All Forum Posts by: Louis Fuqua

 Hello Jedd - thanks for the response.

The 3 units are currently all supplied by the same line but a plumber is looking into what can be done to isolate each individual unit from that main line.  In discussions with the water company, it's not clear it'll make economic sense to separate the line into 3 separate lines.  We'll see

Please do share some resources on the different products you're familiar with.  Thanks.

Hello all,

I have 2 triplexes in Pittsburgh and would love to find a plumber that's familiar with installing water submeters and can recommend effective submetering products.  Do any of you currently employ water submetering in your Pittsburgh properties and can recommend a product and/or plumber?

I don't think I need a service to do the billing as I'd just use my current management company, but I'm open to exploring this option if it makes more sense.  Any help is greatly appreciated.

Thanks.

Lou

Thanks for the info, Nathan.

Hello all,

Can any of you recommend an excellent property management company that specializes in multi unit buildings on the North Side of Pittsburgh, PA (Manchester neighborhood)?  I have 2 3 unit buildings that need a new PM.  Thanks.

Lou

Each property is 3 units. While I'll still have to have a personal guarantee on the loan, backing the LLC, it won't show up on my personal credit report. A lender confirmed that for me today.

Hey Dawn,

I was looking to sell the properties to the LLCs and have the LLCs take out a purchase/renovation loan for them. Before that purchase, the 3 of us were looking to each contribute 10% of the project cost(purchase plus renovation) to the LLC for our 1/3 interests.

For example, the LLC buys the property from me for $100K and we do $50K in renovations for a total project cost of $150K. Each member would contribute $15K($45K total) to the LLC to cover the 20-25% down payment that would be needed for the complete project plus some additional cushion for future debt service.

Going forward, the rents would cover the debt service and we would make extra principal payments to get it paid off.

I have 2 MF rental properties that I've had for 10+ years and there are mortgages associated with each property. Both properties are currently titled to me and I am the borrower on the mortgages. I would like to outright sell each property to it's own separate LLC, that I'll be a 1/3 owner in, and use the proceeds of the sale to pay off the mortgages that are in my name.

The reason for this is threefold:
1. I want to remove the debt of these mortgages from my SSN.
2. I want the risk of owning the properties to be housed 100% in the new LLCs.
3. I would like to cash out.

Should I continue with the approach I'm considering above or is there another option you think will work here? Thanks.