All Forum Posts by: Sean O'Dowd

This has been a question I've been debating myself recently, and I was wondering what BP's thoughts were:

The situation: Your LLC owns and manages approximately 100 units within the same area. You have enough funds to hire your first 5 employees. Who would you hire?

My thoughts are: 

• two people to handle the day-to-day management of the properties
• a maintenance expert, who can perform most small-scale rehab tasks and property turns (painting, basic electric, carpet cleaning, etc.)
• a marketing individual whose job is to find new tenants and market the property
• a tax person who handles annual taxes, budgeting, and CPA accounting.

What does everyone think??

Just wondering if anyone has had their LLC become so successful they transformed it into a REIT and what that process was like for them?

Is it legally possible to transform an LLC into a REIT?

Thanks, David!

Thank you so much, Lisa! I'll look into all of those!

As you purchase a duplex/tri/quad and want to rent it out, it makes sense to want to upgrade the property before doing so to boost the amount you can ask for. For some quick background, I haven't purchased and am in the process of creating a business plan.

In my mind, I think that I would (this is assuming no major issues that an inspector missed):

• buy cheap, neutral colored paint.
• Buy cheap, but stainless steel appliances from a big box retailer
• New shower head and potentially sink for the bathrooms.

My hope is that for a 1,000 sqft unit, this would cost less than a thousand dollars.

Is my hope a little too optimistic? Are there any other renovations I should put into the business plan?

Thanks, Fred!

New Member here who has been looking for a while and just posting now!

How have people started off, in terms of finding your first tenants? Have you listed with a local agent to get placed on the MLS or used other means (the available database websites, social media, create your own website, etc.)

Thank you for your help!