portion and basically partners up with us on this deal?

I know a lot of y'all have done partnership type deals so we are curious as to the best way to set it up.  

We have noticed that there are a lot more properties on the market and the prices are much lower than they used to be.  This is happening in a lot of different markets across the country.  Has anyone seen any articles on this in terms of whether this is the beginning of a real estate market downturn or just a normal downturn due to it being a little more of the off season?

 Thank you very much Greg.  That was the most informative.  

My wife and her ex husband still each own half of their old house. He is wanting to sell his portion and we are wanting to buy it from him and turn it into a rental property. There is still a small mortgage owed on the house. We want our rental property LLC to own the house so how do we do that? Do we take additional loan out to pay off our portion of the mortgage? After the LLC purchases the other half do we have to do anything? Does the LLC just purchase the house for half of the amount and then my wife sells her half of the house to the LLC for $1 or something like that?

We figure someone out there has been through this so what do we need to do?  Thanks a lot.