All Forum Posts by: John C.

I have recently done cash out refinances on about 10 single or duplexes in Pennsylvania valued at about 130k each. Ltv around 70 percent. I'm looking for a lender who will take second position on all of these and give me about 150k cash, and preferably work with existing appraisals. All are held in the same Llc. Any suggestions on how to go about finding a lender who will do this?

@Julia Breheny would they consider owner finance? I own 2 in Rotonda West and 100+ in PA

I own a three bedroom row house on Broadway in the charming town of Jim Thorpe, PA, and I am looking to rent it out on a short-term basis. However, to comply with the town's regulations, I must provide parking options for my guests. Unfortunately, the property does not have on-site parking available. I had a leased parking spot before I purchased the house, unfortunately the lease agreement fell through.  

I am seeking a creative solution to this challenge by finding nearby neighbors who would be willing to lease their parking spaces to me on a monthly basis. I need to secure three such spots, all within a 15-minute walking distance from the property. As you can imagine, this task requires some ingenuity and resourcefulness.

I've tried posting on Facebook and Crgaislist, skip tracing neighbors and calling them, with no positive response. Any suggestions?  I know that I could have done better due diligence, I don't need to hear that.  I do own 100 other properties and am successful.  I just really want a property in Jim Thorpe and they don't come around often, so I decided to buy it and if necessary wait and rent it mid term until I figure parking out.   

Thanks in advance for any helpful ideas!

@Basit Siddiqi

Any suggestions of actual numbers?

@Michael Smythe what do you suggest for x and y?

Hello,

I own 100 properties in my own LLC. I have a lot of experience managing long term rentals, flips etc.

Two family members of mine have formed an LLC, each putting in an equal amount of cash. The intent is for this LLC to purchase properties, some cash and some leveraged. I am not putting any cash in, and will not have an ownership interest. I will be managing the LLC, finding properties to purchase, dealing with everything so that the "investors" can be completely hands off. The LLC will us a variety of strategies:

-LTR (we will hire a property management company at 7% of gross rent, I will oversee the company)

-STR, I will do guest communication and manager cleaners maintenance etc.

-Owner Finance.  Where we purchase properties deeply discounted at tax sales, and then owner finance them to buyers.  I would deal with buyers, collections etc.  

Please keep in mind that  I have extensive experience handling $13M worth of my own properties, so I have not problem doing the above.  I make about 30 percent cash on cash return on my own money.  

What should I charge for my management services?  My family has suggested a tiered fee structure based on annual profit.

X amount if they profit Y percent cash on cash return.

Z amount if they profit A percent cash on cash return.

What should the amounts be?  

How to handle when the LLC sells properties, take a cut of the capital gains?

Hello,

I own over 100 properties in PA which I've acquired using mostly standard bank or DSCR loans. I have a private lender who has loaned me about 500K so far. We have a good relationship.
He and I are going to be purchasing a house together to use as STR. We will be acquiring a DSCR loan for acquisition. He is funding 100% of deposit and closing costs. We are forming an LLC with him as 100% owner. The day after closing of the property he will transfer 10% of his ownership shares to me. Each year he transfer the correct percentage of his shares to me to make me a 20 percent owner at the beginning of year 1, 30 percent at beginning of year, up until I own 50 percent. I do not want to do this through an operating agreement as it might create complications with the lender. What is the type of agreement we should be signing. Does anyone have a template? Or even the name of this type of agreement. What would I ask a paralegal to create? a Joint Venture Vesting ownership agreement?

@Alesandro Breguez I am local and own 150 apartments. I'd be interesting in partnering and doing the management.

I use Hospitable and have set up pretty good automatic messages so that their isn't a huge amount of guest communication unless something goes wrong. Some times (a few times per month) I am out of cell coverage for 12 hours of time.

Looking for a way to alert my assistant IF a message is received from a current guest (or guest checking in within 24 hours) AND I don't respond to the message in one hour. Any suggestions?

@Chris Seveney thank you. I've thought about partners, not sure where to find one