All Forum Posts by: Ryan Miller

@Mike Grudzien I bank with Navy Fed and they have an option but only $100k max loan.

@Brandon Croucier I was leaning towards a HELOC over a cashout refi because I want the funds for short term projects.

Does anyone have a suggestion on a lender that will do a HELOC on an investment property in Maryland? The property is used as a STR, cash flows, and is free and clear.

Thank you!

@Savannah Yingling @Laura Stayton

Thank you for the advice!

I have a tenant that’s been renting one of my properties for years. He asked me today if his sister can stay with him for the next 4 or 5 months. I have no problem with his sister staying with him but wondering how I should structure the lease.

Should I create a new lease for both of them, an additional lease for her, an addendum or anything else I missing?

Thank you for the help!

@Greg Downey Thank you for the information. I already have his T2 and an insurance quote so I'm off to a good start!

I currently own a portfolio of single family and small multi buy and hold properties. There are also a few short term rentals in the mix. I have an opportunity to purchase a 15 unit property using owner financing but he would like me to give him the sales price. He has agreed to a 20 year low interest note but wants me to make the offer for the price. I do not have experience in underwriting a larger property like this so I am looking for help.

The property has 15 studio apartments, 10 are currently rented. Each unit gets $550-$700 per month. Rent does include electric and water. I do have the owners last two years financial statements. His net from 2022 was $86k and he owns the building free and clear. He's on pace to make $70k this year. It's lower since he has not worked on filling the vacant units (he owns 200+ properties and this one is not a priority) which I would be able to do with no issues. I would need to put some work in the vacant units: paint, flooring, but nothing major.

I am just not sure how to price this property; any help would be appreciated! 

@Jeff Nash @Hamp Lee III Thank you for the information. We are planning to set up a LLC with partnership agreement, bank account, etc. What we are struggling with is the percentage of ownership breakdown. Do you think we should set it up as 50%/50% as he will contribute all the actual dollars and I would contribute all the actual work? We could also make sure he gets paid back his initial investment first?

Just need guidance on the best way for both of us to grow together. 

I have been investing in real estate and managing the properties (15 units) on my own for years but I have reach a point where I would like to scale faster. A long time friend reached out to me about forming a partnership. He has a lot capital and is looking to invest. Our plan is to brrrr five properties and use them as mid and short term rentals. He has all the capital but no real estate experience or infrastructure. I have years of experience, all the contacts, systems in place, knowledge, etc. 

The partnership is basically me providing the day to day work and he would provide the funding. How do we structure the percentage of ownership of the business? Is there a better way to do this (he doesn't want to just provide a loan)? After we brrrr successfully would he recoup his initial investment and keep the percentage of the business?

Any help would be greatly appreciated!

@Andrew Street yes, no responses yet.