All Forum Posts by: Michael Kissi

Awesome @Stephen Predmore and thanks for the very detailed breakdown. When I was looking to buy I would have wished to see a post like yours. Unfortunately it's probably going to disappear in the searches 😩. 

 Just did my first deal as well and looking for a second. Let's connect. 

I've worked with Larry London at Clear title group a couple of times and he's been thorough and very quick. They're in Pikesville.

A Limited Liability Company aka LLC is for liability protection(if done properly) it doesn't absolve you of your tax obligations.

This is really good advice. I'll make sure to check this out. 

@Tyrone I'm also a newbie landlord but I plan to self manage. My suggestion would be to list all the activities you would expect your PM to handle for you versus what you would expect to handle yourself. And then decide if that justifies an ongoing monthly charge of around 10% of your gross rent. 

Hi Brendan and welcome. There's the events search under the networking tab that will show you some events happening soon. Also, you can find some meetings on the Meet-up app, go to a few and see which ones you like most. 

Theres a meeting on Fridays at 12 noon at Spirits that I found really nice. Unfortunately I only went once before coronavirus kicked in. @Peter Giardini also has a meeting in Timonium that I really enjoyed. 

This question gets asked often so you can also do a search for answers that were given then. Good luck and hope to see you around. 

I echo the same sentiments shared here. But do keep in mind that you do have some sort of a deadline. What do you do when come March you have not yet found a suitable property? It does take some time to find the right property so I would probably become a motivated buyer sometime in January and even if you find something early, count the rent payments as part of the price of acquisition. Good luck, Jeremie.

I'm in the process of acquiring my first rental property that I intend to BRRR. There's a section 8 tenant in there that wants to remain. I inspected the property with a contractor, made a formal offer that will probably get accepted as I negotiated verbally with the wholesaler before sending the offer.

I'm pretty much at a loss here as to what else to do. This will be a 100% cash purchase and my intention is to refinance as soon as I close. I've spoken to a few lenders in my area and they say they don't require seasoning for their products. I debated the "in my name vs LLC argument" and decided to go with it being in my name for now. Is that a bad move?

Should I get an actual inspector in there as the initial inspector was with a contractor? The property passed the Section 8 inspection 5 months ago. I'm reluctant to do too much rehab as I'll have to spruce it up again if this tenant decides to leave and she's very content with things as they are. As i wait for the offer to be accepted and time to close, what should i be doing? The tenant pays all utilities and they're in her name. 

As far as Section 8, the tenant pays a portion(1/3) of the rent and Section 8 pays 2/3. Right now, the tenant is on month to month as her lease expired after the owner passed and I'd like to sign them to a new lease before settlement. Is this possible? Also when does Section 8 typically make payments? And how do i go about informing them of the change in ownership. 

Lastly is there a reason why i would not want to close this ASAP if possible? I specified a 30 day close.  

When I said expenses I actually meant as far as your Real Estate investing is concerned...not your personal expenses. I'm sure you have a good handle on that. It may be a good idea to look at all of them as rental properties where you also appear to be the tenants and see where you could trim some fat. 

And I'm actually from Montréal. My brother made a killing in Fort Mac in the early '10s. So did a friend of mine right before the latest crash. I could never deal with the cold and the lack of sun personally. 

Hoping to see @Whitney Hutten and other's response to your follow-up. Would the best option be to always purchase the property in my name, rehab and then refinance also in my name and then after the refinance is complete, transfer to the LLC? How does this affect any leases that may have been entered into before the transfer into the LLC?

@Marianne Lopez-Henthorn Fort Mac was the first place that came to mind as I was reading your post. Fort Mac works in cycles so it will definitely come back. The question is "How Long?" I'm a pretty conservative investor so I'd be reluctant to tack on more debt. What I may do in your situation would be to reduce your expenses as it is entirely too dependent on your income right now. That may involve Househacking in Fort Mac and getting some cashflow on the property in BC. Especially if you can get your parents into a rental with your sister's help.