All Forum Posts by: Michael Thach

You need an attourney to put your property in the LLC if you want your " Business " legaly under your LLC. I think it call landtrust but when you do be advised that no lender will like it and they have the right to cancel the mortgage. But many won't know and won't care if you still pay the mortgage.

You can pay your mortgage from the LLC business account. I do the same. You can run it as a business and the CPA will use all the money which goes in your business account ( Rent ) and subract all the cost ( mortgage, repairs, maintenance ). To run it as a business this is all you need.

I am not an attourney so you better ask someone who is legaly experienced. 

Depends on how much you have available. 

Do you know your DTI Ratio is ? Would you qualify for a mortgage when you use 20% downpay from your HELOC ? Or might it be enough to buy other properties completely and cashout refi those ?

All this would matter to put a strategy to make the most out of your HELOC.

I soon will have 10 properties which are either refinanced with conventional loans or bought with conventional loans. 

How do you guys scale it up after ? 

Is finding a portfolio lender the right idea ?

Don't worry about the age of the house. If everything is fine now, than it's fine. When you find a problem let us know and we are here to help. Why worrying about something which did not happen yet. 

Termite, get a Pest control service. They will deal with it, cost you less than 1000 USD at most in a severe case. 

I can't believe there is a streetname like this. But of course name matters. I would think twice if I want to rent/buy on this street. Don't want to explain myself when I have to enter that adresse on any documentation. So for sure it will effect prices. Did you check the comps with the neighbooring streets ?

wow what a sucess story.

Shiloh, in order to do what you did, you had to scale and leverage everything out right ? 
Do you still think you should leverage everything out during this days or will you try to build more equity and safety in your properties ? 

A good property manager is worth gold and save you a lot of legal troubles and money. Just a quick example, my girlfriend is a property manager. Bought a new washer and dryer for a landlord. Within a year a waterleak. The damage was around 7k. Landlord had no insurance, so had to come up with 7k. The property manager contacted the manufacture of the washer and claimed on their advertising that they will cover for water leaks for their equipment. At the end the manufactor had paid 7k to the landlord. I know this does not happen often but a property manager get you usually discounted repairs for your properties, can protect you from legal liabilities which can get expensive, licensed property manager tend to use licensed technician for a discounted rate which helps you not to get liable. 

We as landlord might think is a easy thing to manage our own, this is true in the events the property does not need anything, but if something happens I will always prefer a property manager handle it. Is just an extra layer of protection but you have to find a good one than it's worth gold.

I am about to own my 6th SFH rental property and I do have 7 mortgage loans soon. I read somewhere that it will get difficult after 10 residantial ( or non commercial ) loans to obtain new loans. So I have this couple questions.

- So what do you do after you have 10 loans ? Can I bundle them in a commercial loan ? If yes what does it cost me to originate this cost ?

- MY DTI would still allow me to obtain new loans but where would I find the lender

- How and where do I obtain commercial loans ? Do I go to the SBA and tell them I got 400k, and ask them if they are willing to give me 2mil and I got shopping ?

I got 6 rentals in Dallas and Houston. Got all . 100%