All Forum Posts by: Lee Judd

@Kyler J Sloan There is nothing preventing you from doing that. However that bank will require a 1st lien position so the seller will have to be willing to take a 2nd lien position behind the bank. If that works for him great. Most lenders, sellers included, want to see that you have some skin in the game before they will make a loan. As presented there is nothing preventing you from walking away at any point since you have none of your own money invested. Seller then has to pay off a $300k note to bank instead of the 200k he originally owed. There is not much incentive for him to make that deal. 

@John Thedford @Drew Sygit @William Joseph Thank you for the additional input on property management software. I appreciate your thoughts.

@John Thedford why did you choose buildium over the others?

@Tracy Streich thank you for the info!

@Tracy Streich what software do you use in your management company? Looking for a preference of one over the other.

I currently us TenantCloud.com to manage my rental portfolio and I'm not 100% satisfied so I'm looking for recommendation from others that manage their own portfolio. I have 42 units inside two LLC I currently manage through TC with half of those being storage units. My two biggest complaints are the income & expense tracking and the reporting. The accounting side is somewhat clunky and difficult to correct mistake and the reporting is just lacking. It has lead tracking but you can't connect with leads directly from their platform so you have to jump to email or cell to connect. I like the ability to collect rent by ACH or credit card and access online or app is a must.

What are your recommendations for software and what is your experience with it? 

Thanks and Merry Christmas to everyone!

LOL They get you coming and going over there. Guess that's why there is a mass exodus from CA to other states. 

Didn't know that @Todd Rasmussen. That is why I like NM. No annual cost for LLC here.

James

Holding title and being taxed are two totally separate issues. You definitely need to talk to an attorney and an accountant. From a purely monetary aspect a TX LLC would have substantially less cost to maintain than your CA LLC.

Lee

Start with your local bank or credit union that you bank with and see if they will make loans for investment property. If they don't than reach out to others in your area or find a mortgage broker to help you. Good luck.