All Forum Posts by: Rick M.

You will need to live in one unit (Owner occupied) for a multifamily its 2 - 4 units for a FHA loan. 5 and over you'll need a commercial loan

I'd cut and run. Let them out of the lease/leave the property, as long as the unit is in good shape, and call it a lesson learned without too much collateral damage. My biggest concern is a tenant thrashing on my unit without paying. If they are going to leave voluntarily, it's probably a blessing is disguise.

I used to live in Chicago, its a high crime area in general. That's why rents are low in Chicago/or have fallen. The first comment says it all

"Chicago is losing population overall, but it's a huge City, and the neighborhoods that are adding apartments are growing rapidly in both population and jobs. The two primary factors for population loss in Chicago are people leaving the high crime areas, and gentrification of neighborhoods adjacent to popular neighborhoods as people get priced out of the hot area and decide that living a few blocks away with lower rents is worth it even if there aren't quite as many hip restaurants (yet). The most obvious examples of this are Wicker Park pushing into Humboldt Park, and Bucktown pushing first into Logan Square and now into Avondale. And Avondale is also getting gentrification pressure from West Lakeview. Other examples are the West Loop pushing into East Garfield Park, University Village pushing into East Pilsen, Chinatown pushing into Bridgeport and Hyde Park pushing into Woodlawn and Lincoln Square pushing into Albany Park.

In the seven or eight square miles that make up what the City calls Chicago's Central Area, population growth is as high or higher than any of the Sun Belt boomtowns as a percentage growth rate. Between the 2000 and 2020 censuses, the area will have more than doubled in population, growing from about 110,000 to over 230,000. Many of the other popular North Side areas will have also added population in that time. Growth there isn't enough to offset losses in high crime South and West Side neighborhoods, but it's definitely a "tale of two cities" scenario and not a story of unmitigated collapse for Chicago."

I 100% agree, I was actually sympathizing with the CA government being against investors as a whole. The wasteland comment was more intended so the local government can see these laws are hurting the local economy not helping it but I can also see how it looks like it would be an attack.

With attention to Saj comment you would think it’s not a desirable place to live but for the past 5 years Portsmouth NH has been rated the best place to live country wide.

http://www.nationalgeographic.com/travel/digital-nomad/new-hampshire/portsmouth-united-states-greatest-small-town/

I never suggested any of you live off the government. Thanks for taking my comment out of context and making it into an attack on my home State.

I love how the law is worded, that the LL must win within 60 days or the eviction doesn’t go public. I hope the Peoples Republic of California turns into a vast wasteland like Detroit. I honestly don’t know how anyone makes a dollar in California, May God help all of you CA Landlord!

Are you for real? I would think one LLC per property would suffice.

I talked with my CPA and he said that one LLC per property is the safest bet. That's the route I intend on taking. Thanks for the help BP

That was my initial thought, treat each building as it’s own entity. More than one it is!!

I found a multi-family property on the seacoast that I would like to buy. Let's not put the cart before the horse, I want to have it under a business LLC. I was wondering with each property that you own do you have it under one LLC or have one for each property you own? What would be the advantages of having them under one or having each property have it's own LLC?

I've been getting ghosted left and right...Its rough in these streets