All Forum Posts by: Kwame Knights

@Hadar Orkibi Thank you for the feedback and suggestion. I did not think about the taxes

LOL@Mitchell Pollard i'm not that luckly. If it was Rockville it would have been bought sight on seen. You can't get 1 bedroom condo for less than 250k in Rockville. The property is in Hagerstown.

Greetings BP,

I'm currently evaluating a off market deal in Maryland. Its 3 duplexes side by side under 1 deed for 230k (picture below). As i consider my various exit strategies, i was curious if anyone knew how to split up or give each duplex their own deed? This would give me some flexibility to sell them off individually if needed. 

Hello HJ,

I'm also looking pursuing a multi family building in the Detroit area. Can you share if and how you were able to secure funding? Were the rehab estimates based on a gut job?

Hey Todd,

Thanks for your response and insight. The few properties that i saw were foreclosures and one was abandoned because of fire damage. The fire damage one is a 20 unit in Detroit selling for 25k in a C class neighborhood. I was initially thinking, if this is a complete gut job, everything will be essentially be brand new and i maybe able to attract decent tenants. But I dont live in that market so i'm making alot of assumptions. I will however take your recommendation and research other multi units in the area to detail market rates. Then maybe find me a agent or property managers that may know the neighborhood.

Hello BP,

I need some advice and guidance. I'm an investor and live in the DC/MD area. I currently own 3 single family rentals and looking to increase my portfolio. The market i'm in is very saturated with investors, not to mention very pricey. I wouldn't mind investing outside of my back yard. I would also love to get into multi families, ideally start off with 5-20 units to get my feet wet and get through the learning curve before jumping in any deeper. However, a few deals came across my path, some Detroit and Baltimore but are rehab projects. The properties are vacant or abandoned, needs extensive work but is priced low to sell fast.  If these deals were single families I would do a reno in a heart beat because the "BRRRR" method works well with the equity game. However multi family appears to be a different beast.

Can someone explain how to evaluate if a multi family is a deal or not without having access to the historical financial data?

Also as a newbie to multi family, is it advisable to take on a full renovation project or should I try to find a turnkey situation to start off? 

Love the information provided in this post. 

I have a scenario I would like to run past you guys. I own two properties in Maryland and one in Michigan. In the process of acquiring an apartment 8-10 unit building in Maryland as well. I plan to acquire more properties in various states and eventually will likely have 20+ properties. I understand the concept of opening an LLC for each property in the local state. However, when i look at the big picture, besides the expense it will get pretty complicated having to open and manage a separate multiple different LLC's with corresponding bank accounts. I created the diagram below to highlight my thoughts on how to structure myself for now and the future with hopes it would provide adequate anonymity, asset protection and over all efficiency.

1) As the diagram below shows, i'm registering two LLC, one standard LLC for management and a Series LLC in Wyoming. The two LLC's will be owned by my wife and I.

2) Gross income will flow in the management LLC and 10% of Net income will be moved over to the Master LLC

Please share your thoughts.

This has been a very informative post. Wish i had all this information a year ago when I went through this process myself. It wasn't all bad though, I secured over 80k across 5 cards, but some of the card 0% rate only last about 6 months. So at this point i don't feel the need to pay someone 3k to do something I was able to do on my own. However what information i don't have is how to remove the inquiring from my credit because it did take a hit. Is anyone willing to share the steps on how to remove the inquiries, I would be eternally grateful? 

@Shaquetta Chittams were you ever successful in collecting on your judgement? I live in Rockville Maryland and I recently won a judgement of 10k for non-payment of rent. In looking at the MD courts website, the process to pursue judgments seems very exhaustive and time consuming. So i'm hoping you found a good resource you are willing to share to help me through this.

I'm looking for an eviction attorney in Michigan area. Looking to evict a tenant soon, can someone provide me a good referal of someone they have worked with?

@Scott Matthew C. my name should be listed correctly now in my profile now.