All Forum Posts by: Robert Larue

@Julee Felsman Thank you! Very helpful. I will take a look at this. I asked the loan servicer already and they basically said "we could call your loan" which is why I asked about that as well.. Based on that link- it looks like after 2 years if the LTV is 70% or under you can request cancellation, but they don't have to do it.

Hi all,

I am purchasing a single family home (It was originally a duplex, and is still zoned as a duplex, but the current owner turned it into a SFR). The bank appraised it as a SFR, did my loan as a SFR (5% down), and it is owner occupied. I am planning to turn it back into a duplex, and live in one unit and rent the other. Does anyone know if I get this re-appraised as a duplex in 6 months or so, can the PMI be removed as long as the LTV is 75% or below? Or will I have issues with having the loan called because I changed it into a duplex and that is not what they originally did the loan for?

Thanks for any advice.

-Rob

Hi all, 

Wondering if anyone has any ideas: I have an older gentleman as a tenant who does not use the internet or email. Additionally, I believe he is battling some kind of dementia and he forgets where to send the rent check to in the mail. He is a very nice guy, and has plenty of cash in the bank to pay rent. He asked me if I could help set up an auto debit from his checking account using only his routing and account numbers. Any ideas? Chase bank has an ACH collections service, but I wasn't accepted because I guess they aren't doing it for rent collection any longer... Any ideas are much appreciated! 

@Chris Grenzig super helpful thank you.. I think this is a great way of looking at it. Do you use costar or loopnet to see price per door on sold multifamily? 

Hi @Brent Coombs, yes definitely understand that point. Trying to buy around a 10 cap, bring it up 1-200 bps, and sell at a lower cap. Just trying to get some data on cap rate trends in this area, because in the model I made, I need to estimate the exit price/exit cap rate in 5 years. 

Hi all,

Relatively new investor here, I own 7 units (SFR's and small multi), but trying to buy my first commercial multifamily apartment complex in Overland, Missouri (St. Louis area). I would be buying it at around a 9 cap. In my financial model, I need to do my best to predict what the exit cap rate will be and the sales price. If buying at a 9, increasing the rents and improving the property to an 11 cap over 5 years (or shorter)... what resources can I use to estimate the exit cap in this area? How do I analyze the exit in an increasing interest rate environment? Any good websites that have historic cap rates for certain geos? Any help or ideas are much appreciated!!

-Rob

I am also interested! Is anyone taking lead on setting this up? Would be great to get this going in the next month.. 

Thanks @Daniel Hyman I am going to check them out

@Alan G. Thank you! And how do you track who pays/who hasn't and if they paid late? All online payments from your tenants? Do you use quickbooks or another software program for the management LLC?

Hi all,

Been trying to research the best way, but have found many different answers and I'm getting more confused!

My business partner and I are buying SFR and multifamily in St Louis Missouri, we now have about 9 units total, with offers on about 15 more.

I need a suggestion on the best way to set up our accounting. Right now we have about 5 houses in an LLC, so we are planning to have multiple LLC's that own around 5 properties each.

My question is this: does it make sense to have a management company LLC, that collects all the rents for all the properties so we can manage income and expenses all from one account and one accounting system?

Or should we have seperate bank accounts for each LLC and have the rents come in and out of those seperate accounts.

In either case, what is the best software to track rental income and expenses and be able to attribute to specific properties?

Thanks so much in advance!! 

-Rob