All Forum Posts by: Clayton Plank

@Account Closed, at what part in my post did i state I didn't have my own keys and folders? I said I simply asked for their copies. 

@Jonathan Breton, Do you have a current contract with the property manager that has certain terms? If not then I would just contact your current and advise them you are looking to switch your rental. I did this not to long a go. I requested all the tenants folders and keys and then passed them to my new manager as I did not want the managers having to deal with each other. I then had the new management contact the transferred tenants via letter and let them know of the changes. 

@Jon S., I just recently bought two Frigidaire units from Amazon last year. I'm not sure the BTU's but I bought one 110v and one 220v. Both had really good reviews and I purchased the extended service plans. They have been amazing so far. A quick search online with your square footage will let you know the BTU's you need. 

@Jeff L., are you referring to a 10-31 exchange? It does allow you to sell your current rentals and defer the taxes on profits into your new larger asset. The exchange has to be like minded. Also you have time limits on once you sell you have to find and purchase your next. The newer unit also has to be more financially. You cant sell 1 under mortgage to purchase one small free and clear. 

@Richard Escano, Student rentals are a good niche. Its always nice when you can get the parents to co-sign. Just don't let your house become the party house for everyone. 

@Mick Regan, that can really be personal preference. What are your future goals? Are you interested in purchasing more rentals? Could that money be enough for a down payment to expand? Do you have enough to pay off one full mortgage to give you a free and clear property? Does one property have a crazy high interest? There are a lot of variables here. 

@Kim Livingstone, I use an attorney as my trustee. In Florida the trustee is recorded and I did not want my name showing. Everyone uses trusts for their own reasons. I do like the liability coverage, but my main goal was to remove my name from the deed and the county records that are public information. I then have one Managing LLC that manages all my rentals. I did this as I did not want people writing checks in my name. Also I did not want the people I rented to knowing I own the properties. I tell them I do not own them, just manage them for the owner.

@Ben S., I used Ameris Bank. I'm not sure if they are in Maryland are not.

@Ben S., None of the lenders you have spoken with will allow you to sign a personal guarantee for the loan? I closed two commercial loans when I first started that I wanted to be in the name of an LLC. They felt the same about my experience and allowed me to sign a personal guarantee to the loans.

@Felipe Guerra, you are on your way to a good start at your goal. You could look at doing a 10-31 Exchange and defer the taxes on the sale of your current properties and upgrade into larger units. This all depends on your interests. The units you have now seem to be cash flowing nicely, maybe you could keep them and use the BRRR method to pull out some of your initial purchase funds and buy more units while keeping what you currently own.