All Forum Posts by: Mike M.

@Mark H. Porter 

Thanks for the reply. I have a realtor sending me ideas, but so far I'm seeing things that don't look so great. I'll keep looking, but my fear is that it is too seasonal there and getting good properties with long term rental may be a challenge.  My  next task is to reach out to property managers there to see what they think.

Thank you for the clarification.  I've seen mention of problems getting bank accounts and credit depending on the NAICS code used.  From your explanation it doesn't sound like something I'll need to be terribly concerned with, at least not at the outset.

Looking for some input from those with practical experience in the topic, not a legal opinion. I've seen some reference to business names and NAICS codes that are more favorable for obtaining business credit. It is inferred that codes under sector 53, for example, would be viewed as higher risk and therefore harder to qualify for credit. So for a holding/financing entity (LLC that finances and holds property-owning LLCs), sector 55 seems better, but is 551111 or 551114 a better option (reference here)?  For naming, does it matter if your entity is "Company Name Investments", "Company Name Real Estate Investors", "Company Name Capital", "Company Name Group", etc.?

Does anyone have experience in this realm to provide advice on where to seek funding?  Close to the property, or close to me?

Is there a way to locate properties that are in my area that fit my target profile of B class 5-20 units, just for research purposes?  I'd like to learn how rent rates correlate to what I can see from the outside and surrounding areas.

Thanks for the quick reply.

When seeking funding for a deal, it is most common to seek a relationship with a community bank that is close to the property or close to your home if you live out of state?  I heard a banker on a podcast say that they want to work with borrowers who are close by and don't care where the property is.  Is that common?

Certainly the final word on this question would come from my lawyer or CPA, but I'm sure a lot of you have experience in this area. When going through the process of purchasing property with an IRA LLC, can all aspects of the process be paid for with the IRA funds? Inspections, closing costs, legal consultation through the whole process.

Thanks!  I'll keep looking and analyzing deals there.

I'm looking at multifamily properties in Myrtle Beach (I have partners with some condotel units there and I'm planning to pick one of them up too, that's why I'm looking there in general).  Wondering how the long term rental market is there. As it's a seasonal destination, I wonder if short term rental (VRBO, etc.) might work out better and provide enough cash flow in season to carry through the off season.  There seem to be some decent 2x, 3x, 4x properties there, but they all seem to be mostly vacant.