All Forum Posts by: Franklin Romine

Offer a better product than your competitors at a better price, send your listing to other brokers and post on craigslist. I would have a attractive lease rate for the first year and escalate years 2 and 3 to be at market rate.

Are you talking about the interest rate, points, terms??

The other quotes I had were almost 10K. The cost various significantly depending on the contractor and source of dirt to backfill... distance.

Cost me about 3K for a pool 15' x 40'. Contractor had direct access to the back yard to back in a 10 wheeler. Cost included the permit. Job was done in one day. I was impressed. They punched a bunch a holes in the bottom and sides with a breaker on a backhoe, caved in the sides, filled with dirt and compact. It will have to be disclosed if I sold the property but my intention is a longterm hold.

Combination of multi, sfr and commercial. Per unit cashlow will be more than $150 . My 15k cashlow per month will be after all expenses such as capital improvements, Maint, vehicles and all the other write off s

100 units, 15k month passive income, pulling out 100k + a year in equity from refinancing or trading properties. Also a couple businesses with at least one key person that runs the property management.

Rational thought is best. I would just call and check in with the tenant and have an open discussion. Who knows why or why not you haven't received the email. My contracts are the rent is due on the 1st and late on the 5th. late on the 3rd is not really realistic. 15% of my tenants pay yearly, 80% pay by the 5th or 6th and 5% we have to call and check in. I always in force the late fee. It is actually nice collecting a late fees, extra revenue.

One thing I did start in my contracts was going away with the pet deposit. I now charge pet rent. $10 per month for cat or dog.

Never happned to me. I have 4 fannie loans that I switched to the LLC name. Every month I make the mortgage payments out of our LLC account and never had any issues. I found that after your LLC is seasoned for a few years and has decent tax returns it is fairly easy to get portfolio loans in the name of the llc.

I agree with Bill. I'm in the same boat. We started buying properties some in our personal name some in the LLC. Our insurance policy is residential naming the LLC as additional insured. It has been a big confusion. Lets hope it confuses an attorney as much as it confuses me.

Frank

Some other thoughts I could share are investing in condos... an hoa expense isn't necessarily bad if it the deal pencils out go for it. Also, unless you are independtly wealthy and receive oil royalty checks you need to know everything about debt almost better than you know how to find a deal. Preparing yourself to borrow more is simple and everyone over thinks it or is scared to take on the "responsibility". Look at debt being the responsibility of the asset and the tenant. All your doing is managing the responsibility by taking the rent and paying the bank.