All Forum Posts by: John McCarthy

As Jay said, there are two schools of thought on this. Its about what you're looking for , as an individual. If you're looking to buy and hold, and want to gather up more properties, then as you pay down your mortgage, you can use the equity to but additional properties. But if you're looking to hold what you have , and not expanding, pay it down. A note free multi family is so much more easier to handle. Plus more monthly money coming your way.

Is this a long term hold or a quick rehab and sell? also, putting separate heating is a great idea. What are the markets rents there? These questions need to be asked first before investing a significant amount of money for central AC for each apartment. I would put a separate home run for each apartment, and have them place an AC unit of their choice, themselves. Afterall, its rentals, not coops or condo's, which will most definitely be a different response.

I would have to agree Will. if you have multiple partners on multiple properties, then you do need separate accounts. No partners: one account under a holding LLC would be fine.

Welcome to BP Peter. No need to spend those thousands of dollars. My girlfriend and I went to one in Long island recently. It costs $700 bucks each. But the whole 3 day event was a hard sell thing to get us to purchase their intensive training in Utah for 20-25 K each. Plus, they would get you approved for Seed Capital funding in order to pay for this intensive training. It was all a hard sell. Bigger Pockets is much better. No selling. Just doing and connecting.

Do one management LLC as holding company LLC. One checking account, but separate ledger books/quick books, for each holding. Dont need a separate checking account. if you're looking to really grow and expand, whats next; 50 checking accounts? Doesnt make practical sense.

Maybe I missed it,but you didn't mention heating costs and who is responsible for heat. Tenant or landlord?  I jumped out of a 4 family in the Bronx after only 3 years because oil costs were increasing at alarming rates. The heating question can make or break the deal.

I will be there. thanks for invite,  John

Also, Once they leave, after the walk through, plus with her notice, she relinquishes her rights to the house/apartment. thats why I want my tenants to provide notices via emails or letters. So I can save them

Let the tenant talk all they want. Meet her and do the walk through. By no means do you agree to hand over any security money. Let her keep the keys. You're changing locks anyway. Also, take multiple photos of damage with walk through and always save those photos in a file.