All Forum Posts by: Rama Krishna

We just bought a 60 plex and we are looking to embark on a semi-intensive value add plan. We are looking for experienced GC that can help us with the following:

1. Flooring

2. Painting

3. Plumbing (Washer/dryer)

4. Drywall

5. Minor electric

The units are currently livable which is why it is not a super heavy lift. Albeit we want to work with someone who is experienced at this. Would love if the community can chime in.

@joe - If a person trips or slips on a sidewalk will it be the responsibility of a specific tenant or the owner of the commercial property?

Yes - you are right - lawsuits can happen anywhere.

Thanks

Rama

Hi All, I heard yesterday about Series LLC where you can subdivide LLC for each property and liability is only for that series within the LLC. Is that true?

https://www.nolo.com/legal-encyclopedia/what-is-series-llc.html

Thank you, everyone - This info will help me start thinking in this direction. Its a lot of digest though!

Hi All,

I want to learn about different loan options for Multifamily apartments. What type of loan programs that are available for both short term, bridge, hard money, long term, Fannie mae, freddie mac, student loans, retail loans, apartment loans, balloon, interest only for 3 years and then amortization later, fixed for 5, 7, 10, 12 years and then long term amortizations, recourse, non-recourse, do i need to show proof of funds for non-recourse for full price or only down paymet?, what type of experience they need in team when we apply for a loan?, Key sponsors, HUD loan etc. Where to learn this stuff? I want to master this skill so i don't look dumb when i talk to lenders :)

 Also any lenders who actually work in most of the major markets so i can connect and learn about their programs?

Thanks for help,

Rama

Hi All,

 I want to target some owners of a small multi-family. When i send this direct mailers or text messages or emails, can i specify the property which is in context and say that "John Smith, you have a 6 unit property at this address, your loan is expiring in 6 months, do you want to sell?"  or it should be only generic mailer that "we buy  your house/ apartment for cash please contact etc" ? 

 Will it be a privacy issue/ solicitation if we directly specify name, address, loan details etc in direct mailer? Is it illegal?

Thanks for help, Sorry never did direct marketing,

Rama

Hi All,

 I was doing some networking over the weekend with a person who made big in the Commercial real estate (retail) and he suggested me that, first advise I can give you is, don't deal with people/ rentals. Because one lawsuit by tenant your entire portfolio is in trouble. I have heard this same tone from another person with whom I was trying to pitch and get funding. You are planning to invest in all these rentals (Single and multi-family) what if some tenant files a law-suit on us?

My questions:

1) What will be typical scenarios where tenant files law suits?

2) So is it better to buy only in landlord friendly states

3) Should we protect all assets under LLC?

4) What if we have multiple single families in different states?

5) Do we need to take umbrella insurance?

If we do all these and it eats our cash flow, what is the point? For a medium to large multi family we can cover these costs, but small portfolio of rentals in different states, i am thinking its hard to manage these stuff.

Any pointers? suggestions?

Thanks for help,

Rama

Thank you @Matt Steele ! Please let me know if you can find.

Hi All,

 Can you please refer a good property management company anyone used in sub-urban Boston market (Walpole submarket). 

Thanks

Rama