All Forum Posts by: Christopher Lombardi

I’ve received a couple multifamily development deals from Ken McElroy. He seems to put them together the same way he does the purchase of multi-families. One major difference is you usually don’t receive checks in the mail until the property is stabilized.

That’s a fair price to create an llc. But they can still create it and let you be the registered agent. I usually create it myself on legal zoom. They walk you through it pretty well.

Anyone know of a good property management company at the Jersey Shore?  I get calls all the time about people looking to have their homes or vacation homes managed by a professional, but I'm no longer doing 3rd party work and would love to find someone good I can refer people to.  Let me know.

Thanks,

Chris

Sure, if you want your attorney to be your registered agent and his address is in the state in which your LLC was formed. You can also put yourself and save yourself the money. There is nothing complicated about being a registered agent - you receive an annual report in the mail which you file online once a year. There isnt much more too it.

Congratulations.  Keep up the momentum. 

Quick Poll - which podcast episodes do you like the best?  Newbie investors and how they bought their first deal, or large multifamily guys like Ken McElroy, Cardone, etc and how they are buying the big stuff?  

I would put in an offer and ask the seller if he would hold a note for 25% of the purchase price so it would make it easier for me to purchase while at the same time he would still receive monthly payments from the property without the headache of managing or owning it.  I'll make sure the full amount is paid back within 5-10 years or less depending on what he would prefer.  The bank would provide the other 75% so it would be a no money down deal....  if he says no, i would put the 25% down. 

Keep the place in great condition at all times and when a tenant has an issue, address it right away.  This will keep the property occupied, and when a tenant finally does leave, having it look great will get it rented right away. 

No need to get a lawyer involved at this stage.  You can probably google a sample but all it needs to be is one or two pages and include the major terms you are looking for (ie. purchase price ,financing, any contingencies, how long you need for due diligence, closing date etc.).  At the bottom put a couple of signature lines for you and the seller. 

Do one lease. If one tenant doesn’t pay you can’t evict one person. The others can just let them back in. Besides it will be much less of a headache if all tenants are equally liable for the lease and you don’t have to get involved in interpersonal disputes among them.