All Forum Posts by: Frank Barletta

Thank you for that @David Leggett

Glad my points were well received and can be useful for potential investments in the area.

Give the bank a call @Amanda Seth - See if they can tell you.

It's different everywhere so hard to give you direct feedback.

Welcome and best of luck @Jeeun You

How many units?
What's the current cash flow and OPEX?
Are there any leads for new tenants?
Historical rent roll?

Best of luck @Ryan Zapoticky

It reads like you're jumping the gun but immediately refunding the resident. Tell them there was a banking error, and the funds are being transferred back. Ask them if they have any questions; otherwise, you wish them well and will be a positive landlord reference if they need one on their 7/15 departure.

If they're going to stay, they will stay regardless, so you'd handle it legally at that point.

Welcome @Mae Galang

Bumping to get you exposure.

If you have a few years of revenue for the EIN, if the books are clean you'll be able to get a mortgage as long as the revenue supports the loan. LLC offer the potential protections you seek.

LLC allows write off and business expenses.

Consult with counsel and accounting.

Some services will allow you to create a virtual business address in the states that require this.

Your departing residents have paid for the right to use the unit (per your lease) until 7/31. Unless you have something explicit in writing that they permit you to move forward, I'd hold off.

Consult with counsel.

If you don't have a pipeline of potential renters banging on your door...