All Forum Posts by: Ketan Parekh

Have 3 investments in GoodEgg - 2 have stopped making payments. They seem to have a good team but this is something not thought out it seems , in their support I do have DSTs which have had the same issue and have not been making payments. 

Use caution while investing - don't expect things to go always right all the time. 

Diversify if you can with smaller amounts so risk is distributed. 

Hello! Team 

I have a few condos and do have insurance the units are managed by a Property Management Company.  While last month one of our unit was identified having mold - well after that it has been expense over expense. I was aware that insurance would mostly not cover but how does a landlord safe guard here ?. If the unit was given in good shape and the tenant does not aerate the house , keeps lot of humidity in the house there is bound to be mold growth. While the issue on hand was resolved we did stack up a good over 9K in expenses. 

What ever I have been reading on this it seems Landlord is always responsible :( which is sad as landlord is not living in the house and has no control how a tenant keeps the house. 

Any advise / feedback suggestions would be helpful in the future to safe guard here. 

Thanks in advance. 

Ketan

I landed up disconnecting the auto sync and landed up manually adding the transactions as needed. Also if you have appfolio integrates you land up getting double entry.

Hello! Fellow BPs

Over the last 4 years besides real estate investments , I have done a few investments in syndicates. As per the schedule quarterly I do receive the distributions and at the year end I do get the K1 which shows a loss. The distribution is stated in the K1 (19A). Now this is going to be my naïve question : how is that I get the distribution and the k1 is showing a loss and actually the loss gets into my 1040 and not the distribution amount. 

Any explanation or a link would be greatly appreciated. 

Thanks
Ketan

Hi! Chris 

Of all the banks I have gone to - small / big / coops - you have a selected who do financing on investment properties and than if they are condos and are nowarrantable the number reduces further. They all want some security. Even though my personal Credit score > 710 they want some security. 

Thanks

Ketan

Hello!

I have 15 condo all rented and off the 15 , 10 of them have a commercial mortgage on them. My credit History is in the 700s. 

Here is what I would like to do :- 

Based on the LTV of the 5 ( fully paid ones ) properties I would like to get a Line of Credit and than find a mechanism to do a 2nd deed of trust behind the 1st Line of credit.

Is this even possible ? basically I want the money available to roll as I start paying towards the principal. 

Thanks in advance for your advise. 

~Ketan

I had an AirBnb ( Evolve ) for a year - but did not really work out financially. Its only a wkd play in Cville. I than turned it into a long term rental. My condo is located on Hydraulic Rd , it may play differently if you are closer to UVA. The area I had allowed long / short term rental. 

~Ketan

I started off with personal financing , after the 3rd property the banker said 4th would be the last one and than we have to do commercial. Did some reading and than start with the LLC route.

Personally I would say don't focus on the "due on sale" clause unless the bank is too picky. Most of the times if the loan payment is made on time banks don't care a whole lot if you do a quit claims on your LLC.

Now coming to insurance - Each LLC should have Insurance. And as of personal one can take an umbrella.

Hope this helps.

Good Day Team, 

I must say I have learn't a lot from this forum and the valuable information provided on this platform. I started investing in rental properties 2 yrs ago with my 1st one and currently am sitting on 10. I am learning as I buy each one. 

With growing number of properties and the LLC's - I am feeling the burden of paperwork and lot of Housekeeping.

For the properties I use Stessa - great to manage all your properties under 1 umbrella. 

As for LLCs - there is no such SW or platform available or atleast I know of. Currently with 2 properties under 1 LLC I have 5 of them and as I grow the number of LLCs there is a lot of paperwork trail required.

eg : Annual registration, if you have a registered agent need to renew that. Income / expenses for each LLCs ( Possibly quick books ? ) and possible more things I am unaware off yet.

As for properties - keeping a track of each one with a checklist : closing documents, title insurance etc. 

May be its just me but its getting too overwhelming and I feel this documentation is taking more of my time than looking for more properties for investments. Is this a part of the growing pain ? or is this just me ? May be I am not doing something right ? 

I would love to hear how are people able to manage all this and stream line all of this ?. 

Thankyou for your time. 

Thanks

Ketan

Have used mashvisor on and off. Hope it helps.