All Forum Posts by: Chad Duval

Highly recommend @Seth Tucker's suggestion. That's how I got my first property. 100% financing, live in it for a year, then convert to a rental. Worked like a charm!

Thanks for posting this, @Kevin Scanlon. I posted my meetup in the wrong forum so it was deleted by the moderators. See you at 7!

@Axel Ragnarsson Are you willing to disclose the CU you ended up using?

Hey All - I have a 9 unit building that only has electric separately metered. I want to implement RUBS for gas, water, sewer and trash, but was wondering how you'd handle the thermostats? There are 3 units that currently handle the heat for the entire building. Would you consolidate all thermostats into one and have it locked and regulated by the property manager? That's my initial thought, but would love to hear from people who've had similar issues... Thanks!

Yeah no problem, thanks @Gino Barbaro

Oh man, I didn't realize it would be frowned upon... Thanks for your help @Chris Soignier @Darryl Dahlen - I'll probably hire my CPA full time now. 

Thanks everyone! @Marcia Maynard you helped reduce my anxiety about this. I can sleep better knowing that atleast some lenders don't have issues with it. 

Hi all! I have a question about a P&L and a trailing 12 for an apartment building. 

I currently have a personal loan that I used for a down payment on an apartment building. The apartment building is in an LLC and is paying that personal loan payment every month out of that LLC's bank account.

The question is: when I go to a bank to refi the apartment building, do I need to include that monthly loan payment as a property expense? I'm assuming that the bank will want to see the business bank statements and will see that personal loan payments deducted every month, so should I be paying it out of my personal account instead?

Thoughts?

Hi all! I have a question about a P&L and a trailing 12 for an apartment building. 

I currently have a personal loan that I used for a down payment on an apartment building. The apartment building is in an LLC and is paying that personal loan payment every month out of that LLC's bank account.

The question is: when I go to a bank to refi the apartment building, do I need to include that monthly loan payment as a property expense? I'm assuming that the bank will want to see the business bank statements and will see that personal loan payments deducted every month, so should I be paying it out of my personal account instead?

Thoughts?

Hey everyone! I was having lunch with another RE investor today and she mentioned issues in the past with refiing a property that contained lead paint. Has anyone had issues doing a cashout refi for a property older than 1978 that contained lead? Will I need to have lead certs before I can refi? Just curious if this is a common practice for banks...