All Forum Posts by: Lee Liberman

Does anyone have a template they use to create land trusts (ideally in maryland)?  Looking for any supplemental templates as well as I believe you need something for contributing the property, successor nominee, etc.

File Archive appears to have one example for a separate state.

any luck on finding a land trust template?

@Jesse Watersanother post noted that you would not be covered by adding an additional insured (the LLC) but rather you will need a separate business policy (one in the name of the LLC rather than personal) in order to have protection in the event of a claim.

@stephanie w. no i did not

All very helpful. The only issue is if someone sues they would be suing the person individually and the LLC will have no protection for limited liability, correct?

I am and plan to continue having individual leases for each room of a SFH. Spoke to a lender and they likely wont approve a loan (DTI too high based on the rental income generated from this property not being included) where there are multiple leases to tenants as opposed to just one. Any thoughts on what others do or ways to get around this. I know this is common place in the city.

https://www.biggerpockets.com/forums/49/topics/167101-calculating-dti-on-rental-mortgages

In speaking with a fannie mortgage person, they said in this case the 1000*75% or 750 in rental income goes to the denominator and the 500 in expenses goes to the numerator making the DTI 500/750 or 66.7% (way above the 43% max). This seems ridiculous to me and I have no idea if she knew what she was talking about but I would like someone who understands fannie guidelines to confirm. Based on this, you would need to generate 3.1 x the expense to maintain your DTI at a level that will allow you to get additional properties. I have 2 years of tax returns as well so I wanted to confirm if they would go off that for a fannie loan and just add net liab to numerator or net income to denominator as others have mentioned in which case it would be easy to qualify for multiple properties.

Is anyone planning on flipping a house in baltimore in the near future or just starting out on a project that would be willing to let me (and my brothers) shadow the process?  We can attempt to help out however you see fit.

Has anyone worked with Chuck and his team.  What are your thoughts and what type of projects have you worked with him on?

Also, if anyone has any recommendations for general contractors in Maryland with large renovation experience, let me know.

Thanks in advance.