All Forum Posts by: Stephen Bruce

@Stephen Bruce

I am not sure you even need a JV agreement, an operating agreement will work just fine. I will use a JV agreement for flips, but I plan to BRRRR, I will create a new LLC and the operating agreement spells everything out.

Mixed feelings. 

Who want to be watched?

I  don't.  

It's your property and investment.

Of course you don't want the maintenance person taking your $300 set of a steak knifes.  

Or Tenant cutting a slice in your AC  hose outside Unit on the ground. 

Hopefully started a good conversation. 

I'm guessing the 70% rule is to determine if you'd be able to pull all/most of your money back out on the refi (70% LTV max)?

If so, now I'm seeing lenders willing to do DSCR loans of 75% LTV, so then would I switch to say 75% Rule for analysis?

Thanks!

I'm delighted to offer a copy of what we've developed over the years. Naturally, there's no universal solution, but I'm more than willing to share with you. Feel free to message me if you're interested.

I'm looking to purchase a duplex using the BRRR method. I'm concerned about the ARV due to there not being any comps in the area. Even as far out as 1 year. My question is - How will an appraiser appraise the property without there being any duplex/triplex's sold within the last year? My agent even went as far as going over to the next city/town which is pretty far out and still nothing. Will the appraiser use singe family comps since a duplex is still residential?

@Stephen Bruce In South Carolina, where month-to-month tenancies default to a 30-day notice period with no formal contract, it's especially important to exercise due diligence. I agree with Keven that obtaining signed estoppel forms from each tenant is essential. These forms provide a written confirmation of the terms of the oral rental agreement and help prevent misunderstandings or disputes down the line.

By having tenants sign estoppel forms, you can verify important details such as rental amounts, deposit amounts, and any additional agreements or responsibilities. Without these forms, there's a risk that tenants may produce conflicting documents or make claims that could complicate the transition of property ownership.

We are a property management company based in the Upstate of South Carolina. It continues to surprise me how many landlords approach us to manage their properties without having proper leases in place with their tenants during the transition.