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All Forum Posts by: Jacob Murry

Jacob Murry has started 7 posts and replied 16 times.

Post: Emergency Roof Leak

Jacob MurryPosted
  • Posts 17
  • Votes 6
Hi - I had a tenant text me this morning about a small, but consistent leak in the bedroom of her unit in McKinley Heights, south city (63104). I'm out of town until tonight and looking for a recommendation on anyone who may be able to help ASAP with tarping or taking a look at the roof. I know it's supposed to rain this evening so was trying to find someone this afternoon, although I know that may be a tough task. It's a 4-unit building and a 30-foot ladder would be needed. Appreciate any referrals you may have!

Hi All, 

I'm looking for recommendations on alternate AC solutions in St. Louis City. To paint a quick picture - this is for a 4-family property in McKinley Heights (63104.) It's an older home and we currently use in all units a gas boiler for heating, and window units for AC. I'd like to explore options for the AC side here. I have looked into Mini-Split/Ductless Zonal AC systems. 

I'd like to hear if anyone has experience with this and may be able to provide a recommendation for a company in STL to get a consultation/quote - and if you have any information here as well that would be great. I'm trying to see if anyone would recommend this route opposed to window units (which I hate..), what the general cost would look like, how is maintenance, how is it re: energy, etc.?

Each unit is 1 bed/1 bath approx 1000 sq foot and shotgun style units. Any help is greatly appreciated! 

Hi Nathan!

Great choice on getting active in BP. Not only great resources here but amazing people as well. The forums are a great place to learn from past experiences of others. 

Just started my journey last year as well - St. Louis is a great place to invest in my opinion and my experience has been great so far (5 units). 

If you need any help on recommendations for a great agent, or mortgage broker - I have two people I have really loved working with. 

Good luck! 

@James Rainwater Thanks, James! That's really helpful feedback. We are actually going to be meeting with an attorney next week. I should have mentioned that. I just wanted to be equipped with some insight going into that meeting so I have an idea of how we want this to move forward.

Just to clarify - with you said (which makes a ton of sense),, we would need a parent LLC in each Missouri, and Oklahoma since we will be doing business in both states. The child LLC could then fall under it's proper parent LLC, depending on which state the property is in. Is that correct?

Thanks again for the feedback :).

Hello - 

I tend to be wordy so I'm going to try to keep this as short as possible while also providing enough information to be able to get some valuable feedback. I currently own a 4-plex in Missouri. A friend and I are planning to partner on some properties; however, he is based out of Oklahoma and I am based out of Missouri. We will be looking to purchase properties in both areas. 

I'm wondering about creating an LLC for our partnership as the overarching business. If we created an LLC in Missouri, could that entity do business in Oklahoma, and vice versa? My idea was to have an LLC that was just for our general partnership, and then perhaps putting each home into a separate LLC for protection purposes. Does this make sense, or is that overkill? I know the alternative as far as protection goes is an umbrella insurance policy; however, with it being a partnership I'm wondering if the LLC is a better idea - since there's an extra layer of protection needed as opposed to owning a home outright as an individual.

We are exploring different financing options, but the most likely scenario is that the loan will be in the name of an individual and in this case we would just do a quick claim deed to move the home into the individual LLC. (I understand why this may seem like a bad idea - this isn't particularly the part I'm seeking advice on.) In this case, though - is it even necessary to have an overarching LLC just for partnership purposes, with no properties in the name?

I hope this isn't just unreadable word vomit.. Trying to get the information out of my brain and into a paragraph question in a readable format.. 

Thanks for any help :) 

Wow, thanks everyone! Great discussion here - definitely reconsidering my initial position. I really appreciate all of the feedback! 

Hey Everyone, 

I have a pretty general question about LLC's. I've read several articles weighing the pro's and con's but I'd love to see BP members thoughts on these questions.

I've been advised to open an LLC for each property. (I'm currently a couple of weeks from closing on our first multi-family.) I understand the reason one would need an LLC in each property, otherwise you're not limiting your liability.. From what I've read - I'm pretty certain that is the route I want to go.

My question is - what exactly is the purpose of the LLC? The loan is in my name (and I've been told that since it isn't a commercial loan, it'll be best to stay that way,) and the deed is going to be in my wife and I's name. The only thing the LLC would actually be named on, is the lease agreements, and the bank account, correct? Is that still going to be serving the same purpose of protecting us individually? 

Which leads to my next and final question - Do we need to create our new bank account (for the investment property) in the name of the LLC?

Of course I'm not completely ignorant to these questions and I have an idea.. but if someone with a little more experience could chime in, I'd really appreciate any insight. 

Post: st. louis loan broker

Jacob MurryPosted
  • Posts 17
  • Votes 6

I’ve had a great experience working with Megan Smith at New American Funding out of Webster Groves. She’s also an investor, so - easy to work with!

Hi! 

I'm looking for a recommendation for an insurance broker for a home I'm closing on in McKinley Heights at the end of the month. It's my first property and it'll be as an owner-occupant. I've spoken to one broker but I felt like the quote was a bit high. Just looking for a second and third quote and was hoping someone here may have a referral from a company they've used in the past. 

Any help is much appreciated - thanks all! 

@Frankie Woods Thanks for the feedback! I appreciate you taking the time to review the deal! 

@Himanshu Jain It has 4 units. We'll live in one for about 12-18 months and then we'll move out and rent all four units. 3 Units are currently occupied with good tenants at a decent rate. Occupancy inspections will needed for re-leasing; however, we are good with all units currently. We'll be doing the leasing on our own currently. When the time comes will use online services to market the units. There is really no common area except the backyard, which I'll be taking care of since I enjoy it, and i'll be living there.  

Good feedback about the higher vacancy rate! I appreciate you taking the time. I also listened to your show on the podcast once I saw your signature. I really like the way you run your business! A lot of good information in there from the management side. Thanks again!