All Forum Posts by: Joseph Catalano

@Caleb Charles

It sounds like the seller does not have the guts or heart to evict these tennents and since you are not the owner you cannot evict them yourself.  Looks like you have to make a choice of keeping them or walking away from the deal.

@David Stott 

I have not used a portfolio loan.  However, M&T has been very good to me in setting up some of my financing for a couple of properties that we are putting offers on in the next couple of weeks.

I have been told that small community banks are much more willing to make these types of loans for local investors.

@Mike Margetts  I would go to a couple of your local lenders and see if they can provide you with at portfolio loan on all six of your properties.

@Evan Griffiths it is my understanding that you will not be permitted to place an FHA financed property in an LLC. You can only place a property in an LLC if it purchased through a commercial loan. Double check with your attorney but that is what mine explained to me.

@Tony Ngo As a criminal defense attorney I would never rent to anyone with a domestic violence history.  From my experience most DV perpetrators do not change and you do not want cops called to your property on a regular basis.  It is just too much of a risk for me.

Thanks everyone!  

I know what most of the advice will be but I am just curious.  I am currently looking at two small apartment buildings, 6 units each, both include all utilities.  The concept of including all utilities scares me because it is a revenue killer.  One of the buildings has only one meter for electric and the other has two meters.  Also both include hot water in the rent.

Thanks in advance.

Thanks everyone for the advice and assistance with the NNN. I am luck on this one, the company we are using for the purchase does a great deal of business with my wife's aunt and the do not want to let her down or piss her off.

@Kirk R.  It should only cost a few hundred dollars but it will add a great look