All Forum Posts by: Mark W.

Hi @Elizabeth Knapp Pantaleo, get in touch w/Adam Smith at CNB. I just met with him last week for the same purpose. He can cover your options, but CNB does residential portfolio refi loans (i.e. they hold them in house.) They can put 5 of those duplexes in a single loan, saving you on closing costs. Terms are 3-year balloon (interest rate resets every 3 years) with a 25-year amortization but a 30-year amortization might be on the table. 80% LTV. Boom.

I've got a big duplex with no offstreet parking.  When advertising and showing these units I always tell prospective tenants that parking is on street.  For some people it's a deal breaker, for others it's not a big deal.

That said, I've had no problems renting either unit.  Good luck @Anthony C.!

I forget where this one is exactly but rents are low. I would think $900 min per side, maybe closer to $1000. Not $1500 though. 

It kinda depends.  I have one duplex that has been one thing after the other.  Roof, hot water tank, furnace, leaky toilets.  Others that haven't needed anything.

My suggestion is to figure out the age of your major stuff, and conservatively estimate its useful life.  Set aside something each month to cover for it when it does need repair or replacing.

Hot water tank: 10-15 yrs max life, $650 if installing yourself, otherwise $800

Furnace: also 10-15 yrs max life, $1500-$2000

Roof: $7000-$17000+, depending on size and condition.  20-30 yrs max life.  Those are my ranges for recent full tear-offs with deck replacement

You'll get lucky with some stuff in that it'll last much longer than normal.  I have a hot water tank from 1979 that is still going strong, I don't even look at that thing for fear it will crap out on me.  I did a re-shingle on a duplex in 2005 and the roof completely failed last year.  Full tear off, ouch.

Roofs are expensive and can really ruin your day when they fail so make sure you have a plan for that.  Have someone come out and give you an estimate if you're not sure -- they can tell you how much longer you have until replacement, and can give you a dollar figure to go on.

I don't really budget for maintenance per se, that just comes out of my cash flow as I keep after things or if repairs come up.

This was fantastic.  I listened to it twice and still want more.  Paul has his own podcast, Ready Investor One, and I just started listening to that.  Good stuff, recommended.

 Aqil, can you PM me that lender as well?  What kind of terms?

Thanks @Nicholas Aiola, that's what I was thinking but wasn't totally sure.

Hey Nick both the main LLC and all series LLC are sole member LLCs.

Hi Nick, hoping you might be able to provide some guidance...

I'm a NY DIY landlord. I've set up a TX series LLC as a holding company that holds the rental properties. I've also set up a NY LLC (sole member) for the property management side of the business. I do the PM for my properties, manage the books, etc. Rents come in to the NY LLC and expenses are paid out of it. Profits will be paid to me directly or moved to the Series LLC to be held.

I was thinking I could file Schedule E (as the NY LLC is a disregarded entity) but was unsure of how to handle the Series LLC. I was thinking I would pay taxes on the Schedule E income and would not have to pay tax on the "income" the Series LLC receives. But I'm no CPA, so... help?

@Martin Grizzanti I'm not the guy with the answer but I think it's awesome you've got that lead. Is your plan to syndicate or own it outright? What due diligence have you done? Is this off-market? I've done a couple off-market deals recently (SFR, duplex) and the seller and I pretty much agreed to terms before getting lawyers involved.

I'd love to follow your progress as I consider a 30-unit building the holy grail!

Michael Blank has a podcast that talks about investing in apartment buildings, you might want to check that one out.

I look forward to hearing about how you took this one down!