All Forum Posts by: Abou C.

@Walt Payne Where can I find building code?, and for hard wiring where would I get that? the fire department or else where?. 

Hello

in a 2-4 unit property what are some safety measures have you taken?. I remember somebody telling me two years ago about fire alarms being very important, and how that safe him from legal trouble when one of this tenants kids were stuck in a fire. 

1. How do one go about acquiring fire alarms into the property?, or is that for 30+ units?.

2. What other measures besides fire alarm do you add besides insurence. 

great point. My partner and I want to start in RI/MA first but eventually in the next five years we want 100 units and most of it will be all over the east coast and else where.  Eventually I want to start my own property mgmt company, because I like to keep most things in house. 

Thank you Christopher. Yes we plan on buy and hold but long term with the company we want to become a private equity firm for real estate. We are starting with one so we wanted to make sure all our ducks are in a row and we speak to legal, accountant.

Acquiring 2-4 units in the RI/MA area next year. As first time investors I am wondering if any experience investor would recommend us to mange the property ourselves or hire a property management company? and save the trouble?. Also since where we will be investing its snows so does the property mgmt also take care of that plus more?.

What property management company would you recommend for first time investors in 2-4 unit in RI/MA area, that caters to smaller investors or it is one size fits all?. 

So before we even buy a property we should form an LLC and when its time to acquire a property its all under that LLC and not our name. And if we plan on doing that would finding lending harder vs personal name?.

Hello Christopher

for example we want to name our company say ABC,LLc ( holding company), which file another llc to own the investment property so we limit liability that way from the parent company. But filing 100 LLC is expensive, so which type of LLC are there which will offer liability and let us have multiple LLC minus the parent company (ABC,LLC). Also what type of insurance should we look into, and which company have you found to be investor friendly or just generally a great company to buy insurance from?. And how does one separate all LLC's bank accounts so each one is its own company.

Plan on acquiring a 2-4 unit in RI/MA next year with my business partner, I believe getting a LLC is the cheapest form there is compared to others options. But I have some questions I want to ask experienced investors of their first time.

question:

1. Will the lender have an issue I want to put the property in an LLC when getting an mortgage?.

2. Is it better to put the property in our name, to get mortgage then transfer it to an LLC?.

3. When you have or plan on acquiring multiple property, I know multiple LLC are costly how do you solve this problem?, i.e series LLC?.

4. Besides getting the LLC, what other legal ways can I separate my property/LLC from our personal name?.

5. When acquiring first investment property besides the agent, loan officer what other people should be have on our team?, to make sure all our ducks are in a row. 

6. Where can I find more information about lenders and entities? 

Very imformative guys, I believe I would do it on a case by case basis after extensive due diligence and etc.  But as far as your insurance company as an landlord/investor, does it cover dog related issues. Lets face it if the unthinkable happen were a tenants dog/cat or any other thing bits another tenant, visitor or young child walking down the street, we all know as the owner/investor/llc of the property you will be sued along side the dog owner by the victim for letter an "aggressive" pet into your property?. How do you protect yourself when all due diligence clears and you allow the pet with clauses?. Animals for the most part are not controllable at some degree, a great dog/cat can bite playing around so how do you protect yourself from lawsuits?. 

@kathleen I agree with you that is my concern as well. I heard stories of tenants and their pets.  I guess writing a contract with every pet possible so no one pulls a fast one.