All Forum Posts by: Steve Sauro

 Hello Rob,

I have both STR and LTR in OC that I own and also manage. I'm happy to discuss my experience with you and also see if I an help meet any need you may have.

Jason, 

Would love to connect with you as well and compare notes if you like.  Small town for sure but swells to the second largest city in the state for 20 weeks :-)

Hello community,

Let me frame this up. My wife and I own a rental in our name. We also have a LLC that has a property management agreement with 'us' to manage the property.

Sunday we had a pipe burst which caused significant damage. The house is a STR and no one was present at the time it burst. I went and performed mitigation measures which were OK'd by the insurance agency. The adjuster came etc and I'm waiting to hear back on what/how much they will cover.

The question is this: Can I use the LLC to issue an invoice to me for the time and materials needed to take mitigation measures as well as repairs moving forward?

Would love input on this.  I don't want to do anything 'illegal' but in effect, I am doing a lot the work and it seems legit that I be paid (IMO)

Thanks

Hello BP friends
I'd like to connect with anyone that has a LLC that manages their own rental properties. I have multiple properties within a LLC and my tax guy told me to write an operating agreement for each property saying that 'the LLC is managing the property for x-$ or per month)

I found this site which seems to have decent docs.  https://templatelab.com/proper...  If anyone has info I'd love to discuss how you are doing this.

My question to the community is: Does anyone have a sample agreement they are willing to share with me?   If so, feel free to contact me directly.

Thank!!  Love BP community.

Don Konipol - Thank you for this detailed explanation. The plan was to establish a LLC for the properties that we would purchase over time. I already have a LLC and was planning on my LLC managing the properties that would be in the group LLC. If you have any experience with setting something like this up I'd love to be able to contact you directly if that is OK with you?

Thank you all.  Very interesting to me

Thanks Jeff. Totally understand. So you pay the PMI assuming it will appraise and you can refi. LOVE the different techniques I learn here. Thanks

Hey Jeff -  

With 10% down are you stuck with PMI? Or did you get a second to cover?

Hello BP friends!

I'd love to hear how people are dealing with down payments on investment properties.  I realize the nuance in the decision making that goes into this but what I'm trying to determine is how to get around 25% down payments for investment properties that will be long-term holdings.  Any info you'd like to share would be helpful to me to try and better understand my options.  Feel free to reply to the thread or contact me directly.  

Thanks!!

I'm looking for anyone who has experience with this sort of setup.

I have a group of 8 investors (friends/family) that are want to pool money to invest in real estate.  I would be one of the investors as well as handle the property management.  I would identify the properties of interest, get the tenants for an annual rental and handle all maintenance etc associated with management of the properties.

I can't be the first person to try this and I'm hoping to connect with others that can help me understand what is required to establish a new LLC (or similar), divide profits evenly as well as tax reporting. Am I oversimplifying this?

Feel free to reply to the thread or contact me directly.

Thanks!!

Hello Michael - 

Thanks for the reply. There are 2 drivers for looking into the HELOC. I'd like the flexibility to have access to that cash for 3 potential situations (if the timing etc is right) 1) purchase/finance a new LTR/STR 2) buy outright a BRRRR 3) have a safety valve for college payments if 529 does not cover.

I'll have to give this more consideration since its a 'nice to have' rather than something that I actually 'need'  If I'm missing something or your have suggestions I'd love to hear them - if not here than message me directly please

Thanks so much

I'm considering getting a HELOC against my primary residence since have a lot of equity in the home. The question I have is should I expect to pay a fee to set up the LOC? I realize and understand the variable interest rate once I draw on it - but will there be a cost associated with establishing the line?

Thanks!