All Forum Posts by: Felipe Carrillo

Hi BPers,

Looking at a multifamily property (4 units) that needs a considerable amount of repairs (~50k). Does anyone know of a lender that is willing to lend for the repair costs as well as lending for the long term, once the property has been rehabbed? Essentially thinking of the BRRR strategy for this multifamily property but trying to avoid the costs of having to close twice, which I'd have to do if I were to go with private money to make repairs and then refinance into "conventional" financing. Any tips would be greatly appreciated.

Thanks!

Hi all,

Wanted to see if anyone has recommendations for insurance companies that know how to do insurance policies for properties that have been bought "subject to the underlying lien" and have been sold "owner financed". In other words, a wrap deal. Insurance is one of the main reasons why the underlying lien can be called so I want to see if I can connect with an insurance agency that has experience with this type of deals so that my buyers could get affordable/reasonable prices as the insurance companies I know are charging high prices. 

Thanks!

@Tony Castronovo Thanks for the input. Yes that is definitely an option, but I was wondering what it would take to have each tenant be responsible for their utilities.  This is the first multifamily so I don't know how tenants would typically respond to a RUBS program, which is why I want to look into splitting the utilities. 

@Brian Nel thanks for the input. I have contacted centerpoint and the city of Houston to determine what it would take to do this work. Thanks again for the help.

Felipe

Hi BPers,

I have a multifamily property in Harris County with 2 duplexes (4 units in total). This property has combined water and gas meters for all 4 units (get one water bill and one gas bill every  month) and I'd like to split these utilities so that each unit gets it's own water and gas bill. Does anyone know where I might start to determine the costs for this split? Would the water and gas company need to do the work or can it be done by a contractor?

Thanks for the help!

Felipe

Thanks @Daniel Hyman

I'll contact @Michael Plaks to ask about his services

Hi BPers,

Does anyone know a CPA they would recommend that specializes in the real estate area, and specifically knows how to get the maximum deductions for a BRRR (BUY-REHAB-RENT-REPEAT) project? I did my first BRRR this year and would like to get some advice from a professional for filing my taxes next year for 2018.

Thanks for the help  

@Jonathan Child Hi Jonathan, wanted to follow up to ask about the quality of the cozy reports. Have you had a chance to look at those yet?

@Ronald Rohde Thanks for the response. I'll postpone creating a new LLC until I get a few more properties.

Thanks again.

Hey BPers,

Have another question with regards to leasing my first SFH. I'm wondering if it's necessary to establish a management LLC to serve as a middle entity between myself and the tenant. The property I'm planning to rent is already in an LLC I own. I have heard that some people establish a separate LLC to manage the asset that is in another LLC they own. I'm wondering what the benefit of doing so would be and if it's really necessary. I know most of us aren't attorneys but any input you can provide on the topic would be greatly appreciated.

Thanks!