All Forum Posts by: Steve Lyman

@Brian Adams This is great! Thanks for the help. I will talk to my attorney about it. 

@Joshua Woolls

@Brian Adams I guess my specific question would be, should I create a parent LLC to be the managing member of each of my property LLCs?

Hello, I have a question regarding structuring LLC's. I read a lot about creating a LLC for each MF property, which I do but my question lies at having a "parent" company listed as the managing or Class A member of each property. I look at a lot of other larger properties and each one of them is under a "parent" company, though each of their properties may be individually LLC'ed. See below... Steve Properties, LLC is the managing member for... - ABC Apartments, LLC - XYZ Apartments, LLC And so on...

@John Veserat All encompassing when it comes to MF properties. 

@Joshua Woolls and I are looking for an accountant for our multi-family business in the Metro Detroit area. References?

Brokers as well?

@Chuck Williams Are you working with a broker or is this an off-market property? I only ask because if the seller is utilizing a broker, they should have an offering memorandum. This will give you some essential information, but be aware that they will include a pro forma. A pro forma will reflect a perfect situation (100% occupancy, low expenses, etc...). I would highly suggest you work with a contractor/inspector that you trust to do a walk-thru of every single unit. 

Recently, my partner and I proposed a LC for a 28-unit with a sale price of $800k with 25% down. It was structured as a 5 year balloon, amortized over 20 years and at a 5% interest rate. 

Is this property in the Detroit area? Do you want to sit down for coffee and chat about it?

@Account Closed Thank you for this! Do you subscribe to Reis? Thoughts on it? Is it worth it for a newer investor?

Thank you everyone for taking the time to respond! I met with her yesterday for lunch and it was very informative. I definitely feel better about moving into this space after meeting with her. 

@Parker Ihrie I met with Danielle Spehar from Maddin, Hauser, Roth & Heller. I'd love to grab coffee with you soon to discuss as well. PM me and we can setup a time to chat. 

Hi all,

I am about to jump into my first multi-family apartment deal and have some great connections inside the metro Detroit commercial apartment industry. By referral, I am meeting with an attorney from a large firm that specializes in Real Estate. I have some questions for them, but wanted to bounce it to BP. What should I ask?

Thanks,

Steve

Hi! Have you been using a realtor? How are you looking for properties and what areas are you interested in buying?