All Forum Posts by: Ronald Rohde

I agree to pay the lawyer, I may be biased, but if you want LLC protection, you should pay to play.

If its a cash on cash return that is better than some other options, then I'd say put in an offer. You'll either discover the prior issues, or you can close in confidence. When a Seller doesn't care if he sells or not, its usually a pretty high price. You have to consider what you can do to increase NOI because otherwise you're probably paying a high(er) cap rate.

Depending on your other holdings and investments, try to ask how it fits into your portfolio, is it a hedge? geographic or industry? there is extra value to you there.

 I always cringe when I read these massive savings, sure its great now, but how did you survive overpaying for identical coverage by such a wide margin? 

You pay all the expenses of the home, ask her to buy groceries, thats my suggestion. Is the question whether you would replace her with a roommate? If thats the case, you can't afford to buy.

Yes, many times

Check the condo docs, there are often prohibitions or restrictions on majority less than all ownership. His power may not be as much as you think. Do you want to improve all those things?

W2 not important, but they will want to see tax returns. Personal guaranty really depends on relationship with bank and secondarily, your net worth.

 Ha, I can't be your lawyer. I'm posting as a fellow investor.

They should produce a quick and dirty prospectus with most details, maybe not rent rolls, but enough to justify their price. if its even in a ballpark, make an offer with EM down. If it does sit a long time, then they will consider your offer.

How much are they asking? If its a desirable property and they are busy, they can blow you off. I have no issues negotiating price after initial contract, just be sure to get it all in your DD period for a refund of EM. Having it under contract also protects your time, you don't want to underwrite it just to have them sell it to someone else

35% equity is not bad at all, if its slam dunk investment, then reducing your leverage will be fine. For your first deal and all sorts of unexpected costs, why not just reduce risk and put more cash down?