All Forum Posts by: Kristin R.

Hi all!

Short version: To set up payments for tenants in apartments.com you have to have your identy verified. Why does it have to be personal identity and not your business? If I'm the PM, should it be me or the owner?

Long version: 

My fiance recently fired his PM for his triplex. It's located about 15 mins from our primary residence, and given that his W-2 is a bit more taxing than mine, we have decided that I should manage as that is our ultimate plan as we continue to build our portfolio and I transition away from a W-2. We have another property that we own jointly under an LLC. This triplex is his own property that I will be managing. The goal of course is to continue to grow and add more properties.

Should we set up the apartments.com account under his name, the joint LLC, or create a separate property management company (I like this one best because we both own separate properties in addition to our joint, so we could manage all under here)? If we go with either company options, who's identity are we verifying?

TIA! I have a call with a customer service rep set up for tomorrow, but figured I'd crowd source tonight since these forums are the best!

-Kristin

@Bob Floss II I hadn’t heard of that. We’ll look into it. Thank you!

My business partner and I started an LLC and purchased our first BRRRR using hard money. We are in the Refinance phase and talking with different lenders. The lenders we have talked to require that we both sign all documents.

We are both active duty military which is complicating the process as my partner will be deployed when we close. He’ll be in a location that will make getting a notary nearly impossible.

This deployment is not a surprise, so we wrote our operating agreement to have me as a managing member/owner with signing authority. Despite this the lenders are still requiring both of us sign.

Are we missing something?

The solution to this is to get a power of attorney (something that is standard for most deploying service members anyway). We'd likely do a specific POA since the general is too broad. Since the military lawyers aren't always familiar with this, what should we recommend the specific POA say?

Thank you in advance for the help and recommendations!

@Phillip Moreno welcome!

I’m active duty navy in San Diego too. I’m pretty new to the game as well, but would be happy to connect!

@Jesthen Baez VA loan is awesome if it is available to you and you're ok with staying in the home and doing a live in flip over the course of a year or so. When you want to move you can talk to your lender about best options to refinance out. That's when you'd likely go into a conventional loan.

@Brian Edwards

Lots of really good advice here especially in regards to waiting a little while so you have the work experience to add in.

I would definitely recommend taking the GMAT before you graduate though. It’s good for 5 years, so you can wait to apply to grad school but also don’t have to stress about brushing up on your math skills if/when you decide to go back.

Good luck!

@Sean Abrahamsen

Studying for my license in San Diego currently and have purchased through two agents here personally.

Like everyone else said, the agreement is standard and you’ll do that with any agent. The $300 is not. The only money you should pay in the whole process starts with earnest money when you make an offer.

Good luck!

@Jeff Byrne

My partner and I are getting the same looks (just bought our first fix and flip). We both separately own property as well. His family gave him a very hard time when he bought his (even trying to get me upset that he bought a house and not an engagement ring... they literally used those words). That being said, we decided to not tell them about this house until it’s all said and done. My parents don’t really care either way, I told them I’m doing this with my “fun money” and they know I live within my means.

That being said, who cares?!? It’s not their money!! Do whatever makes you happy and feel secure. That’s the whole reason for all of this. I have zero desire to live the same financial life as my parents and all my other family members. We’re doing something different in a big way because that’s what it takes to break the cycle!

Good luck with basic. I'm assuming reserves or national guard since you're intending on moving back to your area. Check out the military investors page to get details about VA loans and other benefits that can help you with your REI journey.

@Greg Dickerson thanks for the tips concerning contractors! Definitely good considerations since this will be long distance.

@Melanie Johnston thank you! I didn’t even think of something like AZREIA. We were planning driving over on weekends to build a team and tour the area. I’ll message you to connect!