All Forum Posts by: Erick Caffarello

Greetings from NW Indiana! My question for the crowd today is for those who have rental properties in Porter, Lake and LaPorte Counties in Indiana. 

I’m trying to figure out if I absolutely must accept Section 8 for my rentals? I must say I absolutely despise the program. I’m a Property Manager for a large property management firm Illinois and all I see are people taking advantage of the system on my dime, and a mountain of regulations that continue to grow. I can go on and on, so if you want to have a side discussion, I’m happy to do so; please send me a PM.

I want to make sure I’m not violating any laws. Help me out folks. Thank you so much.

Erick 

Greetings BP!

I was wondering if someone could help me find the proposal one would give to a private lender to fund a property.  I could have sworn I saw it somewhere here, but can't seem to locate it.  If someone can help, I would sure appreciate it!

Erick

Greetings BP!

I'm about to buy my first multi unit, and currently the owner pays gas, water, sewer, and trash.  Also, the building is in need of significant repair and current rents are $375 for an efficiency up to $575 for a 2 bedroom.  The utility company says gas usage peaks at over $300 in December. 

I'd first need to increase each rent by at least $50 (its also in an up and coming area), replace the roof and do some hopefully minor cosmetic updating.

For those of you who have acquired multi unit buildings with current tenants and one utility meter, have you had success with RUBS (ratio utility billing)?

All tenants are on month-to-month leases, so its possible that they'd all move out once I instituted the changes.

Any advice?

Thanks folks,

Erick

Stephanie,

As of right now, single family. Price is right at under $40k. Everything has been updated, and it appears to be a good buy. Will need to finance the deal, and most banks don't allow closings in an LLC from my experience...

I'd much rather prefer multifamily...but for the price...I can't go wrong.

Erick 

Jeremiah, thanks for your reply. I will call you later today. Will you be available?

My ultimate goal is acquiring multi family properties, to build long term financial security.

Currently, I'm working on my 2nd SFH, but don't want it titled in my name.

Erick 

Good Morning everyone,

I'm looking for financing opportunities which will allow me to close the property in an LLC. Any options?

Erick

Even if one of the mortgages is under $30k?

Thanks guys for your replies.  Much appreciated.

Greetings,

I'm looking to put my properties into a trust / LLC to protect my personal assets if I should be sued. I was recently made aware that this may trigger the due on sale clause. I will still own, operate, and manage the properties. Can anyone help me with preventing the due on sale clause?

Thanks,

Erick 

I tried to get a quote with Raines Insurance group, and was shopping around.  When I told him I was researching my options, and started asking questions, he said, "how dare you shop me".  Someone at NICIA told me to give him another chance, and I did.  I called him to get a quote through Berkshire, and he said he wasn't going to take the time.  That's where the Mastersons are different.  I blow up their phone and email like you wouldn't believe it, and each and every time, there is a friend on the other end of the phone.  The Mastersons are truly a cut above the rest.  I've just recently started, and its nice to have an ally on the other end.  Auto is not too competitive, but the service is second to none.  I can't seem to post their phone number, but if you google "The Masterson Agency" their website and phone number will come up.  I just wish I had the option to get a landlord policy quote online so I wouldn't have to call them so much.  That's really my only complaint. Good luck.