All Forum Posts by: Michael Lewis

Hello fellow investors, quick question. I currently have 3 rental properties in my portfolio. 2 of which still have debt. All 3 are still in my name. I’d like to transfer them to an LLC however from what I understand if a property still carries a loan and title is transferred to an LLC the lender may exercise their right to require the loan be paid in full. Is there a workaround for this? Can I somehow stay on as a personal guarantor of the loan but still have the protection of an LLC? I’d really appreciate some advice. Most savvy investors use leverage to see higher returns and I have to believe there is a way to leverage while having title in the name of an LLC. Thank you for your ongoing support

Hello fellow investors, quick question. I currently own a few properties in Cleveland however I live out of state. My questions is, considering Cleveland winters would it be a problem purchasing a rental with no garage? I am currently in contract now on a property that I just found out has no garage. Would this rent or would this ultimately be a problem?

Hey BP community. I’m an investor from California. I’ll be in Cleveland OH this weekend visiting with my current TK management company. They manage 2 of my properties and I’m happy however they will only manage properties that were rehabbed and sold by them. Looking to connect with local Investors/managers that I can work with to obtain other properties. Perhaps fixer uppers or properties in tax default. I live in CA so I’d needed local management. Parts of Cleveland can be rough and require good management. I have no intention of self managing from OOS. Any recommendations would be greatly appreciated. If possible I’d like to meet this weekend.

Hey BP community. I can’t express enough how much I appreciate this resource. I have a question. I am in escrow on my 3rd rental. This will be the 2nd in Cleveland OH. I’m curious to know how and what I should expect regarding the assessed value of the home after it is purchased. For example. It is currently assessed at 40k and after rehab and paying off city violations I am purchasing at 81k. I already have the proposed 2018 tax amount and it fits well in my calculation for COC return however my question is if and at what point will the county reassess based on the higher purchase price and will the assessed value double essentially doubling the tax? I’d love some input from veteran experienced investors.

Unfortunately not and I think what I’m realizing is that 3 bed is always the way to go. 

Originally posted by @Hai Loc:

@Michael Lewis

3 bed with no hesitation for a single.. multi family I would prefer a balance of 3s and 2s.. I would only prefer a 2bd over 3bd in an urban dense areas like condos in downtown Toronto, Chicago etc.. where larger families do not want to live..

 I agree however is 1 bathroom enough to support 3 bedrooms?

Originally posted by @Dennis M.:

@Michael Lewis

Higher rent comes from more bedrooms . In my area Its around 20-25% more money every month and you can get bigger families Intetested versus a couple or a single person to stay . Bigger families don’t like moving around due to kids in school and neighbor kids

 These were my thoughts exactly. However do you think the 1 bathroom will be a problem? I have 2 other rentals and both are 3 bed 2 bath. 

There is a substantial difference in price 

Hey BP community. I am looking at picking up a 3rd rental. I’m deciding between a 2 bed 1 bath or 3 bed 1 bath. Both are in the same neighborhood and the #’s work out to be almost the same based on purch price and rent estimate. My concern however is that I believe a 2 bedroom takes a specific kind of renter and probably not great for a family. This might mean longer vacancies as it may take longer to rent. My goal has always been to buy and hold. Any ideas/thoughts?

Lol I mean if you turn your swag on the possibilities are endless. Are you thinking about renting it out?