All Forum Posts by: Nathan Williams

Hello, wife and I have been shopping for insurance policies for new rental condo.  Property manager wants to be put on a 1 million dollar liability policy.

Is it possible/good idea to get lower liability insurance policy on each property and then get an umbrella policy that covers 1 million liability of every property we own, and add property managers to that same policy if they require?

thanks

recently got a used sequoia.  pretty good cargo capacity and fit 8 foot long stuff.  feels like it burns a quarter of a tank just driving to a local store and back though.

that must be a very incompetent agent to begin with if they have to steal an out of state investor's leads on properties that have been sitting on the MLS for months

credit card balance transfer check?

I own a rental condo free and clear in Houston.  Only insurance I was able to find was Texas Fair Plan.  Im looking into ways of borrowing equity (cash out refi, equity loan, etc)... will I have issues finding a lender willing to take on a Texas Fair plan insured property?

thanks

My wife and I are getting a new property manager for a rental property owned by us jointly (no LLC or anything like that)

New property manager wants us to fill out a W-9. I rather not put in my SSN but read we can use a EIN. However we are not a LLC. Can I still register for a EIN and use that?

thanks 

thanks for the responses!  would you think something like legal zoom would be sufficient in helping setup a partnership agreement?

I agree with Michael on this one...  not a good return.  But there is value in being able to walk into a deal with $0 cash in and a 4% interest rate which I'd imagine will not be easy to come by looking else where.  Are you capable of covering the mortgage months at a time?

A small group of friends and fam have been dancing with the idea of partnering up into a multi-family property deal together.  My wife and I are the most experienced of the bunch and it isnt much (just holding onto some low priced single-fam properties as rental income).  Everyone else never invested in real estate.

The arrangement we are hoping to have is one of equal footing where for example, if partner X put in 20% if the total cash then that partner receives 20% of all cash received.

My wife and I would not mind doing most of the heavy lifting for this potential partnership without receiving any additional benefit.  Also we are looking to invest out of state as our local market of SoCal would not have the returns we are after.

Im trying to get more details of how a partnership usually works in real estate so if someone can shed light on how their own partnerships operate that would be great!

also Im curious if it is possible to get a loan? I assume we'd setup a LLC but Im not sure how someone would get an investment loan as a freshly created LLC even if it has a large amount of funds in the bank.

if monthly payment amount is a high priority for you then a refi stretched to 30 years would be a lower hit

your ltv can be pretty trying high to pull 140K of your 160K equity out into a loan