All Forum Posts by: Wendy BK

Thanks Nathan. Below is my copy.  It is surprising that the format is not consistent. So it seems (B) is indeed meant for children. And (A) needs to be modified to include "Tenant". 

I purchased the Biggerpockets landlord forms and has some questions on the lease itself.  Would really appreciate if someone can help if you used the landlord forms before. 

In Section 1 Parties and Premises, where the only logical place that you can put Tenant information for the lease, the paragraph is written as follow:

(B) As used in this Lease, “Tenant” means a person who occupies land or property rented from a landlord. The individuals comprising Tenant and the children of such individuals, as set forth below, shall be the only occupants of the Premises. As of the date of this Lease, the children of the individuals comprising Tenant are ________________________________________________________.

This " the children of the individuals comprising Tenant are" really confused me. Seems the blank should be filled with the names of tenant's children. But I couldn't find any other place in the whole lease that actually allows me to put Tenant's names. Anyone can help? What am I missing here?

Based on your information,

"Current Mortgage Principal: $106,081.95 @5.875%

HELOC: $25,643.99 @8%

Me and my husband have good credit, and good 9/5 jobs.

my house is worth 146K, or yesterday by the bank (he looked at Zillow) 143K.

"

 I don't understand why you never refinanced before when you could get as low as 3.25% for 30 year loan for primary residence.  Now, the mortgage rate is back to the lowest point in the recent two years again, you should seriously educate yourself in terms of mortgage and act fast! 

You can buy for individual, LLC, etc, any entity that can be in a PA. Class is for passing exams, and real experiences gain from practice. But you probabally know a lot already from your past purchase. And you can always get more training if needed once you are under a broker. I would recommend online course, which is flexible and takes much less time.

@David Moore I was in similar boat before and then decided to get my own license. Totally worth it. You can see any house whenever you like yourself and save the commission. And it is very easy to pass the realtor exams.

Hi, anybody can recommend a good attorney in minnesota who can help set up LLC and transfer properties into the LLC? And one of the owners is foreigner. Thanks!

If only for cash flow, you can get better deals by buying two townhouses in suburbs. And for price appreciation, the value of duplex varies A LOT depending on where it is located in Minneapolis. Your realtor needs to be very trusthworthy, or you need to look at a lots of comparables yourselves.

I think if you charged the application fee, you need to let them know your decision. You can choose either 1) a rejection letter, clearly indicating the income is the reason ( but then you have to make sure the applicant you chose in the end has a high-enough income. You need to apply the same standard to everyone. or 2) ask them to provide you more income proof in order to continue the applications. In the meanwhile, you can move on to other applicants.

I am a little bit confused about your figure. If you NOI is $409.82 and Cash on cash is 1.72%, the cash you put down would be $409.82*12/1.72% = $285920.9. And based on Cap rate 10.10%, your purchase price would be $409.82*12/10.10% = $49178. Neither of those match with your numbers. Did I misunderstand?

Also, I think for single-family house, $50 maintenance might be low.

What's the credit union you are using?

Thanks everyone. I asked the title company. Seems the solution is to have a quit claim deed to add the partner. And add endorsement to the title insurance so everyone can be covered by the title insurance.

Anybody knows if there would be any tax consequences here? I know I should talk to a CPA, but just wonder if anyone has similar experiences before.

Thanks!