All Forum Posts by: Michael S.

Lori you might be hijacking David’s post here.  My response was to the original post he made.

David, you didn’t ask those questions in your original post.  You said you already knew the tenants were different.   In my experience, the tenants are not different and overall it’s easier — from a management, maintenance and financing perspective.

Don’t overthink it.  Find a good deal and move on it.  Everything can be figured out as you go.  Single family, 4plex, 10-units, and so on — all the same and you’ll learn as you go through experience.  Good luck!

Get on the phone w/ every commercial lender you can find in your area.  Ask around for recommendations and if they can't help -- ask them who they recommend you call.  Worse case scenario you build some relationships and find out what you need to do to get there.  If you can't buy it now you might find a good partner on this one who can bring the net worth to the deal.  Good luck.

 I'll check them out -- thanks.

I own a 10 unit building which has 3 separate entrances/common areas with have mailboxes, stairwell, etc.  Two entrances have 4 units each and the 3rd entrance is for the 2 smaller apartments.  It's also on a somewhat busy road downtown. It currently has exterior doors from the street that don't lock, which allows anyone to come and go as they please.   Occasionally we have homeless people living in the basement and limited security to the tenants.  The doors are damaged and need replaced anyway.  

I'm in the process of taking over the management on my building and want to outfit the location w/ new doors, security, monitoring, doorbells, etc.   I was thinking something along the lines of a Ring system, coded entry knobs, and a few cameras up high on the corners of the building also.  

Any recommendations on a good system here?  Thanks!

 

Why do you want to take title in a trust? And if you must, why can’t you buy it directly in the trust?

I stumbled upon this post while googling to find the dates on Tim’s next event and had to respond (even though Tims response seems to have shut it down already).  

I’ve already been to one of his events (a little over a year ago).  I know it’s a little over a year ago because I’m in the process of refinancing the 56-unit apartment building I bought a few months after returning from Cleveland.    

Ironically, Nathan, I owned about 20 single family rentals when I went there.  You’re right though, he didn’t teach me everything I needed to know in 3 days.   That event was only 2 days.  

I’ll probably be back in Tampa in early November to get more value from Tim and his team. 

 

German,

What are you looking to accomplish here?  Level up to a bigger primary house?   

If it were me I would keep both and be looking to purchase more cash-flowing rentals like Property #1, as often as possible.  

What are your investing goals?

The Chateau Group -- Garrick Dart (937)304-7687

What's the best way to take title on flips and rentals?

On our rentals that we have taken out mortgages on we are planning to change title over to our LLC, but should we create a separate LLC for our rentals? For example:

XYZ LLC -- Flip homes using this one

XYZ RENTAL PROPERTIES, LLC -- Transfer our rentals to this one and use to buy future rentals

Thanks!