All Forum Posts by: Stephanie Windemuth

Today I contacted the current landlord (large, national apartment chain) where I completed their "reference request" paperwork in order to get some basic background on the applicant who wants to rent from me. Based on their feedback, we will not be renting to the applicant. Does this trigger the Adverse Action paperwork - or is that done with FCRA information? I had not even run a background/credit check on them yet

Question about this: What if you are rejecting an applicant based on the previous landlord reference - does this require providing an adverse action notice?  If not, what kind of notice do we provide?

I would LOVE to have that language.  Thank you!  Not sure if it matters, but the property is in Washington State.  Thanks again!

@Tom Gimer - My husband and I owned the property (we purchased it in cash, then did a delayed-financing loan with a 30% LTV I believe). It is now in the LLC that is 100% owned by my husband and I (50/50).

The information I got was from an ALTA title seminar...

We own a few multifamily properties. Those that are 5+ doors we have titled in the name of our LLC. We have a duplex that we purchased under our name and we recently deeded it to the LLC (we were upfront with our bank and they told us that they don't care...it only becomes a problem if/when you decide to refi). My question, however, is how this affects the actual title insurance? From my research, it appears that doing this has essentially "eliminated" our title insurance on the property...and we are no longer covered.
Questions -

1. Obviously we want to have title insurance on the property, so what now?

2. How does one approach this with the title company without raising red-flags?

We are in the due diligence phase of an apartment building purchase.  It appears that at least one tenant is receiving section 8.  What types of forms/certifications/paperwork that are section 8 specific should I be requesting/reviewing that would be "above and beyond" the typical things I review prior to a purchase?

I've heard many people talk about using a HELOC to help fund properties. Although this sounds great, I'm wondering about how to use a HELOC (on a primary residence) to fund the down payment for a property held by my LLC. It seems that the repayment of the HELOC mixes things quite a bit. I would be using funds coming in to the business LLC to pay down the HELOC which is a "personal banking" thing. Every time I use those funds, wouldn't I be taxed as in taking an owner draw since I'm using business money to pay for a personal item? How does this work, or rather, how do you structure this correctly?

Thanks @Mitch Messer and @Mike R. for your input.  We certainly are not trying to hide anything, and we do have local property management caring for things.  It's a question we get asked regularly (by insurance companies, banks, etc.) and so we thought maybe we had missed something in the process.   Appreciate your thoughts!

Wondering about having an "in-state" address in the states in which we invest buy-and-hold multi-family properties.  We have LLCs in those states (with a registered agent) but used our "actual" business address here in Washington as the "primary physical address".

Should we establish an address (with forwarding service) in each state?  What are pro's and con's of having a "local" (in the distant state) PO Box address for giving out as the business address?

We use the LLC name on everything, we just got stuck on which address to put on things (such as the bank account and checks for the LLC, the property insurance, etc. Sounds like using our personal address on those is ok...?