All Forum Posts by: Joseph Duff

Shared yard and additional parking with an addition.  More space and convenience.  

Thanks @Account Closed Thanks for your input. The idea is that I would be rehabbing the house with the intention of living there after it is updated.  

That is how i was going to approach it, and that it neither untrue, or misrepresenting any information.   

Thoughts?

Hello All:

I have not come across this scenario yet on the forum.  

My wife and I own 2 investment properties and our current primary residence.  We switched ownership to my wife's name during a series of re-fi's.  Our neighbors house may go up for sale, but I would like to purchase this property (row homes) as my primary to avoid the 20% down payment.

Is there a reason the bank would not allow this?  

Please let me know if you need more information to help me out.  

Thanks for the support and good luck. 

Joe Duff

Thanks @Edward B.!  

Regarding the LLC. The realtor raised the issue around him representing the LLC in tentant/landlord court. Then went into being protected with an ample homeowner's insurance policy...

I know there are multiple forums on this topic, but could you highlight the pro's of why you place properties into an LLC?

Hello All:

My wife and I own 4 SFH's and 1 Multi Unit property in Philadelphia and we have 2 questions.

All but one are soley in my wife's name after our latest rounds of refi's.  

Presently, we are looking to put in an offer of for 3 multi-families in a new market with the intention of putting them in an LLC as a way to protect our assets.  However, after a discussion with our real estate agent, we are rethinking the advantages of the LLC and looking for more information on just creating a real estate company to hold the properties.

Has anyone had any experience with this?

Question 2

We are interested in 3 multi families in the same market by the same owner, but seperate deeds. We have excellent credit, ample cash for down-payment, but we would like to reduce our one-time costs and purchase expenses.

Is there anyone with experience with umbrella loans?

Is there any other creative strategies anyone has leveraged in a scenario like this?

Hello all - I am looking to buy a 5-unit at 225k with 2k a month aggregate rental income.  1 unit is vacant.  The area is solid and is recently has been experience a hot streak.  

My first single family rental was across the street, but my question is about financing in commercial RE, offer strategies, and overall multi-unitl management?

Financing:  Do bank have much flexibility with rates?  Current pre-approval around 5% with 25% down.  Any input here would be much appreciated

Offer Strategies: We just lost the deal due to a lack of aggressiveness; which partly falls on our realtors reluctance to place an offer w/o a pre-approval.  Does this makes sense?  

Also, the realtor seemed irritated that I reached out directly to the owner, who i met during the walkthrough to find out if the property was still available after hearing a deal fell through.  We discussed, he said it was available, I called my realtor, and he seemed irritated that i reached out to the owner direct (second) Does that make sense?

What is the best option if you really like a property after a walk-thru to place an offer, in the interest of getting it off the market, b/c you like it, but still have an exit available if something comes up down the line? 

Managing: My family does construction and would be happy to do the work ourselves, but I am wondering if the payment and anonymity offers enough value to add my current property management company in the mix on the 5-unit?  

They currently charge 7% and 1 month rent if they find a tenant.  I usually do the work, if needed, but tenants don't know i am the owner.  

Thanks in advance for all your help.  Also, anyone who is looking for two young investors in the Philadelphia/NJ area to connect with feel free to reach out.  

Cheers,

Duff

Awesome info, thanks William.  How about financial products that outside of residential mortgages, that consolidate multiple RE assets into 1 loan?  has anyone used, heard of, or experienced a product like this?

Hey People - 

My wife and I own 3 single family homes (including our primary home) they are all in our names, and we are in the process of selling 1 of them in Scottsdale and use the profits to invest in a new property on the east coast.  

The question is, we would like to start an LLC for our properties, but we don't know if we could consolidate the other properties into the LLC when we form it without too much additional costs.

Is it possible?  Is there any way to consolidate multiple properties under the same financial product?

Thanks in advance.  :)