All Forum Posts by: Lane Smith

@Todd Pultz each unit has access to their own basement so the right 2 units have a basement and the left 2 have another. 

@Corina Eufinger There is no locked door between the back entrance and the apartment

His answer was "it is a common area and I will enter anytime"

@David Avery If you consider common space to include areas the landlord has given keys to enter then the entire apartment would be common space. Let me retype this. The landlord is coming into the back entrance of an apartment to enter a locked stairwell leading to the basement. Fairly certain that is not and never has been common space. If he had entered the other apartment and gained access via their doors I would not be making this post. As said previously the stairwell leading to the shared basement is locked from both doors inside each apartment.

I have a family member renting an upstairs unit in a 4 plex. The basement is split with each side housing w/d hookups for 2 units. The basements are only accessible from the stairwells of the 2 units on each side of the building. The landlord has entered a locked doorway belonging to my family members apartment and gone into the locked stairwell leading to the basement. He says it is common space and he can enter at will with no notice required. The basement is shared with another tenant but the only entrances to the basement are through the apartments. I am confused as I thought having to go through a tenants locked space(even if it is a rear stairwell) is not considered 'common' space but the individuals rented area and therefore subject to the common 24 hour notice. This is located in Wisconsin if that helps. It seems like he is violating some type of privacy but I am not sure where to look. If you have any information on this please let me know as it is very stressful. Thank You

@Keenan Fitzpatrick

While I do not mind renovating a building. Doing that would require more time than I have available for a vacation. I live in Wisconsin so yearly trips for a few weeks for preventative projects is about all I would have time to do. I am not interested in smaller units than quads and unfortunately most of the larger buildings I have run numbers on are not even close to cash flowing enough to ever buy.

I am always looking for reasonably priced 4 plex units. There is a massive shortage of these in my area and ones that do hit the MLS are sky high in price. I have seen quite a few in the anchorage AK area and since I wouldn't mind an all expenses paid trip to Alaska:), I thought about buying a couple up there. The property managers I talked with seem knowledgeable and their management prices seem reasonable (7-10% depending on # of units). Does anyone have experience with multifamily in Anchorage? Any advice on which properties do better up there, recommendations on management or really any advice for that area is much appreciated. TYIA

@David M.

a limited liability company (LLC), provided that

• the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and
• the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).

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Fannie Mae has a rule that allows an exemption to the due on sale clause. My single owner llc qualifies and can hold title provided I keep the loan in my name and title is transferred back into my name before the property is sold.

Hello everyone, I locked in a refinance for my 4 plexes at 3.25 but the loan officer is having a serious issue with my wanting to put the title into my llc for the extra asset protection. As I only have 3 residential loans I had hoped to hit my 10 then have my wife hit her 10 before going commercial. It has gone so far that my loan officer just emailed me to say these were business questions and that I should be moving my loans to their commercial side. Fannie Mae has allowed this for the last couple years and I am wondering if anyone has encountered any pushback like this and how they helped their banker clear up any issues? Thanks

Hello, I am curious if repair materials can be bought before closing and deducted on the following year tax returns. My local home improvement store has a sale on materials I will use for a multiplex I will be closing on at the end of the month. Thanks