All Forum Posts by: William Sing

I think it will really depend on the market. There will be some markets where we will see larger "crashes" and some where there is more of a correction. We saw massive appreciation (15-20%) in just a couple of years in PDX. That is not normal and would expect there to be more of a correction in that market. I think other markets where investors are might get hit a bit harder. But that is my two cents!

I think this would somewhat depend on your business. There are certain tax/business structures that work best for different types of real estate businesses. In general, most people start out being a personal guarantor for their business and then add their business name onto a credit card. It is similar to getting your own credit score up and getting your business profitable. It depends on what you are wanting to do and would consult a lawyer/CPA on what you are aiming to do. 

Hi Jeff, I would talk to a CPA and Lawyer of course but it sounds like an LLC would probably work best. Just make sure to talk to a lawyer about making an operating agreement and make sure everything is laid out in terms of what if X happens X people are responsible.

As for the mortgage, are you looking to have it in your name or a specific group member's name? You can have the loan under the business name but you may need to be a personal guarantor. Talk with a couple of lenders about the products they have and what the requirements would be. You may be able to get some better financing if it is in someone's name and then you transfer it into the LLC as well.

Hope this helps!

The 1% monthly balance is normal from many banks I have seen. I am not exactly sure why this is but after calling 8-9 banks this was the case for most of them. 

I haven't personally done something like this, but I have seen others do something similar. I usually see them put the property into an LLC and then have an operating agreement setup between the members. This operating agreement determines what happens if you decide to sell or pull out equity and who is responsible for what. I would make sure it is in some sort of joint entity before doing any work on it. Otherwise your only recourse would to put a lien on it which doesn't really help you out unless they sell.

Upgrading the lighting and putting on hardware for kitchen cabinets would also be a low cost benefit!

Rentredi is good and you can also use apartments.com as well since it is free. Use to be cozy.co. 

Hope this helps!

There haven't been a lot of properties that have made sense lately. Looking a little bit outside of Portland has been helpful for some of my clients! Besides off market deals with seller financing it has been harder to make things work. 

I agree! Having a little more in reserve never hurts!

Not sure what it may cost in Greenville, but where I'm at it can range anywhere between 150k-300k depending on the existing structure and SDC costs. 

Inventory will probably be getting better over the next 6 months or so. It depends on how much you want to add in value. I have a feeling values will probably be dipping in the next 6-18 months. You could look into raising some more private money!